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Modern Home

SELLER'S
GUIDE

Selling a home entails a lot more than just planting a For Sale sign on your lawn. In a highly competitive real estate environment like Toronto, to realize the full potential of your property, it’s important to work with trusted advisors and to be informed.

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Whether you’re a seasoned Seller or selling for the first time, Sarah Stewart makes navigating the daunting task of selling, simple and stress-free. She does the HOME work so you don’t have to. 

 

From setting the price to closing the deal, Sarah’s Selling with Success Guide details the steps involved in selling your home for the highest price in the shortest amount of time.

Home Seller

SELLING WITH SUCCESS

STEP #1: DECIDING TO SELL

 

Deciding to sell your home requires serious thought. Being clear about your motivation for selling, your current financial status, and your long-term plans, will help you determine if it is the right time to sell.

 

In real estate, timing is everything. Every homeowner hopes to sell during a hot Seller’s Market to capitalize on increased pricing, but more often a Seller’s decision to sell is based on the timing of a life event like marriage; divorce; new job; new baby; retirement; or unemployment.

 

To obtain the most value for your home, you’ll need to consider the following:

 

Market Conditions – Is it a Buyer’s Market or Seller’s Market? What are the current interest rates? How is consumer confidence? Are there any major population or infrastructure changes planned for your area - increase in immigration, new transportation channel, etc.

 

Time of Year – Real estate in Toronto is traditionally seasonal with December, January and August being historically slow months, and March, April, May, June and September being historically busy months, with the most home sales. 

 

Neighbourhood Competition – The number of similar homes for sale in your neighbourhood will influence the average selling price. More Inventory = Lower Prices.

 

Adjacent Neighbourhood Competition – The availability of homes in neighbourhoods adjacent to yours or in areas that have a similar demographic and amenities, will also influence the selling price you can command for your home.

 

Selling your home can result in a financial gain, or a potential loss. Speak with your lender and accountant before you list your home to assess the cumulative financial impact the sale could have on your finances and taxes.

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STEP #2: SELECTING A REALTOR

 

For most of us, selling a home is the most complex financial transaction we will undertake. To guide you safely through the process, it helps to have an expert in your corner. Partnering with a licensed real estate professional ensures that your interests are promoted and protected. Realtors have a fiduciary duty to exercise skill and care; provide sound, educated advice; perform comprehensive due diligence; and negotiate on behalf of their clients to secure the best deal. 

 

Your Realtor® is someone you’ll be spending a lot of time with so you’ll want to choose a person that you have a good rapport with, that you can trust, and communicate openly. They should be knowledgeable about the current market, understand how to accurately assess your home’s value, and market it effectively to obtain the best price.

 

When working with a Realtor®, you also benefit from our extensive client networks, and relationships with established third-party service providers including lenders, mortgage brokers, home inspectors, lawyers, contactors and other home service professionals. 

 

At Sarah Stewart Homes clients receive:

 

  • Professional Real Estate Advice and Guidance

  • Comparative Market Analysis and Evaluation

  • Property Preparation and Staging Consultation

  • Personalized Marketing Plan

    • Professional Photography and Home Tour Video

    • Customized Feature Sheets and Brochure

    • MLS® Listing

    • Comprehensive Email, Digital and Social Media Marketing

    • Open House and Agent Tour

    • Professional Copywriting

    • For Sale Signage

  • FREE Pre-list Home Inspection *subject to terms and conditions

  • Expert Negotiation

  • Appointment Scheduling

  • Flawless Paperwork

  • Electronic Signing

  • Concierge Services

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STEP #3: PREPARING YOUR HOME FOR SALE

 

Your home only has one chance to make a good first impression.

 

Adding a fresh coat of paint, decluttering, furniture staging, and doing a good deep clean are easy and inexpensive ways to increase the appeal of your home. Updating older appliances and remodeling key areas like the kitchen and bathroom can also pay huge dividends, but consider these investments wisely. Sellers often spend more on renovations to sell than they will get back in the selling price.

 

Work with your Realtor® to identify the best and most cost-effective ways to increase the value of your home. Your Realtor will also help you to determine your home’s target Buyer and will guide you on how to stage your home to appeal to these Buyers. Staged homes sell faster and for more money.

