The time has come and you’re thinking about selling your home. Maybe your family is growing and you’re ready to move up to something bigger or perhaps it’s time to downsize. Maybe you’re relocating for work or are simply looking for a change of scenery. Whatever the reason may be, you’re considering making a move.
You’re probably thinking to yourself, moving is a lot of work – and that’s because it is. The entire process of finding a new home, selling your current house, and packing up your things can be a stressful process that could take months from the time you decide to sell, to getting settled somewhere new.
The goal of this post is to break down the entire process, from start to finish and to provide you with insight and important information you can use to help you plan your move. At SERNO Realty, our mission is to simplify things and help alleviate the stress that comes with moving. Our experienced team has what it takes to help you navigate the evolving Ottawa market and we’re ready to assist you throughout every step of the moving process.
General Overview of the Ottawa Home Selling Process
- Determining your readiness to sell: Before preparing to move forward in the process, you need to figure out if now is the right time to sell. Is the market favouring sellers and do you have an opportunity to purchase something else? Are you in the right frame of mind to take on a move right now or would it be better to wait until other things going on in your life have settled down. These are relevant questions to ask yourself.
- Preparing your home finances: You’ll need to look at the existing mortgage that you have on your current property to assess how it will factor into the equation for a move. If your mortgage is “open”, it will allow you to pay off the remaining balance with the proceeds from the sale of your current home. Another thing to consider is the timing of the purchase. If you’re planning to purchase your new home before selling your existing one, bridge financing might be required. If the property that you’re looking to sell is not your primary residence (i.e, you rent it out to tenants each month), then you’ll need to also pay capital gains tax on a portion of the profits.
- Finding a real estate agent: a critical component in all of this is placing your trust in a real estate agent to help and support you throughout the entire process. There are always some ups and downs but a good agent will be able to help you achieve your goals by guiding you through from start to finish with advice and expertise while always representing your best interests in the sale of your home. Experience, availability, commitment and good rapport are all things to consider when selecting an agent. Text or call us today to find out how we can help!
- Getting your home prepared: Before listing your home for sale, you will likely need to do some work to get it in the best shape possible for showing. This could involve doing things as simple as deep cleaning the floors and doing a general cleaning up or it could be more sophisticated enhancements that will require hard labour or even getting contractors involved. Your agent will be able to provide recommendations and advice to ensure that it appeals to prospective buyers.
- Determining the sale price: Setting the right price is something that requires a thorough understanding of the housing market in your particular area. The price at which a home is initially listed for will have a huge impact when it comes to generating interest, booking showings and receiving offers. Your agent’s expertise in this area will be critical in ensuring a successful selling process.
- Listing & Marketing: Before you can officially list your home for sale, you will need to sign a listing agreement with your real estate agent, giving them the ability to list it on the MLS and market the property through other various channels. Your agent will determine a marketing plan that is best tailored to promote your property for sale. Click here to learn more about our premiere digital marketing experience available as part of our seller services package!
- Negotiation of offers: A vital step in the sales process is your agent’s ability to handle the offers that come in on your home. In today’s competitive market, there will more than likely be multiple offers, each with varying conditions and considerations. At the end of the day, it is your home and your decision when it comes to accepting an offer and for how much – your agent’s role is to provide you with direction and advice.
- Accepting an offer: If the sale of your home is conditional, the buyer may need to complete a home inspection or wait for their financing to go through. Your agent will coordinate with the buyer’s agent to have these conditions waived by their due dates. As the seller, you may also need to complete agreed upon items as outlined in the agreement of purchase and sale, such as minor repairs or yard maintenance prior to closing.
- Closing the sale: Much of the closing process following the sale of your home will be completed by your lawyer. Your agent will need to coordinate with them to provide all of the necessary documents and information needed to complete the title transfer and other related legal items. You’ll also have to sign off on final paperwork and coordinate with your agent on a suitable time for the buyer to have their final walk through before closing day.
Preparing Your Ottawa House for Sale
With an understanding of the general roadmap for the home selling process, let’s take a deeper dive into the preparation process. Getting your home ready to be listed is what accounts for much of the stress when it comes to making a move. Here are 9 tips that you can follow to prepare your Ottawa home for sale but keep in mind; your agent will provide you with additional recommendations after they’ve been over to assess your property in person.
- Clean your home
- Give your property a thorough cleaning to make it shine for prospective buyers. This includes cleaning all of the windows (inside and out), home appliances, switch-plates and baseboards. Clean all of the countertops and floors including shining any hardwood surfaces, tiles and steam-clean carpets.
- Brighten things up
- Take advantage of the natural light that comes into your home by opening up blinds and minimise window treatments. Ensure that all of the lights are functional and consider replacing bulbs with higher wattage to brighten things up further – this will make your home more welcoming and will improve the quality of listing photos.
