FREQUENTLY ASKED QUESTIONS

Selling / FAQ

Should I buy or sell first?
It isn’t necessary to have the proceeds of the sale of your home in hand to buy a new one.  Bridge financing is just one of the options in such a scenario.  However, if your home is sold in advance, you will have an advantage over purchasers who must make their offers conditional on a house sale.  If you are already working with a REALTOR® to sell your home, you’ll also have belter insight into current market conditions.

Is a “For Sale” sign necessary?
It is surprising how many people request more information after just driving by a house with a For Sale sign. It also gives your neighbours a chance to tell their friends and acquaintances that a home is for sale in their area.  A sign can be an excellent marketing tool.

Is it safe to have a lockbox on my house during showings?
Access via lockbox is certainly the industry standard and allows prospective buyers to easily see your home. The London St. Thomas Association of Realtors use the Supra Active Key system to minimize any risk to you.  The system keeps a log of everyone who has accessed the home.   No member of the public can access your home without being in the presence of a licensed REALTOR®

What is the best time or season to sell my home?
A seller’s market, where the number of qualified buyers exceeds the available inventory of homes for sale is a great time to sell.  But there are many other factors such as whether your home shows better in a particular season, availability of comparable homes for sale, new by-laws and even weather that can come into play. One of our Sutton – Select REALTORS® will evaluate the best time to sell your home and present you with all your options so you can make an informed decision on when to sell.

 Are Open Houses effective?
Buyers come from many sources, and interested parties who attend open houses are one means. Open houses are just part of a comprehensive marketing plan – generating a buzz of interest over the property and minimizing hassle to you interested parties a concentrated opportunity to visit your home.

Can showings be arranged to suit my schedule?
The seller’s needs must always be considered.  However, you don’t want to make it too difficult for prospective buyers to make an appointment to see your home. A common restriction is no showings after a certain time in the evening. You can also request a certain amount of notice prior to showings so you can adjust your schedule and do a quick tidy up if needed.

What does CMA stand for?
A Comparative Market Analysis or CMA is a comprehensive report prepared by a REALTOR® to clients who are thinking about selling.  The report details the recent area market activity using the most up to date statistics. It provides the basis for an accurate suggested listing price designed to sell your home for the best price the market will bear.

Do you recommend staging my home before putting it on the market?
Certain repairs and minor renovations that would make your home more saleable, as well as cleaning and decluttering are advisable. Potential buyers often want a sense of how their belongings might fit into your home, so if you can remove excess items and keep rooms sparse and sparkling, your home will have greater appeal.  Professional staging isn’t essential in most cases, but estate sales, homes with active children or pets, or income properties may require more attention.

Is it advisable to be home when my property is being shown?
Buyers generally prefer to see your home and discuss it openly amongst themselves and with their agent, without the seller being present. Your home’s features will speak for themselves, along with the detailed, attractive marketing materials prepared by the REALTOR®. Should the buyers have additional questions, you will be consulted.  Generally, if there are a number of additional questions, it signals serious interest!

Should I price my home high and then lower the asking price if it doesn’t sell?
The final sale price of your home is not based on what you hope to achieve but rather what a buyer will pay for it.  This is the fair market value.  If you home is priced too high in the beginning, it will be a significant disadvantage.  You will exclude some buyers who may have had interest if it were priced more accurately.  Overpriced homes attract much less interest, and the longer they stay on the market, the worse the effect.   When price is reduced to close to fair market value, prospective buyers may now think you are desperate to sell and offer even lower again.  The key strategy is to price the home based on value, and a comprehensive Comparative Market Analysis is one of the tools used to ensure this happens. Neighbourhood sales, current listings that match your home’s features, and your featured amenities will help determine the optimum price that will be attractive against the competition.

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