 

A pre-list home inspection is a must for any serious Seller looking to generate a healthy sale price. Completing a home inspection before you put your house on the market will help you identify any issues that might cause Buyer concern. Having accurate information about your home puts you in control of how the deficiencies will affect the sale price. And making a pre-list home inspection available to potential Buyers will encourage condition-free offers, especially helpful during bidding wars. At Sarah Stewart Homes we provide all of our Sellers with a FREE pre-list home inspection.

 

Disclosure - Sellers are obligated to disclose any known material facts about their property. Disclosure of material facts is anything that could significantly affect a Buyer's decision to buy your home, or the selling price. Examples of material facts include known property defects like knob and tube wiring, foundation cracks, and asbestos; environmental hazards; and the presence of easements or encroachments. Purposely withholding information about your property can result in serious post-sale disputes and lawsuits.

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REAL ESTATE COMMISSION 

 

Realtors in Ontario receive a commission for service, paid by the Seller upon the successful completion of a sale. If the property doesn’t sell, the Realtor® doesn’t get paid. 

 

The commission amount is typically a percentage of the sale price or a set fee, + HST, that is split between the Listing Brokerage who represents the Seller and the Cooperating Brokerage who represents the Buyer. There is no standard real estate commission amount in Ontario.

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HOME PREPARATION CHECKLIST

 

Make a List of Renovations and Repairs: From the small jobs to the big, prepare a timeline for completion and hire where needed.

 

Clean Everything and Clean Often: Buyers don’t just look at surfaces, they’ll look inside your closets, your stove, and the bathroom vanity. The cleaner your house, the faster it will sell!

 

Depersonalize: Remove personal items like pictures, collectibles, and books, and trendy décor items. The goal is to have Buyers imagine themselves living in your house.

 

Declutter, Then Declutter Some More: Cluttered homes look smaller and create more surfaces for dust. Remove large pieces of furniture for smaller pieces and any secondary furniture that is not necessary. Renting a storage unit may be valuable while your home is on the market.

 

Clean Out Your Closets, the Attic, and Garage: Donate items you don’t use and call a junk removal company for large refuse.

 

Protect Valuables: Lock away or remove from your home: jewellery; cash and bonds; valuable art and objects; laptops, cellphones and tablets; expensive clothing and handbags; and cherished personal mementos.

 

Optimize Room Usage: Many Buyer’s don’t have great imaginations. If there is a room that could be used as an extra bedroom, put a bed in it. Potential for an office, put a desk in that space. Consider hiring a professional Home Stager to help uncover the full potential of your home.

 

Don’t Forget About Curb Appeal: Keep your landscaping pristine. Mend fencing, re-stain the deck, clean the patio furniture and update the garden with colourful annuals. If you’re selling your home in the winter, provide your Realtor® with photos of your yard in the summer.

 

The Truth About Pets: As much as you love your pet, they won’t help sell your home. The signs and smells of an animal will impact the opinion of potential Buyers. If it’s not feasible to remove your pet while your home is on the market, regular bathing and daily care must be given to cleaning up after your animal.

 

Gather Your Documents Together: Provide your Realtor® with copies of your utility and tax bills; permits and receipts from any renovations; equipment rental agreements; and appliance and equipment warranties and manuals.

 

Get an Extra Set of Keys Cut: Your Realtor® will require a set of keys for the showings.

 

Set the Mood: Don’t forget the little details. Turn the lights on in each room. Open the blinds and drapes to let in as much light as possible. Keep the air conditioning on in the summer months and the furnace or a fireplace on in the winter months. Decorate with new house plants and fresh flowers, and invest in air fresheners.

STEP #4: PRICING YOUR HOME

 

The Market is the true determinant of any property’s value. To establish your home’s market value, your Realtor® will prepare a thorough, Comparative Market Analysis (CMA) of homes similar to yours, that have been recently listed or sold in your area, their list and sale prices, and their days on market.  This research will reveal the trending direction of prices in your neighbourhood so that you can set a competitive price for your home.

 

Knowing the status of the market in your community will also allow you to determine the best selling strategy to employ to generate the most interest and the highest sale price. Discuss with your Realtor® the advantages and disadvantages of pricing your property for a bidding war; using an offer date; and pre-emptive offers.

