Here is a list of some of the prominent home selling questions we come across on a regular basis.
1. How to determine the market value of the house?
Answer: There are multiple factors that one needs to keep in mind while coming up with the worth of the house. It consist of:
The type of the market where you wish to sell does have a huge impact on the demand and supply.
Make sure that you have a close look at the housing market data and then compare your property.
One factor you can look at is your targeted market or potential buyers and identify if it covers a big spectrum or a smaller one.
2. Is it viable to price the home for a bidding war?
Answer: It is a much known practice in the Toronto real estate industry where the sellers price their home in a way to get multiple offers from buyers. The process works this way; the seller comes up with a list of the prices which is lower than what they could expect in order to attract multiple buyers and sell the house above the listed price. Here the assumption is that the buyer does want to buy the property and would be willing to stretch their budget beyond the listed price. Although there are times when the strategy has worked well, but it cannot always act as a magic.
3. How to prepare the home for sale?
Answer: This is a subjective question and it depends on personal needs. You must first analyse the condition of the home and then decide what the work that is require. Firstly, work with the exterior looks and then move onto interiors. Check for all the fixtures in the house and get it fixed. Make sure everything in the house is repaired and not cluttered. Make your house look presentable and in such a state that you would compel or attract the buyers.
4. Is disclosing of effects essential?
Answer: As per the Ontario law, one does not really have to disclose the defects of the house quality but they are required to disclose the latent defects, so that the buyers have prior knowledge before they make the purchase. In case if the house has some latent defects that you were aware about, but you did not disclose it during the process of selling, then you could be legally liable about it.