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Q
Is there a 'best time’ to sell a house in Ontario? If so, when is it?
A
In Ontario - like most other 4 season cities - Spring/Summer (April-July) is consistently the most active. It’s important to note that local markets will be impacted by additional region-specific movement and trends.
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- There are yearly highs and lows in activity that occur consistently, and have for decades. This doesn’t necessarily mean better numbers or easier sales, but with more buyers - the opportunity is there. Timing has its place in the real estate process, but don’t get caught up in trying to “time the market”… Use a real estate Advisor who can work strategically in any market.
Q
Should I sell my house before buying a new one?
A
In nearly every circumstance, Selling first puts you in a more advantageous position. You’ll know the money you’ll be working with, the close dates and it will provide you with the time to focus on finding your new house.
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- If you’re using the equity in your current house (as many of us do), selling first provides you with financial clarity. It eliminates the potential risk of having to use a bridge loan if you find the next house before selling yours. It’s important to strategize with you real estate advisor so they understand your timelines and milestones. Knowing what you’re working with and toward, is how you’ll find FIT.
Q
What's the difference between a conditional and firm offer?
A
A ‘conditional offer’ can be thought of like a tentative agreement that features specific contract terms that must be met in order for the deal to proceed. Contrarily, a Firm offer - once agreed to - is legally binding.
Q
Do I need a Lawyer to sell a house in Ontario?
A
Yes, in Ontario a Lawyer is required to oversee the contract details and complete the regulatory paperwork for the sale of a house.
Q
Do I have to use a Real Estate agent to sell my house?
A
No, a real estate agent is NOT required. You have the option to sell your house privately without any professional assistance.
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- Realtors provide professional consultation, experience and guidance. Do you need one? Well, that all depends on your comfort level performing the required tasks of the real estate process. Some people do their own taxes, some fix their own cars, but most of us choose the assistance of a professional.
Q
Should I make repairs to prepare my house for sale?
A
This depends and should be discussed with a real estate advisor. In most circumstances, making repairs and/or upgrades prior to selling is a gamble.
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- While it can be tempting to make repairs or fine detail presentation hoping for a quicker sale or higher price tag, it rarely shows any return on investment of the money or time.
Q
How much is my house worth?
A
The value of a house is almost entirely dependent on the market. Accurate numbers require the assistance of a professional real estate advisor. There are other factors that will influence an accurate price, and a professional advisor will help you understand and leverage those opportunities.
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- Understanding the value of a house requires a Comparative Market Analysis (CMA). A Real Estate Advisor will perform an assessment of the area, availability, amenities, house specifications and recent sales to compile a workable price range for your house.
**Tip** ‘instant house estimate’ calculators do NOT provide accurate numbers from which to work.
Q
How to choose a realtor to list your house?
A
A real estate advisor should be chosen with a focus on the following:
Matched with your expectations, professionally accredited, communicative, reliable and dedicated to more than just the transaction. And lastly, a good vibe for the working relationship ahead.
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- Choosing a listing advisor should be made with a focus on your preferences and expectations. The key to selecting a real estate professional is to ensure they are focused on Your best interests. Make sure you put the onus on them to qualify themselves to you - not the other way around.
**Tip** Avoid agents who are in a rush or entirely focused on the transaction.
Q
How should you prepare the house to sell?
A
Here are a few steps you can take to prepare your house before contacting an advisor or getting appraisals done:
Begin to de-clutter the house, think about the logistics of showings, research the listings in your area.
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- Keep personal effects to a minimum, show potential (keep space clear), look for quick fix touch-up opportunities, remove valuables, CLEAN, clean and clean again.
**Tip** Try to keep any emotional connection out of the sale, it clouds judgement and can result in decisions that are not in your best interest.
The first step is to uncover the market value, current opportunities and property assessments available to you…
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