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Not all houses will sell for over the asking price, or achieve the bidding war that many Sellers expect. Set realistic expectations.  Remember, your property is only worth what someone is willing to pay for it. The goal of pricing your property is to generate as much interest as possible from qualified Buyers, to place you in a strong negotiating position. Overvaluing your home will scare off potential Buyers, and if the property sits on the market too long, interested Buyers will assume the home has deficiencies and move on.

 

Factors that influence housing prices:

 

  • Current Market Conditions: Buyer’s Market (lots of houses for sale), Seller’s Market (limited houses for sale), or Balanced Market (enough houses to meet the demand)

  • Location of Property

  • Home and Lot Size: square footage and number of rooms

  • Age and Condition of Home

  • Property Amenities: garage, backyard, pool, finished basement, closet space, etc.

  • Area Amenities: access to schools, parks, hospitals, public transportation, highways, shopping and restaurants, etc.

  • Neighbourhood Comparables: recent sales in your neighbourhood and number of properties currently on the market

  • Financing Options and Interest Rates

  • State of the Economy

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Home Staging

STEP #5: MARKETING YOUR HOME

 

In today’s competitive real estate market getting top dollar for your home requires more than just a listing on the Multiple Listing Service® (MLS®). Sellers need a personalized marketing strategy that guarantees maximum exposure.

 

At Sarah Stewart Homes our marketing services include:

 

Staging Consultation – Staged homes sell faster and deliver an average return of 340% on your investment. We have an extensive network of home staging specialists and service providers including handymen, cleaners, and landscapers to help prepare your home for sale.

 

Professional Photography – Professional photographs can make the difference between a Buyer viewing your property or not. 90% of Buyers begin their search online, if your photos don’t capture their attention, they’ll move on to the next house.

Virtual Tour – Virtual tours have quickly become a very necessary marketing tool and safety measure. Virtual tours bring to life the unique interior and exterior features of your home increasing the likelihood a Buyer will schedule an in-person showing. Virtual tours are also an essential tool for marketing to International Buyers.

 

Digital Marketing Strategy – Chances are the new owner of your home will have found your listing online. Our digital and social media marketing campaigns utilize Google Ads, Facebook, Instagram and numerous online listing portals including www.realtor.ca, www.royallepage.ca, and www.mytorontohome.com to reach thousands of potential home buyers each day.

 

Email Marketing Campaign – Harnessing the power of our personal network of clients and agents, as well as the limitless reach of Royal LePage, we can get your listing into the personal inbox of potential Buyers with the click of a button.

 

Professional Print Marketing - Feature sheets and brochures with vivid colour photos, property details, and neighbourhood information, provide an excellent reference piece for Buyers and their Sales Representatives, and our Just Listed cards alert your neighbours that your home is on the market.

 

Professional Copywriting – Creating rich narratives help tell the story of your home.

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MLS® Listing – All members of the Toronto Real Estate Board and cooperating Boards will have access to detailed property information, online booking, and offer documents for your home.

 

Open Houses – Open houses are a great way to showcase your home to potential Buyers. A VIP Night for neighbours, private agent tours, and Welcome Brunch Open Houses are our specialty.

 

For Sale Signage – Buyers cruise their target neighbourhoods in search of the perfect house, a For Sale sign on your lawn will let them know yours is available.

 

STEP #6: THE OFFER PROCESS

 

Not all offers are created equal. Price plays a major role in a Seller’s decision-making but it’s not the only determining factor when accepting an offer. Other considerations include: the closing date; the inclusion and/or exclusion of chattels and fixtures; the conditions of sale; and the amount of the deposit.

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A Seller's objective is to secure the best price with the fewest number of conditions of sale without comprising their preferred closing date and without incurring any unforeseen expenses like renovations or remediation. Your Realtor® will help you objectively evaluate each Buyer‘s proposal and will negotiate on your behalf to secure the best deal without compromising your goals.

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In a hot Seller’s Market like Toronto, many Realtors will recommend a pricing strategy that undervalues the property to encourage multiple offers, submitted on a specific date. The discounted sale price and imposed offer date is intended to create a bidding war that results in a higher selling price that may have been achieved listing the property at market value with offers accepted at anytime.

 

When receiving an offer to purchase, the Seller has the option to accept the offer presented as is; counter the offer, adjusting some of the elements proposed; or reject the offer outright. If as the Seller, you accept and sign the offer, you’re agreeing to all the terms and conditions set forth in the Buyer’s Agreement of Purchase and Sale. When you counter an offer with changes to the terms, the Buyer can then decide to accept, counter, or reject the revised Agreement based on the Seller’s changes. Rejecting a Buyer’s offer means the deal dies.

