Selling a home can be complicated. There’s lots to do, from preparing
the property for sale, to marketing the listing, to the negotiations and
paperwork. If you’re ready to embark on the home selling process, or just
get a head start on planning, take your first step with this Home
Selling article.
This is a resource to help you navigate through the home
selling experience, from “listed” to “sold.”
Seller Dos and Donts
DO
Clear Out & Clean Up
You want house-hunters to imagine your house as
their own, so clear out the clutter. Remove excess
home décor, pack up the collectibles, put away the
kids’ toys, and eliminate pet evidence. You’ll also
want to clean everything, from the baseboards to the
ceilings and every spot in between. In addition, keep
the house at a comfortable room temperature.
Update & Upkeep
Impress house-hunters with simple yet visually
appealing updates. Inside, consider swapping out old
light fixtures, painting dark walls lighter, and replacing
dingy carpets. Outside, keep up with your yard work:
trim bushes and trees, keep the grass cut or the
driveway shoveled, and plant flowers or add greenery
for a flattering first impression.
Organize & Categorize
Everything has a place. Arrange furnishings to
complement the size, traffic flow and natural light of
the room. If you’re not sure, consult a professional
stager. You’ll also want to organize all of your
paperwork: inspection reports, property disclosures,
appliance manuals, etc. Then, categorize them in an
easy-to-access binder for quick reference.
Respect & Respond
You may be partial to your home, but not everyone
will be. Respect professionals’ (appraiser, inspector,
stager, etc.) opinions on what changes can be made
to make your home appeal to more people. Don’t be
offended by a low offer; respond to the buyer and
let them know the offer was too low but that you are
serious about accepting a better one.
DON'T
Fall Behind
Selling your house is hard work. Don’t slack, stay
up-to-date on your responsibilities. Keep your home
clean and the yard well-maintained throughout the
process. Once you find a buyer, don’t fall behind on
bills; keep paying your mortgage and utility bills on
time so you don’t have extra costs to cover at closing.
Get Ahead
It takes time to sell a house in today’s market.
Don’t try to get ahead of the trend and enter into
negotiations with buyers who aren’t pre-approved
for a mortgage. Don’t price your home excessively,
listen to your agent and price it according to market
conditionss. Pricing it too high can keep it on the
market and make it appear unattractive, flawed or
stale.
Hide or Hover
Your house needs to be available, you do not. Don’t
make your house unavailable for showings by
requesting a day’s notice or not answering the phone
or email. Your home needs to be ready when buyers
are. Don’t hover around during showings. Buyers like
their space and may feel awkward or uncomfortable
sharing their thoughts with you present.
Do it All or Leave it All
Working with a real estate agent can be invaluable.
Why try to do it all when you can hire a professional
agent with the experience and expertise to do it for
you? However, when you hire a real estate agent,
don’t leave it all up to them. You’ll have a number
of personal responsibilities to manage to help make
your home selling experience successful.
CLEAN UP THE CLUTTER
If you are listing your house and getting it ready for
showings, clean up the clutter. A good way to start
is to go through everything you don’t use on a daily
basis and create three piles: pack it, donate it, and
junk it.
Pack It
For the items you’re packing, go online and search
“portable storage and moving containers.” These
convenient containers can be rented monthly and
take the trip out of the traditional storage unit. They
are delivered to your house, you pack it up, and
they’re picked up and stored for you until you’re
ready to add more – or unload it at your new house!
Donate It
For the items you’re donating, a number of charities
now offer scheduled donation pick-ups. Visit your
favorite charity’s website to learn when they’ll be in
your neighbourhood.
Junk It
For the items you’re dumping, first make sure
they can be dumped. Certain items need to be
recycled or properly disposed of. Check with
your municipality website to find a convenient
and affordable way to properly dispose of certain
materials. If what you have truly can be junked,
consider renting a dumpster for large quantities.
Home Seller’s Glossary
1. Asking Price: The price that the seller has
agreed to list their property for. The asking price
is different from the selling price, which is the
final price that has been agreed upon by the
buyer and seller
2. Balanced Market: In a balanced market, there is an
equal balance of buyers and sellers in the market,
which means reasonable offers are often accepted
by sellers, and homes sell within a reasonable
amount of time and prices remain stable.
