6 Tips For Selling Your Home
Tuesday, 1 February 2022
Planning to sell your home? Whether you are downsizing at retirement, upgrading to accommodate a growing family, or moving to a new country, selling your home can be an emotional and stressful process. Not only are you letting go of a place filled with meaningful memories, but there are many pieces to manage, which could feel overwhelming. In this blog, our BIG list of tips for selling your home will alleviate some of the stress during the process.
Should You Hire a Real Estate Agent?
You want to sell your home. Now what? Do you list it privately or go with a real estate agent? It truly depends on your timeline, energy, asking price, the amount of commission you're willing to pay, etc.
Relying on a realtor’s guidance can greatly reduce stress and save you time and energy. They arrange all the showings and navigate negotiations. Their industry expertise can increase your home’s appeal to potential buyers. You can leverage their network of contacts to find trusted inspectors, contractors, attorneys, etc. Finally, they handle all the paperwork!
Whether you get a realtor or not, these tips for selling your home will still be helpful.
Tips for Selling Your Home #1: Know the Market
The real estate market is complex. One of our tips for selling your home is to know the climate of the market and understand who has the advantage – the seller or the buyer. Lower inventory combined with quick sale rates gives the seller the advantage. Higher inventory combined with slower sale rates gives the buyer the advantage. This can fluctuate based on the economic situation, national interest rates, your location, and many other factors.
Tips for Selling Your Home #2: Deciding a List Price
Before listing your home, one of the tips for selling your home is to evaluate its worth to determine your list price. The best way is by using a Comparative Market Analysis (CMA). A CMA is often provided by a realtor at no extra cost. This analysis will consider factors such as the features in your home, significant upgrades or renovations, the tax-assessed value of your property, and the selling price of comparable homes in your area.
Tips for Selling Your Home #3: Pick the Right Season
There are many variables surrounding your home-selling journey, so choosing the right time of year to sell will be unique to you. Here are some tips for selling your home considering the real estate market trends in each season.
Winter typically has lower inventory, making it easier to attract buyers and bids. There are some disadvantages to selling in the winter, though. Major snowfall can make it difficult for potential buyers to see important home features including the foundation and landscaping. Try to list before the first snowfall to avoid this challenge. Read our blog about moving in the winter.
Spring and summer are the busiest time for the housing market. An active market will have more listings and more competition for you as a seller. You may have to list during this time out of necessity. If that’s the case, consider listing your home at a more competitive price to attract more bids.
If you are not in a rush and want to avoid a lot of market competition, autumn is the ideal time. There are fewer homes on the market, making it easier for your home to stand out. You also have gorgeous weather and fall colours to enhance the beauty of your location.
Tips for Selling Your Home #4: Staging & Marketing
Before you list, you need to create a strong first impression for potential buyers. This is where staging and marketing come in. Before having photos taken, you will need to stage your home. Staging allows viewers to easily envision it as their own when you remove clutter and de-personalize the space. You may hire a home staging company, but you don’t have to be a pro to do it well.
Get our comprehensive list of Tips for Home Staging.
To market your home well, include these important details in the listing:
- Good-quality, professional photos
- Photos of your home’s exterior and yard (in various seasons)
- Aerial photography and videography of property and neighbourhood (can increase the potential sale of your home by 64-85%)
- Share major selling features and unique details about the home (fireplace, finished basement, rental potential, custom cabinetry, etc.)
- Provide information about local amenities (parks, schools, public transit, shopping, etc.)
Tips for Selling Your Home #5: Showing Your Home
Most interested buyers will want to see your home in person in some capacity. There are a few ways you can do this – allow them to book a private home showing, schedule an open house for multiple viewers, or arrange for a virtual tour.
Tips for Selling Your Home #6: Offer Time
Ideally, you will get multiple offers and choose the best one for you. You can accept, counter, or reject any offers you receive. Look out for offers with contingencies where certain conditions must be met for the sale to go through. The buyer’s conditions may require a home inspection, an appraisal, secured financing, or the sale of their home.
When you have found the right buyer and are ready to accept it, review the offer carefully with a lawyer. There may be additional requests such as the inclusion of appliances or a request to repair an outstanding issue before they agree to take possession. Your lawyer will help ensure that all the paperwork goes through to transfer ownership.
FAQ: Does moving impact your home insurance?
Now that you’ve reviewed our tips for selling your home, you should be well on your way to getting some great offers. If you are also purchasing a new home or making significant renovations, contact a BIG broker today. Our BIG team is always here to find you competitive rates, answer any questions, or update your home insurance policy.
Author: Amy Legault