If you are looking to sell your property or interested in Real Estate trends in general, you know that it is a seller market in Canada.
Do you think it is the right time to sell your property but worried about the process? The following pointers can help you to have a stress-free selling experience.
Know the market
The market is in favor of sellers, yes. But it does not mean that you are going to get a higher price for your house. There are many factors involved that determine whether a market is sellers or buyers. For example, the work from home/remote work model is gaining popularity because of the pandemic. People are planning to move to semi-urban areas from cities where housing prices will be lesser. The demand for housing will be more in semi-urban areas where the number of properties listed for sale is lesser. This shift in housing demand contributes to the seller market. However, if your property is in a city, the price will not increase because of the seller’s market. So knowing the factors contributing to the seller’s market and thoroughly analyzing the trends will help you decide whether to list your property or not.
There is always an emotional value attached to your house. Living comfortably in your home for years makes you think your proposal is the best deal one can get. But you need to be practical while selling the house. While valuing your property, the age of the property, the repairs, and renovations will be inspected. The feasibility to upgrade certain aspects of the house as per the buyer’s wish is a major deciding factor. The buyer will also consider the infrastructure in your locality, possible future developments, and how it is better than the neighborhood areas. You will be able to come up with a fair price by accounting for these factors that will help the property to sell faster.
There are lots of legalities involved while selling a property. It is better to be prepared and to aim for transparency. Firstly, check with your local authority for any issues in your property and try to resolve them. Verify your property records and keep them updated.
Make a disclosure list – death in the house, water damage, cracks in the foundation, damage by termites, mold formation, usage of hazardous building material like asbestos are some of the items to be legally disclosed while selling a house. Though the legality differs from place to place, one needs to be transparent about it to avoid legal complications in the future.
Keeping all the paper works ready and error-free will help you avoid any last-minute legal complexities.
It is not just listing your property in the market and selling it. Your property might get sold faster than you expected. In that case, you should be ready to move out as you cannot delay handing over the property. In some cases, you need to spend money for repairs, renovations, staging the house, etc. Though it might help you sell the property faster, you should be financially ready for the expenses. If you are relying on the money from selling the property for other use, it is better to have a backup plan as the sale can get delayed than expected.
Trust your real estate agent!
Yes, it is your house for which you have done thorough research before listing it. Nevertheless, a real estate agent will know certain things better than you. Firstly, an agent is going to make the job easier for you. They have the expertise, they know the market better, they can have the perspective of both buyer and seller. A real estate agent does not have an emotional connection with the property like you, the owner. So they can make a better judgment to help you arrive at the right price for the property and finalize a suitable buyer.
We hope this blog post is informative and will help you make the right decision.
To know how to select the right real estate agent, read our blog post here.