Quick Guide to Sell your House in Toronto
Saturday Oct 23rd, 2021
A Quick Guide to Sell your House in Toronto
Selling a home can be a daunting task. It is important to take the time and do your research to know what steps are needed to get it done as quickly as possible.
Whether you are selling a Toronto home due to a new Jon, family growth or downsizing or just need a change, the process can be overwhelming. But don't worry!
We have put together this guide with step-by-step instructions that will walk through every part of it, so all your worries fade away into thin air as soon as they begin.
In this blog post, we will cover how to sell a house in Toronto, from finding an agent, staging your home for sale, dealing with Toronto buyers’ agents, and more!
How to sell your home in Toronto?
Follow these 8 easy steps to sell your home in Toronto:
Put your best foot forward:
This means to make any improvements you can before putting your house up for sale, but don't go too overboard. Focus on the basics, such as painting and fixing anything that needs attention. Make your house look it’s best so buyer’s cannot give reasons to bring a lower offer.
Price your Toronto Home right:
The home price is the most important factor in selling a house, so you must price it correctly from the start.
Your realtor should have gone through the recent sales in your neighbourhood to show you what the market value is on your property. There are several pricing strategies you can use such as pricing low and holding back offers to try and create a bidding war, list at or close to the market value, or list high and see if you get lucky but it is more likely your home will just sit on the market is you are overpriced.
Hire the best real estate agent:
Don't just choose a random agent who comes knocking on your door because they're desperate for a sale in this local market. Ask around and get personal referrals from close friends, family, or co-workers about an agent that has proven to be trustworthy and knowledgeable in the area you live in.
Selling your home must be the only priority for a good agent. A good agent will be able to spot serious and motivated buyers.
Depending on the current market conditions, you may have to be patient. Your realtor should tell you if it’s a buyer’s or seller’s market based on what you are looking for. If the market is hot for seller’s you may be able to get multiple offers and sell for a higher price. If the demand is low, however, you may have to be more patient and the home may be on the market for a longer time. The For Sale signs on the lawn are always recommended since Buyers are known to cruise their target neighbourhoods looking for the perfect house.
Get your home on the market:
Next, you need to let buyer’s know you are selling, so your realtor should advertise and promote your home to neighbours, their colleagues, contacts in their database and market the property to reach other potential buyers.
Once you get an offer, look at any conditions or terms of the contract. Typically a buyer will want a home inspection and add in a finance clause for their mortgage so their lender can approve the mortgage on the property.
The main negotiation is usually the price, so as a seller you want to get as much as possible but don’t be unreasonable or you could risk losing the buyer. Other items to consider will be the closing date, deposit amount and buyer visits.
Sign on the dotted line:
You'll have to sign several documents that will protect both you and the buyer of your Toronto home so pay attention to all details to avoid unforeseen circumstances down the road. There may be a conditional period once an offer is accepted for the buyer to waiver items such as the home inspection and finance clauses, then you have a firm deal.
How to Hire the Right Agent?
Ask friends and family for referrals
Find someone who knows the area you live and work in and is respected by their peers. If you used an agent when you bought your home, you could use them again. I strongly suggest you hire someone that you are comfortable with, and someone that communicates with you, has the experience, is a great negotiator and has your best at heart and is not just trying to sell the home quickly to make a quick commission.
Visit the agent's website
Check to see if they have a site that showcases their listings, contact information, and other services they offer. Make sure you check out the "about me" section to learn more about what they offer and how much experience they have.
Call or email
Make a phone call or send an email requesting to set up a time to meet with them face-to-face. If they don't respond right away, contact them a second time and you'll want to set a date and time for the initial consultation.
Conduct an interview
Real estate is a people business with a lot of money on the table and often many emotions involved so it’s a good idea to meet an agent at your home to see if it’s the right fit for you. Use this as a good opportunity to show the agent your home and they will be able to advise things you need to do to get the property ready.
If an agent has already given you a value on your property before they have been into your home run a mile! How can they give you an estimate of your house without going through it first?
Ask what commission rate they charge, and what services they offer. It’s also good to know your other selling costs such as staging, movers, lawyer fees etc.
Explain your situation
Share details about your house with your real estate agents, including the size of your lot, number of rooms, type of foundation, renovations made to the property, upgrades or repairs you've done recently.
You'll also want to share details about how long you've lived there, what you like about the neighbourhood as this can be used as a selling feature to entice potential buyers who will love your home and neighbourhood as much as you did hopefully.
Ask open-ended questions
Try not to ask yes or no questions as you'll get one-word answers and won't be able to learn as much as you can about their experience.
Take the time to review
Take the time to go over everything. Real estate agents spend a lot of time marketing. Agents who are able to provide their clients with modern digital services, strong writing skills and good photography, videography and marketing are highly sought after.
What is the best time to sell A House In Toronto?
Whether you're trying to sell your home this year or will be looking for a new place soon, many factors go into making the best decision.
The spring and fall markets are typically the busiest times of the year, but some sellers may list at other times in the year as there is less competition on the market.
How much does it cost to stage a house in Toronto?
The average cost of staging a home in the Toronto market varies by so many factors such as the size, is the home vacant and needs complete staging or can the stager use most of your existing furniture and needs to bring in a few items and accessories. Different stagers charge different rates and it also depends on how long the staging is required - is it one month or three? Each home will usually get a custom quote depending on what is needed so there is no easy answer to this question, unfortunately.
It's important to remember that you don't have to go at this alone. With a team of experts on your side including your realtor in Toronto-you'll get precisely what you need to sell your house quickly and for top dollar!
Let us know if we can help with anything else today. If you have any questions or concerns about selling your house, we would be happy to answer them.