Royal LePage ProAlliance Realty, Brokerage
Independently Owned and Operated
253 Dundas Street East, Trenton, K8V 1M1
Office 613-394-4837   Toll Free 1-800-263-2177

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Business Areas
Quinte West, Trenton, Belleville, Brighton, Frankford, Wooler, Prince Edward County, Stirling

Royal LePage ProAlliance Realty
253 Dundas St E
Trenton, Ontario K8V 1M1

Office: 613-394-4837
Toll Free: 1-800-263-2177

Seller's Guide

The "Guide to Selling Your Home" has been prepared by Royal LePage Real Estate Professionals to assist you in answering your questions about the selliing process. It outlines the steps that will help you to obtain the best results when you list your property for sale.


Understanding Market Conditions

The real estate market is always changing. It helps to understand how market conditions can effect your position as a buyer. Team O’Quinn can provide you with current real estate market conditions and explain their impact.

Market Conditions

Characteristics

Implications

Buyer's Market:
The supply of homes on the market exceeds demand.

High inventory of homes: Few buyers compared to availability. Homes on the market longer. Prices tend to drop in this type of market.

Your home may take longer to sell, Less negotiating leverage in terms of selling price.

Seller's Market:
The number of buyers wanting homes exceeds the supply or number of homes on the market.

Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.

May have more negotiating leverage and obtain a higher selling price for your property.

Balanced Market:
The number of homes on the market is equal to the demand or number of buyers.

Demand equals supply. Homes sell within an acceptable time period. Prices generally stable.

More relaxed atmosphere. Buyers have a reasonable number of homes to choose from.


Pricing Your Property

The single most important decision you will make with The O'Quinn Team is determining the right asking price for your property.

Once you've achieved a realistic sale price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.

The Benefits of Pricing Right

  • Your property sells faster, it is exposed to more qualified buyers.
  • Your home doesn't lose its "marketability".
  • The closer to market value, the higher the offers.
  • A well-priced property can generate competing offers.
  • Real Estate Professionals will be enthusiastic about presenting your property to buyers.

Determining the Value of Your Home:

The market ultimately determines the true value of your property. Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:

  • Location
  • Size
  • Style
  • Condition
  • Community Amenities
  • Buyer Supply
  • Financing Options

Getting to Know Your Market:

A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares the market activity of homes similar to yours in the neighbourhood. Those that have recently sold represent what buyers are prepared to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed. The O'Quinn Team will prepare a comparative market analysis for your home based on the most current market information. Together we will establish the proper list price for your home.

Understanding the Factors that Influence Overpricing:

  • Extensive renovations/hidden cost
  • Desire to purchase in a higher-priced area
  • Original cost of the home was too high
  • Lack of real market information
  • Building in "bargaining room"
  • Perceived emotional value

The Result of Overpricing:

Many sellers believe that if they price their home high initially, they can lower it later. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property. On occasion, the price is dropped below market value because the seller runs out of time. The property sells for less than it's worth.

Missing the Right Buyer:

You may think that interested buyers "can always make an offer", but if the home is overpriced, potential buyers looking in a lower price range will never see it. Those who can afford a home at your asking price will soon recognize that they can have better value elsewhere.

The Importance of Early Activity:

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is the crucial time when Real Estate Professionals and potential buyers sit up and take notice. If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.

Agree on a Marketing Plan

Your property is not something you sell everyday. In fact, for many people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly a plan is needed.

The O'Quinn Team can prepare a personalized plan for you containing all activities intended to market your property. At Royal LePage, your property will be aggressively promoted through Royal LePage's own property advertising publications, other Royal LePage offices and Real Estate Professionals, the MLS information library (unless it's an exclusive listing), and the Internet.


Signing a Listing Agreement

The first formal step in marketing you property is to enter into a Listing Agreement - a contract the commits Royal LePage to actively market your home for a specified period of time. It also commits to a pre-established marketing fee that is paid upon the successful closing of the sale.