3. Bridge Financing: A short-term loan designed
to “bridge” the gap for homebuyers who have
purchased their new home before selling their
existing home. This type of financing is common
in a seller’s market, allowing homebuyers to
purchase without having to sell first.
4. Buyer’s Market: In a buyer’s market, there are more
homes on the market than there are buyers, giving
the limited number of buyers more choice and
greater negotiating power. Homes may stay on the
market longer, and prices can be stable or dropping.
5. Closing: This is the last step of the real estate
transaction, once all the offer conditions outlined
in the Agreement of Purchase and Sale have been
met and ownership of the property is transferred
to the buyer. Once the closing period has passed,
the keys are exchanged on the closing date
outlined in the offer.
6. Chattels: Unattached items in the home that
can be removed without doing any damage
to the property, such as curtains, but not the
curtain rods since they are physically attached
to the home. Chattels are usually not included
with the home purchase, unless specified in the
Agreement of Purchase and Sale.
7. Conditional Offer: When the sale of the home
hinges on predetermined conditions, such as
“conditional on financing” or “conditional on a
satisfactory home inspection.” If the conditions
are not met, the buyer can back out of the deal.
8. Counteroffer: When the original offer to
purchase a home is rejected by the seller, the
seller can counteroffer with adjustments, usually
to the price or terms of the purchase, such as the
closing date
9. Curb Appeal: The appeal of a home when
viewed from the curb. Curb appeal includes the
home’s exterior, front yard, and anything else
that’s visible from the street.
10. Current Market Assessment: A CMA (Current
Market Assessment) is provided by your real
estate agent during the listing process and
is complimentary. This report assists with
determining the asking price of the home, using
current housing market information such as supply
and demand, seasonality, home information like
location, age, square footage and more.
11. Fixtures: Items that are physically attached to
the home and require tools to remove. Fixtures
are included as part of the purchase. Examples of
fixtures include ceiling lights, cabinet hardware and
appliances. If the seller plans to take any fixtures
with them when they move, either remove them
prior to listing the home, or be sure to specify the
fixtures in the Agreement of Purchase and Sale.
12. FSBO: Acronym for “For Sale By Owner,”
meaning the seller hasn’t retained the services
of a real estate agent or broker to assist with the
sale of their home. By virtue of the FSBO, the
seller will avoid paying the real estate agent’s
commission fee, which is split between the listing
and buying agent.
13. Home Value Estimator: A home value estimator
is a tool, typically found online, that helps home
sellers estimate the value of their property. The
result is an estimate and different from a detailed
property assessment provided by a Realtor.
14. List-To-Sale-Price Ratio: The difference between
the listing price of a home and the final selling price,
expressed as a percentage. If the list-to-sale-price
ratio is more than 100%, the home sold over asking.
If it is below 100%, the home sold under asking
15. MLS: The Multiple Listing Service, commonly
referred to as MLS, is a real estate selling system
operated jointly by real estate Boards and
Associations across Canada
16. Offer: An offer is a legal agreement to purchase
a home. An offer can be conditional on a number
of factors, commonly conditional on financing
and a home inspection. If the conditions are not
met, the buyer can cancel their offer..
17. Porting: Transferring your mortgage (and
the existing interest rate and terms) from one
property to another.
18. Seller’s Market:: In a seller’s market, there are
more buyers than there are homes for sale. With
fewer homes on the market and more buyers,
homes sell quickly in a seller’s market. Prices of
homes are likely to increase, and there are more
likely to be multiple offers on a home. Multiple
offers give the seller negotiating power, and
conditional offers may be rejected.
19. Staging: Preparing a home for sale to
appeal to a wide range of homebuyers. The
staging process often includes decluttering,
depersonalizing, deep-cleaning, and minor
updates such as painting and rearranging
furniture.
20. Virtual Deals: The home-buying process
completed by means of technology in place of
face-to-face contact. Some common technology
tools include 360 home tours and video
showings, video conference calls, e-documents,
e-signatures and e-transfers.