 

In the event of a bidding war, Buyers must be prepared to come to the table with their best offer: the highest amount they are willing to pay for the property, and as few conditions as possible. Popular conditions include mortgage financing; home inspection; the sale of the Buyer’s current home; and in the case of condos, review of the Status Certificate.

Mortgage Papers

STEP #7: CONDITION FULLFILLMENT

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Once the Agreement of Purchase and Sale has been agreed upon and accepted by both parties, it becomes a legally binding contract. The Buyer will provide their deposit to the Listing Brokerage to be held in trust and if required, the fulfillment period for conditions begins. Agreements with conditions are considered "Conditionally Sold" until each condition has been fulfilled or waived by the Buyer. If for whatever reason the Buyer cannot fulfill a condition and they have not waived the condition, the Agreement becomes null and void and the deposit is returned to the Buyer in full.  

 

COMMON CONDITIONS

 

Financing - Getting pre-approved for a mortgage doesn't automatically mean the Buyer will get a loan for the property they have purchased. The lender will perform a more detailed audit of the Buyer’s finances and may require an inspection and appraisal of the home before granting the mortgage. The timeline to complete this condition is typically 3-7 business days.

 

Home Inspection - If a home inspection condition is included in the accepted offer, the Buyer must work quickly to contract a licensed Home Inspector to complete the inspection within 3-7 business days. As the Seller you will need to allow access to your property to complete the home inspection before the condition deadline. Home inspections typically take 2-3 hours to complete. If the inspection reveals any significant deficiencies with the property, the Buyer may ask for remediation in order to complete the sale; choose to accept the property as is; or they may cancel the agreement.

 

Buyer Selling Their Current Home - Rarely found in Toronto’s prevailing Seller’s Market, a Buyer may include a condition that requires them to sell their home before the agreement to purchase your home becomes firm. This condition protects the Buyer from owning two homes should their property not sell before the stated occupancy date of your home. However, this condition typically includes the Seller’s right to continue to offer the property for sale, and in the event that the Seller receives a firm, unconditional offer from another party, the initial Buyer will have 24 hours to waive their condition of sale or the Seller can accept the new offer.

 

Status Certificate - When selling a condominium unit, Buyers will often include a condition to review the condo’s Status Certificate. The Status Certificate details information about the condominium corporation's management structure; the current budget; the reserve fund; any legal issues or proceedings; upcoming repairs and maintenance; special assessments; and the common expenses. The Status Certificate can be ordered in advance of listing your property for an average cost of $100. Ordering the Status Certificate in advance can avoid a Buyer adding this condition to their offer.  Delivery of the Status Certificate usually takes 6-10 business days. Lawyer review of the Status Certificate, 1-3 business days.

STEP #8: CLOSING THE SALE

 

Once your deal is firm, the process of closing the real estate transaction begins. 

 

Closing the sale requires a team effort that culminates on Closing Day, the date the ownership and possession of the property are transferred. You will need to maintain close contact with your Realtor®, your lender, and your lawyer while your mortgage and closing documents are finalized. 

 

During the lead up to closing, the new homeowners will typically make two authorized site visits to the property. The first visit is a chance for the Buyer to take measurements of the home and to investigate any needed renovations or repairs. The second visit is the final inspection, held the day before closing, to verify that all systems (heating, cooling, plumbing, electrical), equipment, and appliances are in good working order, and that the property is in the same condition as when the Buyer last viewed the property.

 

A day or two before the closing date you will need to visit your lawyer to sign all the sale documents. After the property is officially transferred to the new owner, your lawyer will pay out the balance of the purchase price less the closing costs.

 

Sold Sign

SELLER CLOSING COSTS

 

  • Real Estate Brokerage Commissions: Real estate commissions are split between the listing and cooperating brokerages and are based on a fixed fee, a percentage of the sale price, or a combination of both, + HST. In Ontario, commission is usually a percentage of the sale price.

  • Legal Fees and Disbursements: $500 - $1,500

  • Mortgage Discharge Fee: $200 - $400

  • Status Certificate: $100 - $150

  • Capital Gains Tax (if property sold is not your primary residence)

 

Congratulations, you’ve officially sold your home!

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