The O'Quinn Team will require the following documents at time of listing.

Plan of Survey or Location Certificate

Certificate - A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend that you obtain a survey, especially if significant changes have been made to your property.

Property Tax Receipts - Most Listing Agreements require that the current annual property tax assessments be shown.

Mortgage Verification - Few homeowners know the exact balance on their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.

Certificate - This document is a legal description of your property and proof that you own it.

Other Documentation - In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.

NOTE: In many provinces you will be required to sign condition disclosure statement.


Preparing to Show Your Home

First impressions are Lasting Impressions. You will want to make sure that buyers looking at your home are left with the best possible impression. The O'Quinn Team will help you achieve that goal.

Exterior

  • House exterior in good repair
  • House number easy to read
  • Eaves troughs, down spouts and soffits in good repair
  • Garage/carport clean and tidy
  • Litter picked up
  • Cracked or broken window panes replaced
  • Lawns and hedges cut and trimmed, garden weeded and edged
  • Walks shoveled and salted
  • Boot tray inside front door
  • Doorbell and door hardware in good repair
  • Porch and foyer clean and tidy

Interior

  • Chipped plaster and paint touched-up
  • Doors and cupboards properly closed
  • Leaky taps and toilets repaired
  • Burned out light bulbs replaced
  • Squeaky doors oiled
  • Mirrors, fixtures, and taps cleaned and polished
  • Seals around tubs and basins in good repair
  • Floors cleaned, garbage containers emptied
  • Inside of closets and cupboards neat and tidy
  • Appliances cleaned
  • Countertops neat and polished
  • All lights turned on
  • Air conditioner turned on in warm weather
  • Halls and stairs cleaned
  • Drapes opened during daylight
  • Carpets freshly vacuumed
  • Fresh flowers in various rooms
  • Jewelry and valuables locked safely away or taken with you
  • Valuable property, such as objects of art, vases and figurines out of reach, out of sight, or locked away
  • Pets absent, where possible, or contained during the showing, and litter boxes clean

The Major Elements of an Offer

Price:

Depends on the market and the buyer, but generally, the price offered is different from the asking price.

Deposit:

The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. The O'Quinn Team can advise you on the suitability of the amount of the deposit being offered.

Terms:

Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.

Conditions:

These might include "subject to satisfactory home inspection", "subject to the sale of the purchaser's property.

Inclusions and Exclusions:

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing or Possession Date:

Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).

NOTE: In B.C. the possession Date is usually 1 to 3 days after the closing.


Some Moving Tips

Once your home is sold, The O'Quinn Team can help make the move easier for you:

Book the Movers: You can choose to have your movers pack everything, or just the breakables, or you can pack yourself. It's a good idea to obtain estimates from several different companies.
At Your Present Home: 

Arrange to have tour gas and electric meters read on the day you leave and have the bill forwarded to your new address.

Have the oil tank read and filled before your sale closes, and provide a receipt to your legal professional if required.

If your water heater and/or furnace is rented, arrange for a transfer of the rental agreement to the purchaser.

Disconnect you telephone, cable TV, and water softener.

At Your New Home:

Make arrangements for the gas and electric utilities, water softener, telephone and cable TV to be connected on the day the sale closes (or possessions date).

General:

Get "Change of Address" cards from the post office and send them out well before moving day.

Have the post office forward your mail to your new address.

Cancel any contracted services and pre-authorized cheques.

Inform gardening, dry cleaning, garbage pickup, newspapers, magazines, and other home services. Arrange for services at your new address.

Cancel or transfer social, athletic, civic, religious or business affiliations, and memberships.

Arrange for transfer of medical, dental, prescriptions, and optical records.

Change the address on your driver's license(s) effective the day of your move.

Collect all items out for cleaning, repair, or storage, e.g. dry cleaning.

Make special arrangements for the moving of perishables, such as plants.

Make special arrangements for the moving of your pets.

Safely dispose of all flammable liquids as it is illegal for movers to carry them.