The past several months in the real estate market have been crazy with multiple offers everywhere and sale prices rising daily.
This market is a "SELLER'S MARKET"
For every house that hits the MLS (Multiple Listing Service) buyers are lined up to buy it, fighting to win on offer night.
So if you are a SELLER in this market what should you look out for BEFORE YOU LIST YOUR HOME FOR SALE?
1. With over 55,000 realtor members on the Toronto Real Estate Board make sure your listing will be going on the MLS (Multiple Listing Service) it will absolutely get the most exposure and attract more serious buyers especially right now in this market.
2. Be weary if the realtor wants to keep your home as an "Exclusive Listing" even if it means you might save a few $ in commissions, or skip having to stage it. Instead of saving $ you could be losing $ by not exposing your home to all of the buyers in the market. Think about it 55,000 realtors are out there working with buyers - how many of those buyers will get to see your house if it's exclusive? if it's not on the MLS then it's also not on Realtor.ca And it's it's "Exclusive" and the realtor isn't co-operating with other realtors then you will be under Dual Agency if they bring a buyer - make sure you understand what this all means.
3. Ask the realtor about the staging package that is being offered (if there is one being included) there is a big difference between adding a few throw pillows and having your home staged by a professional. Staged homes have been proven to sell for more $ on the market.
4. When offer day comes and you are faced with multiple offers (that's likely what will happen in today's market). make sure you receive a copy of each offer and have time to review them all. With today's technology it only takes a moment to send documents through email. When you select an offer to work with, make sure you read it before you sign it. YES even the fine print.
5. Don't get hung up on the price and forget about the other factors that make up the offer - the closing date, the chattels included? We can always store our furniture and bunk in with friends and family but that antique mirror that was in the hall passed down for generations - well you signed the offer that called for "all mirrors" but didn't notice the word all because you were too focused on the price and guess what the buyer bought it with the house!
6. Before you post that for sale sign talk to your banker. A savvy realtor can help you with the mortgage verification process. Make sure you understand what mortgage penalties you may be facing (if you have one) and also what you need to do to port your mortgage to your next home. Remember a mortgage is a contract and contracts have renewal dates and you should know where you stand.
7. Have a moving plan in place, know where you can store your furniture if needed and who you can bunk with should your closing dates not match up (yes sometimes this happens) In this fast paced market you have to be prepared to move quickly especially if the buyers come forward with an offer you can't refuse!
I would like a copy of my SELLER'S HANDBOOK that outlines what to watch for when you list your home and how you can get top dollar just send me a DM and I will get it off to you.
For most people their home is their biggest asset. It's important that you hire a professional when you are selling.
Every year you go to the doctor for our annual physical and you see the dentist too But when was the last time you checked up on the Real Market Value for your property?
Now is a great time for a Real Estate Check Up!!
For a Comprehensive Real Time Market Value Report let's chat firstname.lastname@example.org 416-568-5448