Thinking of Selling?

Most sellers believe spring is the best time to sell and showcase your property in warmer weather when everything is in full bloom. They are often told that spring brings the most active looking buyers. However, this may not always be the case. For example, if there are more properties listed on the market, buyers will have more options to choose from and will often become more selective, perhaps moving quickly from one option to another if they cannot negotiate a deal to their liking. When it comes to the four seasons, each season has its own unique advantages to consider when selling your property. Summer can be an excellent time to sell because buyers may be on holidays, or couples with children may be motivated to find a home to settle in to before the new school year. Fall can also be ideal as everyone is getting back in to the groove of things and will be energized after restful summer holidays. It is my personal favorite to list during the holiday season when homes are often decorated top to bottom and people are in a festive mood.

Many people believe that by selling their property privately,they will save thousands in commissions. However, statistics have shown that those who choose to sell their homes privately not only take 3-4 times longer to sell, but they often miss out on thousands of dollars during the negotiation process due to lack of expertise and experience. Most importantly, when inviting potential buyers into their homes, they run the risk by exposing themselves and their families to complete strangers and unqualified buyers. Professional Realtors will ensure their buyers are properly qualified and vet them before assisting them to buy a property. Lastly, the exposure to potential lawsuits is much more likely when selling your home privately. Hiring a qualified, trustworthy real estate professional with industry expertise can greatly enhance the selling experience and likely avoid the common pitfalls involved with selling your property privately.

Many sellers list and sell their properties before inquiring about the cost of discharging their mortgage and find out on the closing date that they will have to pay $5,000, $10,000, $20,000 or even $30,000 to break their mortgage.The amount of the penalty will depend on several factors: whether your mortgage is fixed or variable, how far along you are into the term of the mortgage, the interest rate and the terms of your mortgage contract. The Ratehub Mortgage Penalty Calculator is a tool used to help you determine what your prepayment penalty may be, however, it is always best to call your bank or lender to determine the actual fee.

If you are running a business out of your residential property, you may be required to pay H.S.T. when the property is sold, depending on what percentage of the property is being used for your business. For example, if your home is worth $750,000 and you are using 40% of the home for a daycare, you may be required to pay ($750,000* 40%)*13% H.S.T= $39,000. Furthermore, if you own a Mixed Use property where for example the main floor is zoned commercial and the upper two levels are zoned residential you may be required to pay H.S.T on the commercial portion only. Your MPAC assessment (Property Tax Bill) will help you determine what percentage of the dwelling is deemed commercial.

Staging a property has become an excellent tool to feature a home’s best qualities and is often warranted, especially for homes that have dated furniture or a lack of furniture. Staging your home can be costly,running from as little as $1000 up to $20,000depending on the size of the home and the number of pieces of furniture required. The property may also require more extensive renovations such as painting, replacing flooring, carpeting, vanities, light fixtures, installing granite or quartz counter tops, resurfacing tubs or installing new plumbing fixtures. As an experienced Realtor I’ve learned that although warranted in many cases, staging requires discipline and the ability to determine if the cost of staging will actually net the home owner more money in their pocket than if they went without it and perhaps just followed some simple recommendations. I often find that working with what is already there, removing clutter, clearing counter tops and enhancing a few of the home’s best qualities & features is often all that is required to reach your homes highest potential marketability.

Here are some interesting facts to consider when you are looking to hire a realtor: Canada has a total population of just over 37 million. The number of realtors in Canada has now surpassed 130,000 licensed agents coast to coast. This means that there is 1 realtor for every 284 people residing in Canada, inclusive of children and retirees. Unfortunately, in recent years there has been a trade off between quality and quantity, which has left the industry over saturated. So my question is“how can you possibly determine if you are hiring a qualified, reputable and knowledgeable agent for the job of selling or buying your most valuable assets?”
It is highly recommended to thoroughly interview the Realtors you are considering for the job of selling your property. My advice is to create a comprehensive list of questions in order to evaluate which realtor is right for you. Consider asking questions like “How many properties have you “personally” sold?” “What is your marketing plan?” “What are you specifically going to do to get my property sold?”and “How will you protect my interests when looking for a property to purchase?” A Realtor with the best combination of knowledge and experience will be able to answer all of your questions and assure that you are hiring the right person with your best interests at heart.