Answered: your questions about home selling.

If you have a home to sell, you’re probably excited to get the process started. There are many things to consider when selling your home – the good news is I’ve compiled a list of the most frequently asked questions you might be wondering about as you begin to plan your home sale.  

How will you determine my home’s value?

To determine what your home could sell for in the current market and set a listing price, I will complete a Comparative Market Analysis (CMA). The CMA uses recent sales of homes close in geography, age, size, and features to yours (note: a CMA is not the same as an appraisal, which a licensed appraiser can perform).

Is it a good idea to start high?

Many sellers like the idea of starting high to see if they get higher offers, but this strategy isn’t usually practical. Firstly, motivated buyers may not even see your listing if they use a price filter while searching. Secondly, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or cancelled. Thirdly, if your listing price puts your home higher than your neighbourhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.

What percentage of the listing price can I expect to get?

The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.

How soon can I get my home on MLS?

Once we agree to work together, I will gather information and documents about your home for the MLS listing. I will also schedule a time for a professional photographer to take photos and videos of the property. As soon as all the information and pictures are uploaded, your listing can go live on MLS.

What do I need to do to get ready to list?

For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor, personal momentos and belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. Let's not forget the power of staging. We can talk further about specific things that will help your home show better.

How will showings be conducted?

You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you about showing requests and confirmations along with showing feedback.

How will you market my property?

Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent), Realtor, house sigma, or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, my brokerage's global site, and on my social media. We can discuss additional opportunities such as hosting open houses, marketing within your neighbourhood and online ads too.

How long will it take to find a buyer?

Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighbourhood or a unique location) and the condition of the home (is it move-in ready or in need of renovations?).

In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, are conditionally sold within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when there is more inventory and less pressure.

Will you qualify the buyer?

When an offer is received, I will speak with the buyer’s agent to vet the buyer, determining if they are pre-approved for home financing or purchasing with cash. Once you accept an offer, the buyer must put down the agreed-upon deposit, schedule any inspections as stipulated in the contract, and, if financing is involved, their lender will initiate the loan approval process. I will stay in close contact with the buyer’s agent throughout the conditional period and over the course of the transaction.

What are the costs involved?

The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent (and their respective brokerages). The seller also pays their share of the property taxes and any association or condo dues. If the full annual amount has been paid, the buyer will repay their portion to the seller at closing. For a comprehensive list of closing costs, message me for my Closing Checklist.

Will you also represent the buyer?

If I happen to find the buyer for your home, be assured that I am trained and experienced in handling both sides of the transaction fairly. As a professional, I respect the confidentiality and loyalty required in dealing with both parties. On the plus side, communication is easy when I am representing both sides.

Also note that to represent a possible buyer for your home, your consent is required. Nothing moves forward unless you're on board and sign off.

Can I cancel if I find my own buyer?

The listing agreement is a contract between you and me and my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer who approaches you directly should be redirected to me.

How often will we communicate?

Communication is key to a successful home sale. I will keep you updated every step of the way. You are welcome to reach out to me with questions or concerns as well. When we review the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.

Thinking of selling? I'm here to help! Send me a message or give me a call today.