Resources | Ottawa House and Condo Hub

Thinking of Selling?

Thinking of Selling? - Ottawa House and Condo Hub

Selling your home is one of the most important decisions you will make in your life. Your home is likely your largest asset - this may be the biggest financial move you've ever made, one that requires significant thought and strategy.

Make sure you have a clear vision and be prepared for going to market. HERE ARE SOME TIPS:

1. ESTABLISH THE REASONS YOU WANT TO SELL YOUR HOME.

Start by closely evaluating why you're moving. Is your home too big or too small? Are you relocating due to work? Just looking for a change?

Confirming your current position will set a good foundation for your home-selling strategy, as well as for your next home hunt. If, for example, you have already purchased a new home and your goal is to make a quick sale on your current home, this reason will chart the path you take in the home-selling process. If, on the other hand, you aim to net the highest price possible for your home, you need to prepare yourself for a potentially slower process.

Be clear about these reasons, as they will directly influence the amount of time and effort you put into preparing your home for sale, and the amount you set for your asking price.

2. BUY OR SELL FIRST? BE CLEAR.

This can be a tricky question. After all, if you find a purchaser for your existing home before you've found a new home, you may find yourself living out of a suitcase if convenient closing dates cannot be negotiated. On the other hand, if you find your dream home before you've sold your old one, you may be faced with having to finance both homes and shoulder the extra debt until you sell.

So how do you manage? It can be quite simple. Do your homework and have a good idea about the Vancouver neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget.

Speak to me start your new home search as soon as your existing home hits the market.

If you've found a home before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.

Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale.

If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement.

Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.

3. PRICING:

The competitive nature of the current real estate market means that over-pricing by a few thousand dollars could make the difference between your home selling quickly or not selling at all.

Overpricing your home might mean minimized offers, fewer showings, fewer agent responses, limited financing, limited buyers qualified for your type of home, or a smaller net price. Avoid these outcomes by setting the price of your home at its market value when you first list on the Vancouver market.

Contact me I'll help you price your home competitively to attract qualified buyers. The first step I'll take is to generate a Comparative Market Analysis (CMA) report, which will show you a range of prices being paid for homes in your area.