When selling your house...

1. Research the market and decide when to sell your house

Selling your house comes with challenges and may be confusing at times. Determining when to sell your house will give you a timeline goal to work with. Typically, the real estate market in Toronto is seasonal; this means, in fall and winter things are pretty slow, compared to spring and summer, when buyers are more motivated.

Having a look at the market around your neighbourhood can play a role in helping you decide if it's a good time to sell. Hiring a realtor for that purpose would greatly benefit, as they have access to a mass database and a great understanding of the market. There are only so many buyers in the market and that has a great influence on when to sell. If those buyers have a big selection of houses to look at, you can expect to have fewer showings and fewer offers which will usually result in a lower price. On the flip side if the selection of houses are fewer, there would be a greater number of showing and even offers. Understanding the current competitive state of the market will help you decide when to put your home for sale.

2. Declutter, stage, and clean!

You've done your research and you're ready to sell. Now it's time to prepare your house for the market! When preparing your house for sale, keep this in mind: declutter, stage, and clean.

Declutter to maximize the space you have, so you can aid buyers in imagining their own furniture in the home. Remove personal items and furniture that may be distracting to the buyer.

Staging will allow your home to be more presentable to the buyer. Staging your home consists of displaying the property with the best decor and furniture, to leave a lasting impression for potential buyers. As I mentioned before, you will also want to allow potential buyers to imagine themselves living in your house; this could mean converting your office bedroom to an actual bedroom. There are many profession staging companies that you will be able to choose from, and your realtor will help recommend reliable companies.

Lastly, the cleaner your house is, the faster it will sell. The key to making your home standout is cleanliness. Cleaning doesn't mean dust and vacuum, it means organizing those cupboards, closets, bathroom, and tidying up the desks, etc. These things can distract your buyers from looking at the important things of your home if left untouched.

3. Prepare documents

Prepare your documents for heating, electrical and utility, tax bills, any current warranties and manuals. Make a list of all the renovations and repairs that have been completed since you have owned the house and discuss with your realtor of any current issues with the house. Be honest, as it’s better to disclose any ongoing issues then meet the consequences later. Getting a pre-list home inspection before you put your house on the market will help you identify any issues with the home. This will help you accurately price the value of your house and save time in the deal process.

4. Pricing, marketing, showings

To price your house, you have to understand the market. To name a few, your realtor will help you understand whether you should price for a bidding war, at market value, or price high with the intentions to negotiate. Ultimately, it all comes down to what kind of market you're in: seller's market or buyer's market. Look around your neighbourhood for comparable active listings or recent sales to help you get a better grasp of the market price. Some other factors to consider are recent renovations, size, condition of your home, and location.

Once you've determined the price and put your house for sale it's time to market. Marketing tactics can include, but not limited to, online marketing, social media, and open houses. However, the most important part of marketing is photography. The photographs that you display of your home are incredibly important when marketing your house, as it will provide the first impression of your home.

Once a buyer is interested, he/she will make an appointment to see your home! Make sure to clean up the space and leave your house for the duration of the showing. Like mentioned above, you want to clear out any distractions - and nothing's more distracting than having the owner staring at them. Most buyers will look at properties during evenings or weekends, as many work during the day so be flexible with showing times.

5. Offers

Offers are probably the most exciting yet crucial part of selling your house. When you receive an offer, it's very important to carefully read over any conditions. Your realtor will guide you through this process. The big common conditions to look out for are the financing and home inspection conditions. A financing condition allows the buyer to confirm their mortgage qualifications with a lender. A home inspection condition allows the buyer to bring a home inspector to go through your house for any damages, repairs and other matters related to your house. Of course, there are other conditions such as price, closing date, and deposits. It is very important to understand what the offer is asking for and knowing what to negotiate if needed.

6. Closing Day

Once your deal is firm, you will need to hire a real estate lawyer as they will take care of any paperwork. They will help you inform the city so you don't continue to pay property tax and help transfer the ownership of the house.