There are multiple reasons you might be thinking it’s time to sell your home. Whether your personal circumstances have changed or you’re seizing an opportunity to make a profit in a hot market, selling your home is a complex and often emotional process. But with some good preparation and the right professional help, you can ensure you’re making the most out of your home sale. Follow these tips for selling your home before you put your home on the market and you’ll be sure to set yourself up for success.
What’s the first step when selling your home?
Selling your home is a multistep process, so it’s important to make sure you start strong. While some homeowners choose to do it themselves and list their home for sale by owner, most rely on the professional expertise of a real estate agent. The right agent will help you navigate the entire selling process, from preparing your home for sale to marketing the property and negotiating the deal. To find a listing agent you trust, do your research and talk to others who have recently bought or sold. Or, if you want someone else to do the legwork, OJO can connect you with a thoroughly vetted local real estate agent.
When is the best time to sell your home?
As with any market, timing is critical when it comes to real estate. To gain an understanding of when might be the best time to sell your home you should research the market. Look at what’s available in your area and how much other homes are selling for. With OJO, you can set up saved searches for your neighbourhood to receive alerts as homes are listed and sold. This will give you a good sense of the market value of your home and how quickly you might be able to sell.
Your real estate agent will be able to advise you on optimum timing based on market insights, too. Remember that certain times of year are preferable to others. For example, homes tend to sell faster and for more money in the spring than they do in winter. But you’ll also need to factor in personal circumstances. Depending on how much equity you have in your home will determine how much you stand to make. So, if you can afford to wait longer then it could be more profitable. However, if you need to sell your home fast, then you may not be able to take advantage of timing.
How do you determine the asking price of your home?
Once you have an agent and you’ve decided it’s the right time to sell you’ll need to determine the asking price. You can look at the latest monthly stats for home sales in your area released by the Canadian Real Estate Association (CREA), as a starting point.
If you’ve done your research you’ll likely have a good idea of how much you’d like to sell your home for, but you should follow the advice of your agent.
Your agent will typically work with a professional appraiser to come up with a market value for the home based on multiple factors, including the home inspection, other sales in the neighbourhood, and any recent renovations. Your agent may also look at the MLS® Home Price Index (HPI) to gauge home price levels and trends in your area.
What updates and renovations are required before you put your home on the market?
It may be tempting to forgo making updates right before you move, but by showing your home in the best light you’ll save yourself time and money in the long term.
A great way to identify any major work required is to get your home inspected before you list it. The inspector will recommend any repairs that could impact your home’s value, such as the plumbing, the foundation, or the roof. Then, talk to your agent to determine which repairs are worth investing in. By doing any necessary repairs before you try to sell your home, you avoid having to make them once you have a buyer. And you can list your home at its highest market value.
Not all updates have to be major. Your real estate agent will be able to advise on the best ways to stage your home for sale. Even simple improvements like adding planters to the front porch or giving your front door a fresh coat of paint can make a huge difference. If needed, your agent may even suggest a professional stager come in and prepare your home for viewings.
You should also tidy away any clutter and plan to have your home professionally cleaned. The goal is to help prospective buyers visualize themselves living in your home.
How do you market your home for sale?
The final step before you put your home on the market is to have professional photos taken. Your agent will likely be able to recommend the best photographer for the job. Great photos are integral to the marketing campaign and are one of the most important factors that buyers will consider before deciding to tour.
Your agent will take the lead on marketing your home by listing it on the MLS®, the largest electronic database of real estate for sale, where it will then be picked up by listing websites and other agents. You can also spread the word by sharing the listing on your personal social media accounts.
Work with your agent to determine whether an open house or private tours are the best strategy for selling your home. Keep in mind, it can be beneficial for homeowners to leave the house while tours take place.
If you’re thinking about selling your home, we’re here to help. Get connected with the right agent on OJO.ca.