It can be frustrating to sell your home if you don’t have the information and advice you need, let alone the right people to support you. If you’re thinking of selling your house in Toronto, a real estate lawyer can help make it a smooth, successful process. Here’s what you need to know before you put your house on the market.
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Decide the Right Time to Sell Your House
Choosing the right time to sell your house can make all the difference when it comes to attracting prospective homebuyers and getting the best price for your home. You should consider the following time frames before you decide to sell your house:
- Time of Year: Toronto real estate is seasonal, meaning times like December, January, and August are the lowest months for successful home sales. The best times of year to put your home on the market are February, March, April, and September as these are the times that most homeowners are preparing their homes for listing.
- Neighbourhood Competition: No matter when you are selling your home there are limited number of buyers looking for your type of home. If they have a large selection of options to choose from, you may have fewer showings and offers at lower prices. On the other hand, if your home is the only one with the features your prospects are looking for, you will have greater success selling your home.
- State of the Market: Prices are affected by interest rates and consumer confidence, and although the Toronto market has been going upward, there will be a time for it to adjust. Find out what’s happening in the market before you decide when to sell your home.
- Personal Factors: Before selling your home, you should consider if there any personal needs and goals that factor in. Are you moving out of the city? Have you already bought your new home? Are you having a baby soon? Have you recently gotten divorced? All of these things should be considered before choosing the right time to sell.
Prepare Your Property for Sale
Increasing the value of your home and preparing it for sale is a step you cannot skip. If you have plumbing issues, evident cracks or damaged sections on your walls, or if your home looks dirty and unkept, chances are you won’t get a sale anywhere close to your asking price (or a sale at all). You will need to take the time to make sure that your home is in good working order, and that it looks beautiful to anyone who walks in. To increase the value of your home you may need to renovate your kitchen, upgrade your bathrooms, replace carpeting or upgrade flooring, etc.
Choose the Right Real Estate Agent
Out of all the possessions you own, your home is the most valuable. When trying to sell it, you need to be sure that every step goes according to plan. By working with a real estate agent, you will be prepared for anything you may have forgotten. They will work with you individually to provide the best service possible.
Research List Pricing in Your Area
You will eventually need to decide your listing price. Working with a real estate agent will help you understand the pros and cons of pricing your home for a bidding war, and/or pricing high with the goal of negotiating downward. You will ultimately decide the final price for your home based on what you believe it is worth. Buyers will, however, consider the following factors when weighing in the cost:
- Recent sales in your neighbourhood
- Similar properties in nearby neighbourhoods
- Properties currently on the market
- Market conditions at the time
- Size, finishes/upgrades, and the condition of your home
You may have better luck with selling your home if you have adequate parking (garage), if the basement is finished or can be used as a second apartment, has ample storage, and style.
One of your agent’s most important jobs is to make sure potential buyers see your house. Building a comprehensive marketing campaign should include traditional and digital marketing efforts and should help prospects fall in love with your house. Professional real estate marketing should include the following services:
- Photography/videography that captures their attention and shows what life would be like to live in your house.
- “For Sale” signs that target prospects looking for a new home. This sign should be posted on your front lawn so people walking or driving by can see it.
- Your realtor should organize open houses during the weekend so curious neighbours will be around to check out your home.
- Online marketing is where 92% of buyers begin their search. Your realtor will know how to use web sites and ads to drive users to your house and entice them with the amazing features and advantages of living there.
- E-mail marketing and social media is another step a realtor can use to promote your listing.
- Print marketing gives prospects information and photos to take away and consider further.
Getting a lawyer involved
Once your home is sold, you will need to engage a real estate lawyer to complete the transaction. Your real estate lawyer will make sure that you get the appropriate adjustments for things like property taxes, prepaid maintenance fees, etc. Your real estate lawyer will also take care of paying out the mortgage, delivering the keys to the buyers, paying any commissions owed, and generally all matters required to ensure that you receive the balance of funds owed to you or apply funds to your next purchase if you are also buying at the same time.
How Zinati Kay – Real Estate Lawyers Can Help You
Zinati Kay – Real Estate Lawyers is a full-service residential real estate law firm that provides fixed closing costs to buyers and sellers when they buy, sell, mortgage, or title transfer their property. Within the past 25 years we have closed over 21,000 real estate transactions and employ three lawyers to service our clients. We provide professional service and reasonable real estate lawyer fees and have thousands of satisfied clients to prove it. If you need any assistance, contact us at 416-321-8766 for more information about our services.