Getting Ready for Viewings

Step 1

GETTING READY TO LIST

Thinking about Selling? Thinking about Selling in the near future? What repairs are required on your home to make it show-ready? The more you make your home appealing to the eye, the more interest and offers you will receive. Buyers value pride of ownership. Buyers want to move into a home that is clean & livable as-is … ideally without having a bucket list of repairs to make right out of the gate if they buy your home. And yes, curb appeal matters!

Step 2

UNDERSTAND CURRENT MARKET TREND

Is it even a good time to List your Home? Is it a Sellers Market, or a Buyers Market? What price range will your home fall in and how long are those homes sitting on market before selling? When you do get an offer, how long additionally do you have to plan for in regards to the closing, such as; 30, 60 or 90+ days.

Step 3

EXPLORE REAL ESTATE AGENTS NEAR YOU.

Learn about all the options, fees & services available to you. Interview with Realtors in person before committing to one. Have a Realtor (‘s) complete a Home Evaluation of your home and educate yourself as fully as you can. Make sure you feel comfortable with the Realtor you pick. The Realtor’s that typically do the best jobs are not the King Pings … they are the ones that not only listen, but they actually hear you. A real Realtor can tell you the hard truths and be a sounding board of reason & provide you with realistic expectations. It’s that simple.

Step 4

HOME MUCH IS YOUR HOME WORTH?

Be realistic with the actual current market value of your home, whether it’s what you expected or not. Property is only worth ultimately what a Buyer is willing to pay forit. If you price outside your Homes worth, all you end up doing is helping your neighbour sell their home. Your first week on the market when you list is when you will receive the most interest, if you don’t list correctly … you really will reduce your chances of selling quickly … or even selling at all.

Step 5

DOCUMENTS READY

Collect all your Mortgage, Property Taxes, MPAC Statements, Utility & Rental bills, and any other applicable document pertaining to your home.

Step 6

WHAT IS YOUR OUTSTANDING MORTGAGE

Get a clear image of your Mortgage financials. If you don’t already know how much left is on your Mortgage, then reach out to your Advisor/Lender. When you sell, how much is required to pay off your outstanding mortgage balance? > How much mortgage do you need to pay off when you Sell?

Step 7

GET PRE-APPROVED

Once you know; your Home Value, picked a Realtor, clear on the Market + your timeline & have a listing strategy in place –> then you need to meet with the Bank (or your Lender). If you are Selling & Buying, then you need to get a Pre-Approval in place. Knowing what your options are and how much home you can afford once you Sell is critical to being efficient with your time. You need to be able to act promptly & be able to offer to win – especially in competition. > How much home can you afford to buy, after you Sell?

Step 8

COSTS TO SELL

Calculate all the fees associated to Selling your home, including (but not limited to); Paying off your mortgage balance, paying for any repairs before listing, maintaining the home until it sells & closes, paying your Realtor Fees, if the Home is not your Primary Home — are you subject to Capital Gains, paying your Lawyer Fees, etc ! Get a clear image of how much proceeds after all expenses you will have when you Sell.

Step 9

COST TO BUY

Calculate all the fees associated to Buying a home, including (but not limited to); immediate deposit required if your offer is accepted (typically $5,000 – $10,000 within 24 hours of your offer being accepted), how much down payment is required for the price of the home you are offering on, Will you need CMHC mortgage insurance and what fees does that incur, if you put less than 20% down – how does that affect your overall monthly mortgage payment, how much will your Land Transfer costs be , how much will your Lawyer Fees be, are there any costs to set up utilities – take over rentals – or install services to your new home, how much will your moving costs be, etc ! Know what you can afford COMFORTABLY. Don’t break your bank – there’s nothing more stressful than being house poor and surviving pay to pay. Calculate your complete monthly overhead versus your income coming in. Know your limits, and play within them!

Step 10

LIST YOUR HOME

Picking the right Real Estate Agent(‘s) to market and sell your home cannot be more important. Pair yourself with experience. Pair yourself with Full-Time Realtors who practice what they preach & who do a HIGH volume of transactions. The last thing you want to do is use a friend or relative just because … you feel obligated to them. Another common mistake Sellers make is using a Realtor to list their home ; who is NOT local, does not trade Real Estate in your area or even your City & does NOT know local market trend and value. The best example of this is using a Toronto Realtor or being listing on the Toronto Real Estate Board thinking that doing this is somehow in your best interest > It isn’t. Local experience and Local knowledge MATTERS: It matters a LOT! Would you rather use someone who does a handful of deals a year? or… use a Realtor who does 50 + deals year over year. You owe it to yourself to pick the right Realtor for you, for your goals, and for your success.

That’s a LOT to take in all at once, I know. Jumping too fast into listing or buying Real Estate is like driving a car with square wooden wheels. There is no such thing as being over prepared. Selling & Buying Real Estate is a massive undertaking and financial decision. Prepare yourself. Limit your risks.

KNOW You are ready.