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Selling a property in Toronto: Process — Real Estate Agent Toronto

Sell Your House

Selling a property in Toronto: Process

Step 1. Get pre-approved:

Most of the people who sell their homes move to another one. It makes sense to research prices for possible replacement first in order to get an idea what it will take to buy one. Your credit score could have changed along with mortgage procedures. That’s why you should consider checking your credit score and getting pre-approved for a new mortgage. Pre-approval helps you in a couple of ways. You will know precisely what amount of a new mortgage you can afford. It will also give you an edge over a candidate that doesn’t have a pre-approved mortgage while making an offer for a new home.

Step 2. Check your mortgage payoff:

Call your lender to estimate how much do you owe for a current house. You will need this number to accurately calculate costs associated with your move.

Step 3. Appraise your house:

You will have to perform comparative market analysis. This analysis includes sales of similar properties in a near past, type and a condition of your home, and current market trends. You can try doing it by yourself which is time consuming, or ask for a help of a Realtor®, or hire an appraiser. Be careful not to overprice your home because it will attract way less buyers, and possibly can result on a lower final price. Take a look on a next graph to see how pricing correlates with the amount of buyers interested:

Step 4. Estimate the costs:

While costs very from transaction to transaction typical costs incurred are:

• Agents commission if you are using one

• Marketing costs if you plan to sell it yourself

• Professional services at closing

• Taxes

• Renovation expenses

• Moving expenses

Step 5. Decide on a budget:

Now you should subtract from the house appraised value the amount of mortgage you got left with the estimate of costs. Compare it to the price of a replacement and pre-approved mortgage amount. It will give a picture of whether your move is feasible or not.

Step 6. Make necessary repairs and get house ready for the show:

Consider doing small repairs to gain big gains while selling your house. Get rid of a clutter – buyers love empty spaces. Most of the professionals also suggest making your home anonymous by removing family pictures and other decorations. This will make easier for the buyers to imagine the property becoming their home. It is also suggested to leave the house during the showing. Again this is more comfortable for a buyer and gives you a better chance for a quicker sale.

Step 7. Negotiations:

If you are selling the property by yourself be ready to negotiate. Negotiations can be very stressful especially if you deal with buyer’s agent who usually has an advantage in negotiation skills. If you will decide to use a Realtor® he or she will serve as emotional buffer and will make sure you sell the house for the price you’ve planned.

The steps outlined here are general. Every sale will have its specific issues. These issues can be best explained by a Realtor®. That’s why never hesitate to ask as much questions as you want. Selling a house for the fair market price without hassles can be tricky, that’s why having right information every step of the way is crucial. Contact me if you have any questions: