SELLING YOUR HOME

Chances are, if you’ve lived in your home for more than a few years, you can likely turn a tidy profit. That’s great news. But sealing the deal requires more than just a handshake. You’ll have to consider if now’s a good time to sell? What’s the best way to get the word out? How do you get top dollar for your property? These are just some of the questions that a I can help answer. Don’t know where to start? Take a few moments to familiarize yourself with what selling a home entails . . . and how I can help you achieve your goals.

DECIDE WHEN TO SELL

In real estate, timing influences your home’s selling price. Working with me can help make timing work for you.

A BUYERS VERSUS SELLERS MARKET

When lots of people are looking for homes but not many are for sale, it’s a ‘seller’s market’, because the seller has something everybody wants. When there are lots of homes for sale and not many people buying them, it’s called a ‘buyer’s market’ because buyers have more power of choice.

HOW QUICKLY DO YOU NEED TO SELL YOUR HOME?

In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, consider lowering your asking price a bit to speed up the sale. With my decades of experience I can help you figure out the right price-to-speed ratio.

WHAT IF YOUR ALSO BUYING A HOME?

If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.

WHAT IF YOU FIND YOUR NEW DREAM HOME BEFORE YOU'VE STARTEDTO SELL YOUR HOME?

Talk to your existing mortgage lender about “Bridge Financing”. This is when your lender (the bank) agrees to lend you the down payment for your new dream home, while you still cover the mortgage on your existing property.

PREPARING YOUR FINANCES

Before the offers start rolling in, you should prepare for the massive amounts of money that will pass through your hands.

Still have a way to go paying off your mortgage? Here are some things to consider.

“Discharging” your mortgage
: Many people use the proceeds from the sale of their home to “discharge” or pay off their mortgage. If you have what is known as an “open” mortgage, you can pay it all off without any penalties. If you have a “closed” mortgage, be prepared to pay a penalty. The penalty amount will depend on a number of factors, including how much time is left on the term of the mortgage.

If you’re buying a new home, is your mortgage “portable”?
 A “portable” mortgage means you can take your mortgage money with you and buy a new home, without penalty. This can be a real bonus if the interest rate on your mortgage is lower than existing rates! If your new home is more expensive, and requires more mortgage, you’ll have to borrow the extra money at the current market rate.

Maybe the buyer is “assuming” your mortgageYour mortgage may have a feature that allows the new buyer to take over your mortgage. If the interest rate is lower than existing rates, this can be a very enticing selling feature for your home.

If you find your new dream home before you’ve started to sell your old oneTalk to your existing mortgage lender. You may be able to arrange “Bridge Financing”. This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.

Still have a way to go paying off your mortgage? Here are some things to consider.

Capital gains taxIf the home was your primary residence, you will not have to pay taxes on any capital gain (the increase in the value of your home). If you had tenants living in part of your home, such as the basement, you will pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you’re selling a vacation or investment property. Talk with an accountant to find out what you’ll have to pay.

GST for professional services

Your lawyer and REALTOR® are providing services that are subject to GST/HST.

FIND A REALTOR® WHO IS RIGHT FOR YOU

There are many reasons why a REALTOR® is essential when selling your home, but which REALTOR® is best for you?

Don’t simply go with the first REALTOR® who suggests the highest asking price. Ask around, talk to a few, and you’ll soon find the one that’s right for you.

The REALTOR® who helped you buy your current house is a good start

Sticking with a REALTOR® you know just makes sense. If your REALTOR® did a good job helping you buy your home, he or she is probably a good candidate for helping you sell it.

Here’s a list of questions you can ask.

Receive an offer

All of your hard work has paid off, but you won’t know exactly how much it’s paid off until you see the offer. This is an exciting, often emotional time, so be prepared.

Your REALTOR® Matt Young can walk you through the process

You’ll see every offer
Your REALTOR® will present you every offer that’s submitted.

The buyer’s REALTOR® may be there tooHe or she represents the buyer’s best interest in the negotiation. The buyer will likely not be there, so you can review and respond to their offer without any awkward pressure.

Your eyes will be immediately drawn to the price!
Here’s where emotions can really kick in. This isn’t a poker match, but remain calm. I can provide advice before any judgments are made.

Discuss the offer
You may want to ask for my advice on the merits of the offer. Maybe it’s time for a high-five, or maybe it’s time to plan your counter offer. You may also wish some private time to discuss things with your partner.

Matt Young’s ultimate goal as your Realtor: a business built upon referrals and friendships from clients who are completely satisfied by the professional and caring service they receive.

SELLING LINKS

Is your Home Ready to Sell?
http://www.howrealtorshelp.ca/home-ready-checklist.php

Contact Jillian to stage your home!
519.317.5533
www.upstaginghomes.com

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