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1. Know Your Numbers
Consulting with a mortgage professional can give you clarity by helping you understand your current financial position, including knowing your current mortgage details, potential penalties, and the overall financial implications of your sale. They will assist you in estimating your equity, which can be used for the down payment on your new home, and help you understand your budget for your purchase: like costs associated with selling and buying a home, including porting a mortgage and arranging bridge financing if closing dates don’t align. This step is crucial to make sure you understand your financial readiness and to help you set realistic goals for selling your home and buying the next one.
2. Understand the Market
As a realtor, I can’t stress enough the importance of understanding the local real estate market when you’re planning to sell your home. We will start by familiarizing you with key market dynamics: Are we in a buyer’s or seller’s market right now? What are homes like yours selling for, and how long are they typically on the market? We will consider recent changes in interest rates and any new government or banking regulations that might affect buyer motivation. We will also discuss whether it is better to sell or buy first. By the end of it, you will feel confident in taking on selling your first home.
3. Prepare, Prepare, Prepare
First impressions count. As your realtor, I will guide you in preparing your home to ensure it’s ready to impress potential buyers. Together, we’ll focus on decluttering, thorough cleaning, and carrying out essential repairs. This doesn’t always mean undertaking major renovations; often, a simple, fresh coat of paint or fixing minor issues like a leaky faucet can significantly enhance the appeal of your home. Working together with a home stager, we will make your home inviting to a wide array of buyers, enabling them to envision themselves living there easily. Together, we’ll enhance your home’s appeal by highlighting its best features with personalized advice and strategic staging, ensuring it stands out in the market.
4. Set a Realistic Price
Now that your home is looking its best and ready to list, it’s the perfect time to have a detailed conversation about pricing strategy. As your real estate agent, I will guide you through this critical part of the process, ensuring your property is showcased effectively to attract the right buyers. We will review recent neighbourhood sales and competition to set a price for your home that meets your financial needs and matches market trends. Avoiding overpricing or underpricing, we’ll find the right price based on market knowledge and your home’s value. As your real estate agent, my aim is to set a realistic and competitive price to ensure a successful sale.
5. Strategically Navigating Offers for a Successful Home Sale
Last but not least, it’s important to carefully consider each offer on your home, focusing not just on the highest bid, but on what best meets your needs. Look at the buyer’s reliability and the specifics of the offer. I’m here to help you through these decisions and guide you in the negotiation and closing process. I’ll also explain the different types of offers you might receive, whether they’re in-person, via email, or part of a bidding war. With my support, you’ll be well-prepared for every stage of the sale, be it understanding offers or navigating complex bidding scenarios.
While this list doesn’t quite cover every detail of the home selling process, it highlights the most crucial aspects of selling your first home. Remember, with the right advice, preparation, and guidance, selling your home doesn’t have to be stressful.
See the graphic below for all the smaller details of selling your home. And if you’re ready to sell your first home, I am ready to guide you through the process.
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