Selling
Property
CASE STUDY:
Moving From Condo to House
client needs
- Selling a condo and purchasing a home.
- Looking for more space, more bedrooms, including a backyard wtih parking.
- Working with a limited budget & need the highest selling price for their condo.
the selling process
Considering the market conditions, Michael advised his clients to purchase a new home prior to selling their condominium. Michael also suggested his clients, who were quite handy, begin preparing their condo for sale while searching for a new house. Micheal found a home downtown Toronto with an open building permit and a half completed renovation. This did scared other buyers off but they saw an opportunity to get a home for a fair price in a hot seller's market. This type of purchase does come with some risk but after a full assessment they determined it was manageable considering the clients also wanted to complete a few other renovations.
The property was closed quickly so the work could begin simultaneously as they were finishing the preparations for selling their condominium for market. They decided to hold back on offers and priced the condo just above the current market value and they received one offer on the property.
outcomes
Michael's clients were able to complete the majority of the renovations on their new home prior to moving in. They agreed to a longer closing on the condominium allowing a few weeks to complete some of the renovations at the new home.
CASE STUDY:
looking for a quick sale
client needs
- Selling a home as part of an Estate.
- Located downtown Toronto and not looking to do any repairs.
- Looking for a quick sale for the highest selling price possible.
the selling process
Considering the market conditions Michael advised his clients to prepare the home and remove, donate or sell the unwanted personal belongings in the home. A family should not be rushed though this process and Michael suggested these activities to ultimately help the sale of the property move more smoothly. The home was in need of some repairs and some cosmetic upgrades but rather the renovating the home they decided to hold back offers until a particular date with an asking price just below the current market value. They received 5 offers in total and the home sold over the asking price.
outcomes
Through the steps Michael outlined, the clients benefited from a smooth transaction and with 5 offers on the property we were able to maximum the market potential and the clients received the highest price possible for the property.
steps to
selling
your home
Preparation
is key
Preparing the property is an obvious task in marketing and selling real estate. The questions is, what do you do and where do you need to spend money? If any. This all comes down to the strategy you are employing and of course the current market conditions. Assessing your property's advantages and disadvantages, assembling the required documents and information, developing a strategy and determining a marketing price is all part of the preparations and is arguably the most important step.
Typical Documents
There are many documents required to sell a property plus other documentation that is not required but can be very helpful in achieving your goals and further protecting your interests.
Cost
of Selling
The costs of selling a property are typically covered by the funds the seller receives from the buyer in the purchase of the property. The agent you choose and the strategy you employ can effect the net amount the seller receives from the sale of the property. Depending on the strategy, your costs may include renovations to the property, a survey, home inspection fees, legal fees and moving expenses.
Determining
the Value
Ultimately the market determines the true value of a property. The property characteristics need to be taken into consideration before you are able to compare the property to other similar properties and establish a competitive price. There are other factors that can affect the selling price of your property such as the market conditions, property characteristics and having the right real estate sales representative.
Avoiding
Costly
Mistakes
Engaging an experienced real estate agent you can trust will ensure your interests are protected and help you avoid costly pitfalls. Overpricing the property and employing the wrong strategy in relation to the market conditions is the most common mistake people make with selling a property.
Competitive Advantages
There are many competitive advantages to each property. Leveraging those advantages in context with the current market conditions is crucial in a successful strategy. Michael has experience in assessing and identifying these advantages, developing a strategy and leveraging these advantages to achieve the highest selling price possible.