From beginning to end: the steps to sell your home.
So, where do I start?
Whether you’re a seasoned seller or first timer, this basic walkthrough Sean has put together will help guide through the steps to sell your home. You’ll need to be aware of 4 main stages of the transaction:
- The Pre-Listing Preparation of your Home
- the Pricing and Marketing Process
- Offering for Sale & Showing Prospective Buyers
- Negotiating a Deal and Closing the Sale of your Home
These are some of the
Steps to Sell Your Home:
#1: The Big Decision: Is it Time to Sell?
Once you've decided, a professional opinion is always recommended.
Consult with a Realtor
Although most people consider Realtor’s as salespeople, we’re really Advisors providing a service. We live and breathe real estate and as such we can provide valuable insight to the consumer.
Conduct a Market Analysis
Your Realtor will provide you with market stats. If you’re planning on marketing your home for sale, knowing & understanding the history of activity in your neighbourhood is imperitive.
Determining a Pricing Strategy
Pricing your home effectively can only be achieved if you take the emotion out and let the stats pick the range. Buyers will certainly make comparisons and so should you. Listen to the market.
#2: Preparing, Staging, & Marketing
It's important that your home is presented well to the public. First impressions are everything.
Do Your Homework
Through the listing process we’ll be required to submit data on your home. The age of the roof, basement ceiling height, defects, etc, will all need to be determined now. Buyers may also ask for things like hydro costs, etc. so it may be nice to have those things ready.
De-Clutter & Staging
De-Cluttering doesn’t mean taking the recycling out. You’ll need to start downsizing the visual clutter into boxes (you are moving soon, right?) to start the staging process. Sean has written about this in his Basic Guide to Home Staging if you’d like to give it a read.
Photography & Marketing
Professional photography is absolutely essential in your marketing plan, along with cutting-edge ideas to attract buyers to your home. Your marketing strategy should be focused for your individual home and goal.
#3: "Launching" Your Home for Sale
The big day -- Now it's time to show it.
Buyers will be coming through with their Realtors for a private showing, and will be inspecting everything from the cupboards to the crawlspace. It’s time to have everything as white-glove clean as possible. Learn more here in our guide:
Hosting Public Open Houses
Some buyers don’t even know they are buyers yet. We love hosting open houses and feel that is a great way to welcome everyone, including neighbours, who may know someone to purchase your home. Read more about our guide for open houses here:
Realtor-Only Feature Tours
This is where we invite all of our colleagues over to your house and drink champagne. No seriously though, a Realtor-tour is an event we hold that generates valuable feedback from knowledgable experts we value in our industry.
#4: Horray! You've got an offer. Now what?
To Accept, Counter, or Shred. That is the question.
Buyer Submits an Offer
Price, Dates, Deposit, Conditions, it’s all in there; The buyer will have submitted an offer which is open for a certain period of time. Review their offer and discuss with your Realtor if you have any questions. Sean likes to provide a copy of the Contract of Purchase & Sale for his sellers to review for the future.
You Accept or Counter
If you’d like to counter, remember that this “opens up the contract” and the buyer may refuse, rendering the offer dead in the water. If you’d like to accept, remember that acceptance is irrevocable and the buyer will be entitled to remove the subjects set out in the contract.
Buyer Removes Conditions
If the buyer had any conditions to their offer they should be diligently working to remove them on or before the effective date. The most common would be financing, building inspections, & strata review, but can be specific for certain properties. Usually the less, the better.
#5: Deposit is Paid. The Deal Goes "Firm."
The closing period begins.
Lawyers Review Documents
Your lawyer will review the contract, charges on title, etc, and start the conveyancing process of transferring ownership. You’ll head to your lawyers office to sign paperwork and discuss the details of the transaction and contract. In and out, usually.
Funds are Trasnferred
Once everything is in order, the funds will be transferred to your lawyer from the buyer’s lawyer. Speaking of finances, don’t forget about property taxes, mortgage penalties, title charges, and capital gains if applicable.
The funds are transferred, paperwork has cleared, and now the process begins where the title transfers to the buyer. You’ll leave the keys with your lawyer (or Realtor) who will pass them on to the Buyer’s Lawyer or Realtor. You’ve officially sold your home!
#7: The Home is Officially Sold.
Congratulations on the Successful Sale of Your Beautiful Home!
That wasn’t so hard now was it? Selling your home shouldn’t be a stressful situation, and it certainly helps when 95% of the process is handled for you by a Realtor. Sean would love to chat if you’re planning on listing your home for sale. Get in touch with Sean or continue reading these Seller Guides & Resources for more information.