Last week I spilled all the tea on your biggest buyer FAQs (read the blog here!). This week, I’m talking about selling.
In most cases, selling your home is probably the biggest transaction you’ll ever undertake. It’s likely your most important asset, and you want to make sure you get it right. It’s also something that you don’t do very often, making it both difficult and foreign at the same time.
Not an ideal combo.
In my experience, the first thing anyone should do when selling their home is to familiarize themselves with the process, learn everything they can about it, and, oh yeah, work with an experienced real estate professional.
Before we dive into the nitty gritty here, are you subscribed to my YouTube Channel? I’m releasing videos all the time about everything you need to know about the Toronto real estate market. Subscribe here.
Here are some of the top questions I get asked from sellers:
When is the Best Time to Sell?
This one is on the top of everyone’s mind right now, especially as we head into a balanced market. The truth is that no real estate agent is going to tell you the most perfect time to sell your home because…wait for it…the best time to sell your home is actually whenever the time is right for you.
Buying and selling real estate is subjective, and there are so many factors that weigh into your decision. What’s going on in your life right now? Are you starting a new job? Growing your family? Everyone’s reasons for buying or selling are completely different and unique, which means what might be the right time for you, is absolutely not the right time for someone else.
Ok, I get it. That’s probably not the answer you’re looking for. Traditionally, the peak of the market happens in spring. Since buyers are circling like sharks looking for the right property. Summer is typically a softer market. So if you are planning to buy and wish to do so in a softer market, it might be a better strategy to sell in the spring.
However, with all this being said, we aren’t fortune tellers and we can’t predict what will happen in the future. It’s best to plan your sale around your own life.
Don’t panic! Now is still a great time to sell if you’re ready for it. Read our blog about the state of the Toronto real estate market right here.
Should I Price My Home to Go Into Multiple Offers?
A multiple offer situation occurs when a home is priced low, with an offer date in order to encourage multiple offers and perhaps start a bidding war. Multiple offers were big last year and even a few months ago. But in today’s softer market, I only really recommend this pricing strategy for super unique properties or if the seller’s only goal is to sell the home very quickly.
In a balanced or more buyer-centric market, a multiple offer pricing strategy will likely not net you the highest price possible for the sale. So it all depends on your goals.
Selling your home is a pretty big deal. Check out these other blog resources to find out more about what you can expect:
- How to Make a Multiple Offer Extravaganza Work For You
- 3 Things Buyers are Swiping Left On
- What You Need to Know Before Selling Your Toronto Home in a Shifting Market
How Long Will it Take to Sell My House?
This is another big one. If you’ve been paying attention to the news lately, you likely are used to seeing homes selling in days or even hours after getting listed. That’s not really the case anymore.
At the time of this writing, the average days on market in Toronto has gone up significantly and we are seeing some homes stay on the market for 30-40 days. This is totally normal, especially in a softer market.
However, it all depends on your location, property type, and the historical data in your neighbourhood. Depending on how patient you are about getting top dollar, we will price your home accordingly, but you should definitely budget for at least 30-40 days at this point.
Should I Buy or Sell First?
Ah yes, the age-old question. This is something people always ask me, no matter what type of market we are in. And my answer actually changes depending on what’s going on in the market at any given time.
For example, back in 2021 when things were crazy busy and homes were selling like hotcakes, I would coach my clients to buy first. It was more difficult to buy back then, and homes were almost guaranteed to sell quickly.
Today, the market is softening, and it’s actually better for sellers to sell first and then buy. Why? Well as the market softens, prices are going to decrease. So if you sell now and buy later, you can reap the benefits of getting top dollar for your home sale while also paying a little less for your new home.
Additionally, in a more balanced market, it’s easier to negotiate conditions, making it a little less volatile and easier to buy a home.
Looking for more Toronto home selling resources? Check out these other blogs here:
- To Buy First or Sell First: That is the Question!
- Should You Hire Your BFF to Sell Your Home?
- Is This Thing On? 4 Reasons Your Home Isn’t Selling
What is a Typical Closing Date?
The one risk with selling your current home first is not having anywhere to go if your home closes and you haven’t purchased a new one. That’s where closing dates come in. Last year, we saw a lot of short closing dates of about 30 days. Today, we are seeing closing dates of 60-90 days, which is usually more than enough time to shop around and find a new home.
About 95% of our clients who are selling first right now are closing within 60-90 days. However, we also often include a condition to extend the closing date if needed, just for a little extra security.
What Conditions Can I Expect in My Home Sale?
Once again, we find ourselves in a very different market than we were in one year or even six months ago. Back then, firm offers were basically the norm. People were putting offers on homes without home inspections and doing everything they could to get their offer accepted.
In a softer, more balanced market, we’re seeing a return of conditions. Which is actually a good thing! It gives both parties time to do their due diligence. Some of the most common conditions we see are:
- Conditional upon financing
- Conditional upon a home inspection
- Conditional on the sale of your existing home
- Conditional upon status certificate (condos only)
For all of these conditions, we give a time limit for the buyer to complete the condition. In a market like this one, it’s usually a good idea to do a pre-list home inspection on your own. That way, you know of any small things that could throw a wrench in our pricing strategy. It also gives you the chance to repair any minor issues that could help you get even more profit from the sale!
Stop trying to make firm offers happen! Today’s market is different and conditions are making a comeback. Read our blog about it here.
How Much Do Real Estate Agents Charge?
Selling your home takes a lot of work. There’s the research, pricing, staging, photography, videography, marketing, showings, negotiations, and all the little odds and ends in between. To pay for these services, real estate agents charge a commission of the sale that is then split between both the seller’s agent and the cooperating buyer’s agent.
At Homeplicity, we realize that no two homes or clients are the same, which is why we have a tiered marketing package that ranges from the bare minimum to the full monty of services. We always have an open and honest discussion with our clients and find out exactly what number you would like to net from your home sale.
We then work backward from that, crafting a plan that will work for everyone and result in a profitable sale!
As always, if you have any questions about buying or selling Toronto real estate, feel free to DM, call, or text me at 647-973-8392 or sign up for my newsletter right here to get real-time info delivered right to your inbox!
