10 Things You Need to Know Before Selling Your House

Home is where the heart is - but when you find yourself ready to make your next move, separating the emotional from the transactional aspects of the process can be difficult. This is where the help of a professional real estate agent can make all the difference. This is why our first recommendation at Royal LePage Your Community Realty is always to seek out the advice of an industry expert who can help you to successfully navigate your way through this process. 

The second key to a successful real estate translation in the sale of your property is to thoroughly prepare yourself for the process. There are many steps that make part of a successful sale and you should never overlook the importance of being prepared. In this article, we will guide you through 10 key considerations to keep in mind before selling your home, including pricing your home, the best time to list, getting your documents together, gauging your potential profit - and more. Read on for the 10 things you need to know before selling your home. 

Price range in your area 

The price range in your area, which is generally based most significantly on recent sales of comparable properties, will help you to establish and understand the current pricing of homes like yours. While you may feel certain of the value of your home, it is an indisputable fact that the “numbers don’t lie” - and outside of the personal and sentimental value we place on our home, some of the key factors that actually influence pricing will ultimately be current market trends and comparable sales in your area. 

The pricing of your home is a crucial step in the selling process, as you’ll want to ensure you are at a price point that is not only reflective of the property’s most accurate value and your personal real estate goals in the translation - but also that the pricing does not isolate your potential buyer pool. Price adjustments do sometimes happen in the selling process, but the goal should always be to be on point with your pricing from the start to avoid any adjustments after-listing that could have been avoided. 

Get your house ready 

Getting your home ready for sale is another crucial part of the selling process. As the old adage goes, you only get one chance to make a first impression. When it comes to real estate, this couldn’t be more true! From the first impression made by the professional photos you have taken to the first in-person impression by those potential buyers who view your home. This is the time to really ensure your property looks its best and lives up to its highest value. 

Remember, just as you feel a slew of emotions in selling your home, potential buyers are running through their own range of emotions as they search for “the one” - and in real estate, as it is in life, “love at first sight” does happen. 

Here are a few key ways to prepare your home for sale: 

• Enhance curb appeal
• Make necessary repairs and improvements
• Declutter and depersonalize the space
• Stage the home for potential buyers

Check out: Staging Your Home: Avoid These 5 Mistakes

Look for a reliable agent 

I’ve said it before and we’ll say it again: the best tool in your toolbox when it comes to real estate transactions in any form is the guidance and support of a professional real estate agent. The right professional will be able to get you on the right track from the start in every aspect of the selling process, will have invaluable resources to connect you with, will have the experience to manage any unforeseen hiccups that might arise along the way, and will offer you the peace of mind that comes with having objective, expert input at every step. 

Find out why you should choose us to help you meet all of your real estate goals!

The importance of an inspection

Consider a home inspection as added insurance on your property during the selling process - because that’s what it is. This is where you are able to professionally verify your home’s good standing from an objective and credible expert - and get ahead of any potential issues that might arise through the selling process. 

While we’ve written in detail about the importance of a home inspection in previous articles (see blog post link below), here are just a few of the key points to support the importance of an inspection: 

• Identify structural issues 
• Address any urgent issues 
• Establishes the true value of the home 

Check out: The Importance of a Home Inspection

Choose the right time to sell (season)

Choosing the right time to sell is vital in the selling process, as it lines up your property for maximum exposure by potential buyers to purchase at its point of highest potential valuation. As you work with your realtor to establish a timeline for the sale of your property, these are a few of the key considerations which will work to support your ultimate decision on when to sell your home: 

• Understand seasonal fluctuations in the real estate market
• Time the listing to maximize visibility and demand
• Consider external factors like school schedules and holidays

Get your documents ready 

Not surprisingly, any real estate transaction will involve numerous types of documents. From legal contracts to certifications, financial forms and more. Your real estate agent will be able to help you in this area with everything from understanding each document involved to helping you connect with a real estate lawyer for all contracts and legal documents. When it comes to signing on the dotted line for the biggest financial transaction of your life, there is no substitute for the peace of mind that comes with utilizing the right resources and relying on the very best expert advice. 

Your real estate agent and lawyer will be able to help you navigate the documents process in ways such as:

• Compiling the necessary paperwork, including property records
• Having all inspection reports and repair documentation on hand
• Streamlining the closing process by being organized

Gauge your profit - and any potential losses

It is always advisable to connect with an expert financial advisor when considering the profit and potential losses in any real estate transaction. Here are some of the considerations that will be factored in as you gauge your profit and potential losses: 

• Estimate potential profit based on market analysis
• Consider costs associated with selling (agent fees, closing costs)
• Plan for contingencies and be aware of potential losses

Prepare yourself mentally for the process 

Even with the right support and expert advice, any major real estate transaction comes with the potential for some stress. Taking a moment to wrap your head around the process and this major step into a new chapter for yourself and your family is important. Another way to ease any anxiety and stress is to be prepared - and that’s where all these steps are going to work in your favour. The peace of mind that comes with being as prepared as possible and informed about the process will make all the difference when it comes time to sell your home. 

Some considerations to keep in mind as you prepare yourself for the selling process: 

• Acknowledge that the selling process can take time
• Be prepared for negotiations and potential delays
• Maintain a positive and patient mindset throughout

Research tax laws applicable to your area 

A thorough understanding of the local tax laws and implications related to the sale of property in your area is key to preventing any related missteps or surprises along the way. A tax professional will help you in this area and can guide you through any potential implications, as well as illuminate you to any possible tax benefits and/or exemptions you might qualify for. 

Set realistic expectations and get excited for this next chapter!

While there’s no denying the sale of your home can drum up some feelings of worry and stress, try to remember that this part of your real estate journey should also be an exciting one! As you embark on this new chapter and begin to build new memories and plan for the future, keep in mind that closing the door on your old home will mean opening up new doors in your next property. This is why a professional real estate experience is key to ensuring the process is as seamless and worry-free as possible. 

If you’re ready to take that next step and get started - contact us today and let us share with you how we are prepared to make the difference in helping you achieve all of your real estate goals!

Royal LePage Your Community Realty is Canada’s largest independently-owned Royal LePage franchise, with over 1000 agents and 10 office locations to serve you and your clients. 

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