Home buying and selling is a tricky process. If you’re not well-informed or aware of the things that are crucial either ways, you’ll end up making the wrong decision and eventually, you’ll have to regret it later. So, if you don’t want to be in that place, then this post is a must read for you as I reveal the insider knowledge that you need to get your head around to buy or sell property in Ontario, successfully.
Here’s what you need to be aware of before you buy or sell a property:
- Know the Market
Whether you’re a buyer or seller, as an experienced Real Estate Professional my advice to you will be to know the market before you take the plunge. That’s right; you need to be well-aware of the market swings as it can impact your purchase or sale significantly.
Let me break it down separately:
When there are more home buyers than properties for sale, it is a seller’s market. This means that the market favours sellers over buyers. So, if you’re a seller, then this is the perfect time for you to get your property listed as you’re likely to get multiple offers. In this way, you can close the deal at a good selling price.
On the other hand, a buyers’ market is more favour for home buyers. This market swing indicates that there is a surplus of properties up for sale. During this period, property prices tend to fall and rise very slowly. Since there are a few buyers and more sellers, you’re like to be in a stronger position with more negotiating power.
Therefore, take time to do your due diligence well in advance of your timeline for a future sale or purchase. The more informed you are about the market trends, the easier the process of buying and selling will be for you.
- See what’s in the Inventory on Sale
Another common factor that both home sellers and buyers need to be aware of is the inventory on sale. For this, I’d recommend you to get in your car and drive through the town to look at all the inventory listed in person. Now if I got you wondering why, then let me tell you.
You see for property sellers this can be a great way to see what they are going to be competing with if they decide to get their property listed any time soon. Furthermore, by looking at different listed properties, you, the seller, can observe the positives and negatives in the preparation of each home. Thus you can learn from their mistakes and make sure that you don’t repeat them.
For buyers, looking at all the inventory on sale is equally important as they can learn so much about their must-haves, needs and want list items. When buyers are clear about these items, it becomes easier to check things off and find a home that matches their requirements. However, this requires you to see several properties before you find your dream home.
- There is No Transparency When Negotiating
When I say that there is no transparency when negotiating, I mean to say that buyers and sellers need to negotiate skilfully and aggressively to close the deal in their favour.
From a seller’s perspective negotiation for the best offer is important because many times buyers won’t put their absolute best foot forward. So, try to negotiate within an acceptable price range. In order to determine an acceptable price range, evaluate between potential gains and losses. Remember that, the selling price is likely to be reduced by the following items. These include:
- Real estate sales commission
- Closing fees
- Title charges
- Home repairs and renovations (if any)
- Transfer charges and government recording
- Debt obligations
Therefore, do the math and determine the price range so that you can accept a good offer that comes your way or negotiate with the buyer in a way that they increase their offer and come within the price range in your mind.
Likewise, negotiation is equally important from a buyer’s perspective. Present an offer that you’re comfortable with and negotiate skilfully. Don’t let your emotions get the best of you and make an offer that you won’t be able to fulfill or have to struggle with your finances to make payments when the deal is closed. Now this does not mean that you lose out on your dream home by holding yourself back.
However, what you can do is be prepared with your mortgage pre-approval and present an offer to the seller. Chances are that the seller will accept your offer because pre-approval is often the issue that arises when finalising deals because many buyers end up making a purchase offer but fail to get a pre-approval. And therefore, it just wastes the seller’s time and chances of getting good offers because when they get the property listed again, buyers are not willing to pay the same price as they were before assuming that there might be something wrong with it that’s why it didn’t sell in the first place.
- It’s a Stressful Process So Be Patient
It’s important to understand that property buying or selling is not an easy process. The stress and frustration that comes with this process can often get the best of you especially if it is your first time and you’re not aware of how to go about it.
Therefore, consider hiring a Real Estate Professional like me who can make the entire home buying and selling process simple, smooth, easy and stress-free. With me, you can sit back while I handle all the necessary steps involved in the home buying and selling process on your behalf such as short-listing properties that meet your buying needs, assistance with home inspections, mortgage approval, negotiation and paperwork when closing the deal. Similarly, I can help home sellers prepare and stage homes, hold open houses, set price, short-list offers, negotiate, and accept the best deal.
I am dedicated to working in the best interest of my clients and making sure that the entire process of buying and selling properties is as smooth and fast as it can be. My goal as a Real Estate Professional is to spare you from the stress involved with and enjoy the entire process of home buying and selling.
So, what are you waiting for? Get in touch with me to discuss your property buying and selling needs. I can help you every step of the way to your complete satisfaction. Give me the opportunity to serve you.