Looking to Sell Your Home? Here’s Your Comprehensive Guide

June 17, 2024
Looking to Sell Your Home? Here’s Your Comprehensive Guide

Selling your home can feel overwhelming, but with the right information and tools, you can navigate the process confidently. This guide will provide you with everything you need to know to sell your Ontario home effectively.

Deciding When to Sell Your Home

Timing Matters

When is the best time to sell your house in Ontario? Real estate activity fluctuates seasonally across the province, and although trends differ slightly between cities, the ideal times to list tend to be similar. Generally, the months of December, January, and August see less buyer activity. In contrast, February, March, April, and September are peak months for listing due to heightened buyer interest and competition from sellers preparing for the “spring” or “fall” markets.

Local Competition

Evaluate the current market in your specific city or town. If similar homes are abundant in your neighborhood, expect fewer showings and potentially lower offers. On the other hand, if your home has unique features—such as being the only renovated three-bedroom house with a garage in the area—you may receive more interest and better offers.

Market Trends

Stay informed about broader real estate trends in Ontario, such as interest rates and consumer confidence, which can influence pricing trends and the pace at which homes sell.

Personal Considerations

Your timing may also be influenced by personal factors, such as relocating, already having purchased a new home, or major life events like a new baby, wedding, or divorce.

Hiring a REALTOR®

Choosing the right real estate agent can significantly impact your selling experience and results. Here are some important factors to consider:

  • Experience with Houses: Ensure the agent has experience selling houses, not just condos, as selling a house comes with different challenges.
  • Successful Listings: Ask how many homes they’ve successfully listed. In 2023, a significant portion of Ontario REALTORS® didn’t successfully list a single home.
  • Neighborhood Expertise: The agent should know your local market well and be able to sell both your house and the appeal of the neighborhood.
  • Service Offerings: Some agents include services like professional cleaning, staging, high-quality photography, and 3D tours in their commission.
  • Marketing Skills: Effective marketing is essential. Ensure your agent can reach potential buyers through various channels, including online and social media.
  • Pricing and Negotiation Skills: These are crucial for securing the best price and closing the deal quickly.
  • Communication: Opt for an agent who communicates effectively and is responsive.

Remember, real estate services can vary widely in cost and scope, so choose your REALTOR® based on the level of service you need.

Costs to Sell

Home Preparation

Costs will depend on the extent of repairs and upgrades needed to get your home market-ready.

Staging

Staging costs in Ontario can range from $0 to $10,000+, often covered by the seller. Some agents offer staging services as part of their package.

Home Inspection

A pre-listing home inspection, which can cost between $400 and $600, may help address issues early and give buyers added confidence.

Real Estate Commission

Typically the largest expense, real estate commissions in Ontario range from 4% to 6%, depending on the agent’s experience and services offered.

Legal Fees

Expect to pay between $1,200 and $2,000 for legal services associated with selling your home.

Mortgage Penalty

If you sell during the term of your mortgage, you may incur penalties ranging from $0 to $10,000+. Check with your lender for specifics.

Other Costs

Additional costs include outstanding property taxes, utilities, and potentially boarding for pets during showings.

Getting Your Home Ready to Sell & Staging

Gather Relevant Information

Provide your REALTOR® with utility bills, property tax statements, rental agreements (for things like hot water tanks), and details of any recent renovations.

Home Preparation Tips

  • Declutter: Create the illusion of more space by removing personal items and excess furniture.
  • Fix Minor Issues: Address small problems like scratches, leaks, or loose tiles.
  • Optimize Room Use: Stage each room for its intended purpose.
  • Thorough Cleaning: Ensure every corner of the home is spotless, including hidden areas like closets and cupboards.

Consider updating light fixtures, applying a fresh coat of paint, or making other minor upgrades. Your REALTOR® can help you determine which changes will provide the best return on investment.

Special Considerations for Houses

  • Curb Appeal: First impressions matter, so invest in the exterior appearance of your home.
  • Basement: Highlight the potential uses for this space, especially if finished.
  • Mechanical Systems: Ensure that all major systems, such as HVAC and plumbing, are in good working order.
  • Termites: If you live in an area of Ontario prone to termites, it may be wise to get a preemptive inspection.
  • Backyard: If selling during winter, consider providing photos of the outdoor space taken during summer months.

Professional Staging

Professionally staged homes often sell faster and for a higher price. Staging is worth considering, particularly in competitive markets.

Pricing

Setting the right price is essential for a successful sale. Your REALTOR® will guide you through various pricing strategies, including:

  • Pricing for a bidding war
  • Pricing high with room to negotiate
  • Pricing at market value

Buyers will consider:

  • Recent sales in your area
  • Current market conditions
  • The size, finishes, and condition of your home
  • The features and trends in your neighborhood

It’s important to be realistic about your home’s value. Overpricing can lead to your home staying on the market longer, which often results in a lower final sale price.

On the Market

Marketing Your Home

  • Stunning Photography: High-quality, professional photos are essential to attract buyers online.
  • Targeted Marketing: Use digital channels, social media, and MLS listings to reach potential buyers.
  • For Sale Signs: These remain an effective way to attract local buyers.
  • Open Houses: A great opportunity to showcase your home to interested buyers.

Your REALTOR® should excel in marketing to ensure your home gets maximum exposure.

Showings

  • Leave the House: Let buyers explore without feeling pressured by your presence.
  • Flexible Showings: Allow showings between 10 am and 8 pm, 7 days a week, for maximum exposure.
  • Prepare Your Home: Keep your house clean and welcoming for every showing.

Offers

When offers come in, be prepared for various conditions, such as financing and home inspection contingencies. In competitive situations, offers may be “firm” without conditions. Your agent will guide you through the negotiation process to achieve the best result.

Closing

As closing day approaches, make sure to:

  • Inform utility companies and the city of the sale
  • Cancel your home insurance (after the sale is confirmed)
  • Visit your lawyer to sign the necessary paperwork

Once the property is transferred, your lawyer will distribute the proceeds, minus fees and commissions.


Selling your Ontario home doesn’t have to be stressful. With the right preparation, an experienced REALTOR®, and effective marketing, you can achieve a successful and profitable sale. Ready to get started? Contact us today!


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