There are two things that a seller of a home wants more than anything: the best offer and a quick sale. Pretty straight forward.
But before we jump into the complexities of selling, let’s take a look at situations your property can end up in once the ‘for sale’ sign goes up.
Condos for sale with low VIP pricing:
- The Hub: Floor plans available here
- 2221 Yonge: special low pricing at Yonge and Eg
- Harbour Plaza Residences: Choose your floor plan
When your Home is on the Market
When a property is placed on the market, there are four possible statuses:
- You Sell – The ideal situation! When a property is placed on the market, selling it is the number 1 goal. You’ll want to reach this point as fast as possible, so you can reduce your overall responsibilities and put your focus on your new property.
- Termination – Termination occurs when a seller and brokerage agree to terminate their contract – or relationship, as some would say – earlier than expected. There can be many reasons for this including deciding not to sell the home, a new opportunity to add value to the home, or both parties not finding the appropriate buyer for a home.
- Suspension – A suspension occurs when a seller is not happy with the marketing and promotion of their property by their partnered brokerage. As a result, a SUS is added to the property listing, which will appear in listings but not be available for sale. A representative from another brokerage can pick the property back up again, but will require to contact the seller to negotiate an agreement.
- Expiration – When a contract between a seller and brokerage comes to an end, it is considered expired. A contact is really only considered expired when the sellers property has not been sold and the seller moves to another brokerage or sales representative to re-promote and sell the property. Often an expiration is indicative on how good a brokerage is in marketing properties they take on board.
Selling a Property: How Long Will it Take?
To be honest, there is no rule on how long a property takes to sell, but there are some factors that add to the time it takes to turn around a property.
- Location – A city is divided into desirable and less desirable neighbourhoods and locations, which ultimately is one of the biggest deciding factors for the majority of buyers. For example, the Bayview Village community is a highly desirable part of town, with new condominiums being bought-up during their VIP phase sometimes. It is therefore important to take location into account when estimating how long it will take to turn a property around.
- Price – If you are wanting half-a-million for a house that has all the bells and whistles but is in a community where the average price for a similar size home is much less, you are not going to move the property from the “For Sale” to “Sold” file very fast. Price, next to location, is a major determining factor on how fast a property is scooped up.
- Condition – Home buyers are interested in purchasing a clean, ready-to-move-in kind of property where the appeal itself drives part of their decision to buy.
- Average days on Market – Yes, why are we talking about how long a property has been on the market when we are trying to sell quickly? Well, it is a number that every real estate agent looks at when bringing potential buyers – aka, their clients – over to see the property. Good marketing, good promotions and targeted selling will help turn your property around fast.
Offers, Negotiation and Counter-Offers
When you put a property on the market with an intention to sell, you will receive various different offers, negotiation conversations and countless counter-offers to come to the “agreeable” offer.
An offer will be presented to you, the seller, at a price lower than the asking price. This is expected and is the beginning to a string of negotiations. Just like the buyer should be aware of how much he/she can afford, you as the seller must have a good idea of how much you “must have” for your property, taking into account the market conditions, the value of homes in the area and other factors.
In the counter-offer process, you have to balance between your wants and needs. Wanting a high price is something every seller wants, but taking into all factors, you have to debate between having an interest buyer and taking a relatively good price. It is a difficult situation to be in, but one that requires consultation with your real estate broker.
The Juggling Act: Buying and Selling at the Same Time
Selling a home requires a certain time commitment, facilitating open houses and making yourself available to the real estate broker. When also looking for a new home, you have to spend time searching and filling out paperwork which is time consuming in itself and could shift your focus.
There are various problems that can occur when juggling between selling and buying. Once your undergoing negotiations, if a commitment is made, you are legally obligated to complete it. If you sell your house before you buy your new home, you may have to vacate into a hotel or such until you can move into your new home. This could be immediate, if the offer is to move in immediately or over a month or so. Also, if you legally bind yourself to a new property and purchase it, and your old property has not been sold, you will incur mortgage implications from both properties. More cost and maintenance.
It is important you structure yourself in such a fashion that you do not take financial or personal hits when moving from one property to the next, something that your real estate broker can help you with.
Save Money with TheRedPin.com
At TheRedPin.com, we are all about saving you both time and money, the key factors for both a seller and a buyer. We have a team of dedicated agents whose goal is to help clients sell or buy homes, with all of the major administrative, marketing and organizational responsibilities conducted by dedicated teams at TheRedPin headquarters. In addition, we provide a rebate discount, a saving not offered by other brokerages.
For sellers, our state of the art website gets your property out there, speeding up the buying process by promoting your property with relevant information and brilliant visuals. For buyers, whether you are interested in a house or condominium, our team of expert professionals will help you find the best deal that meets your requirements, quickly and efficiently with quality service.
Give us a shout at 416.800.0812 and we’ll get you started!