12 Simple Steps to Follow When You Sell Your HomeWhen you bought your home, you basically walked into the place, poked around, flushed the toilets, criticized the seller’s choice of décor and then called your Realtor to put in an offer. Well now you are on the other side of the fence but where do you start? Follow this simple 12 step guide to simply and confidently make your next move.
1. Contact REALTOR®
The process of selling a home begins with choosing a Realtor. In Canada, we employ a database called the Multiple Listing Service (MLS) that is shared among 10s of thousands of qualified professionals to help homeowners sell their homes. Because the MLS database holds all the information regarding listed properties, it doesn’t matter which brokerage or Realtor you choose as information is freely distributed. Instead, the Realtor you choose should meet your standards of quality service, proven competence and most importantly the compatibility of personalities.
2. Enter into an Agency Relationship
Once you have chosen a Realtor you are comfortable with, you will enter into a multiple listing contract or an exclusive listing contract, both of which are legal binding documents signed by all involved parties which outlines conditions including, but not limited to, the duties of the Realtor, the seller’s obligations, compensation paid and services being offered.
3. Pricing Your Home
One element of the Multiple Listing Contract includes pricing the property. The Price shall be decided by the Seller after reviewing a Comparative Market Analysis or a CMA which includes sold, expired and actively listed properties in the subject property’s immediate area within the past 3-6 months.
Comparable Marketing Analysis or CMA
A Comparable Market Analysis consists of three parts: Active listings, Sold listings and Expired listings. When pricing your home, it is important to look at all three aspects objectively as they each tell a different story. The sold listings express what people are willing to pay for that type of home at that time. The expired listings show what price buyers are not willing to pay, for that type of property, at that time. Active listings show you who your competition is in the current market. The more recent the data, the more accurate your CMA is.
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