- Clear out any junk
- When it comes to showing your home, it’s important to have as much open space as possible. Be sure to organise all visible spaces, including closets, storage areas, and even the garage. Consider selling items that are no longer needed and hide items that do not add any value.
- Depersonalise the home
- Try to remove as many personal items and touches that you can to ensure that prospective buyers will be able to envision themselves living there. Removing your personality from the home is important. Your individual tastes and preferences won’t be the same for everyone that views it.
- Remove any smells / odours
- Instead of using candles and scents to freshen up the smell of your home, thoroughly clean the items that are the source of the issue. Furniture, carpets, curtains and other items can all be cleaned and should be an effective strategy. In the spring and summer months, open up the windows to bring in fresh air.
- Make simple repairs
- Small improvements can have a big impact. Take care of any broken seals, leaky faucets, squeaky doors, damaged screens, re-caulk and do some minor paint touch ups. These are low cost fixes and can be done relatively quickly and easily.
- Increase curb appeal
- Ensuring that the exterior of your home is clean and tidy is critical to ensuring a good first impression. Complete routine landscaping activities by cutting the grass, trimming any hedges or bushes and raking leaves. Planting colourful flowers or adding some baskets at the front walkway could be a nice touch.
- Consider painting
- It has been proven that paint jobs can be an extremely effective way to improve the visual appearance inside of the home. Lighter, more neutral colours are more welcoming and can even make spaces appear bigger and brighter, potentially appealing to a broader audience.
- Do some staging where possible
- Decorating your home doesn’t have to be complicated or epxnsive. At the front of your home, consider replacing the light fixture to something newer and more modern – this is a near instant improvement. You can also buy a new doormat that is bright and welcoming. In the living room and bedrooms, consider adding new pillows and light, sheer curtains. In the kitchen and dining room, add a centrepiece to the table with flowers or a fruit basket. In the bathrooms, you can add fresh hand soaps for visual appeal, a new shower curtain and a basket of towels for a pop of colour.
By following these tips, your home will likely be in much better shape before it hits the market. Your agent will be able to consult with you and formulate a specific plan to get it ready for sale but these simple steps can be applied to almost any home.
Pricing Your Ottawa Home to Sell
One of the most important considerations to make before listing is the pricing strategy that you and your agent choose to make. The price at which the home is listed plays a huge factor in attracting initial interest. Getting the price right the first time will save a lot of time, headaches and money. Priced too high and you could turn off potential buyers and lengthen the time that your property remains on market with little interest. In the event that this happens, you may want to reduce the price after it has been on the market for several weeks – but this could backfire and make prospective buyers assume that there is something wrong with the home. If it’s lowered too much, the assumption may be made that you are under strong pressure to sell quickly, which could result in even lower offers.
The state of the market at the time in which you choose to sell could vary dramatically. Sometimes the initial list price is nothing more than a tactic to attract more buyers and create a bidding war which further drives up the price. In other market conditions, the list price may be an accurate indication of what the seller hopes to receive. Your real estate agent will be in tune with the market and be able to provide additional insight related to recent sales in your area to help come up with an effective strategy.
The Pre-Showing Checklist
Before showings begin, there are a number of steps to consider taking to further prepare your home for a successful showing:
- All lights in the home should be turned on before anyone arrives to tour the property
- Any and all window coverings / blinds should be open to let in natural light and brighten the space
- The thermostat should be set to a comfortable temperature – not too hot in the summer and not too cold in the winter.
- Ensure that garbage cans are emptied
- Ensure that any valuables are hidden, locked and out of reach
- Remove evidence of any pets, such as food and bowls as it could turn some buyers off
- Ensure that the kitchen is clean – put away dishes, wipe counters and fold hand towels. Take pretty much everything off the counters
The Pre-Closing Checklist
- Ensure that your lawyer has been informed that an agreement has been signed and that they’re able to handle the closing process (typically your agent will complete this process for you)
- Begin to work on satisfying any conditions that need to met before closing day
- Work on disconnecting / transferring the utility accounts
- Can cancel your existing homeowners insurance
- Inform your bank and government agencies of your change of address information
- Complete a change of address with the post office and set up mail forwarding if you see fit
- Arrange for a moving company or a private transportation service to move all of your household items before the closing arrives
- Ensure that you’re available a few days before closing to meet with your lawyer and be able to sign the paperwork for the title transfer
Deciding whether to sell your home or not is a major decision for you and your family and we understand how significant it can be. With years of experience helping our clients buy and sell homes in two different Canadian market centres, our team is ready with assist you at every step of the home selling process. Click to learn more about our home seller services to see how we can help you achieve your real estate goals!
