Pricing your home
When selling your home, one of the most important decisions you will have to make is the asking price. Homebuyers shop around, so you’ll have to set a fair market price if you hope to sell. At the same time, you will want to get as much as possible for your property.
Some things to consider when deciding on your price: The age and condition of your home, Whether it needs updating, What similar homes in your area have sold for, Whether property values in your area have been increasing or decreasing, Whether there are a lot of homes for sale in your area. Setting the right price can be very difficult. Please call me today for a free market evaluation of your home.
Ensuring your home looks its best
With a little effort on your part, your home can be sold more quickly and at a better price. Click here for some useful tips.
Marketing Your Home
Unless you are extremely lucky, it is unlikely that someone will walk in off the street and buy your home. Usually a serious marketing campaign has to be undertaken. Perhaps you have the time and resources to do this yourself, but a better idea would be to let me sell your home with my structural and systematic approach to selling real estate.
Click here to read about our marketing strategy.
Determining the best price to ask….
Once you have decided on a Realtor to represent you in the sale of your home, the next and most important decision you have, is to determine the best price to ask. Do you want the most money, in the least time and with the fewest problems? If so, a realistic asking price will help you sell your home quickly and for top dollar. By pricing your home close to market value you ensure that the difference between your asking price and the price an informed purchaser will be willing to pay is less, resulting in the greater likelihood of competing offers.
Your home will also be less likely to become stale on the market, resulting in potential purchasers questioning why it hasn’t sold yet. A house that is overpriced by 10% of it’s actual market value is much less likely to sell within the first 30 days than one priced within 5% of it’s true value. Not only will an over-priced home take longer to sell, it is also likely to sell for less than it’s actual value. This is due to the negative effect often associated with properties that have been on the market for a longer than average time.
It should be pointed out that recommended listing prices are usually based on recent sales and current market conditions. It is always difficult to walk the line between getting the most for a property while at the same time remaining competitive enough to attract serious offers. Too often we are influenced by the price we would like to get versus a more realistic price that the market will actually support.
How you feel about testing the market will determine how much higher than the current selling prices of similar homes you will wish to ask for your property. You can always start at a higher price than the market indicates and then, if necessary, reduce your price at a future date. The drawback to this is that it could take longer than usual to sell and you could end up simply helping to sell other similar homes as they may look comparably better value than yours. While in the mean time your home has become stale on the market.
This is where the experience and knowledge of our service is invaluable. We spend a great deal of our time and energy keeping your fingers on the pulse of the market and have the resources, connections and ability to keep you up-to-date with it’s constant changes. We are your best source for determining and getting the highest price possible.
So you’ve had your home on the market for a while, and at last a prospective buyer is making “an offer.” As the seller, you have three options: you can accept the offer, reject it, or give a counter offer. A counter offer usually encourages a buyer to continue their negotiations. Perhaps you have received offers from several different buyers with different terms and conditions. You may prefer to take slightly less from a buyer who is willing to pay cash, instead of waiting for someone else who would pay more but must sell their own home first. Lori Bennett Realty has the experience and knowledge to help you choose the best offer.
Once you’ve accepted an offer for your home, there are still many details that have to be taken care of. The buyer will probably engage a professional house inspector to inspect the property; the buyer’s mortgage company may send out an appraiser to ensure your property’s true value. Also, the buyer’s legal advisors will want to search its title. You can try to handle all these details yourself, or you can get Lori Bennett Realty to look after them for you so that the entire selling process is carried out as smoothly as possible.
Understanding the Cost of Selling a Home
The Lori Bennett Realty Team is committed to helping you be an Informed Seller. It’s important to understand the costs that may be your responsibility when selling Toronto Real Estate.
When selling a property, it is important to bear in mind that you may be responsible for the following costs:
- Real Estate Commission: This is usually based on the sale price of the property and can vary from one real estate agency to another. Be sure to ask your agent what their company charges.
- Legal Fees: These can range from $500 to $1,200 depending on the firm and amount of legal work that is necessary.
- Discharge of Mortgage: These will be specified in the mortgage document or as negotiated with the mortgagee. Cost to discharge the mortgage will include a legal fee and, if applicable, a penalty, which is sometimes equal to three months interest on the mortgage or based on an interest differential calculation.
- Moving Cost: These can vary quite a bit, depending on the company you use and the distances involved in the move. For a three-bedroom house, allow between, $700 to $1,400 for a move within the Greater Toronto Area.
- Survey: Often you can improve your chances of selling your house promptly by providing a survey. This will cost between, $600 to $1,000.
The costs given above are approximations only. For a more accurate assessment of your potential selling costs or for any other real estate information about the Great Toronto Area please contact us at the Lori Bennett Realty Team cell: 416-357-1485