It is likelihood that if you've lived in your home for few years, you can probably turn a organized profit. That's great news. But closing the deal involves more than just a handshake. You'll have to think if now's a good time to sell? What's the finest way to get the word out? How do you get maximum price for your property? These are just some of the questions that Royal Lepage Flower City Realty Inc. can help answer.
1. Decide when to sell
In real estate, timing manipulates your home's selling price. Working with Royal Lepage Flower City Realty Inc. can help make timing work for you.
What is Buyer's and seller's markets
When there are less homes for sale as compared to demand in the market, it's called a 'seller's market' and when the demand is less and there are lots of homes for sale, it's called a 'buyer's market'
How quickly do you need to sell your home?
In a seller's market, top price and a fast sale can go hand-in-hand. In a buyer's market, more sellers are competing for your potential buyer. If you have to sell right now, consider lowering your asking price a bit to speed up the sale. Royal Lepage Flower City Realty Inc. can help you figure out the right price-to-speed ratio.
Thinking of Season to sell? Do sales depend upon the season?
Yes, it's correct. Colder weather sales tend to be slow, and in the springs, sales are quicker.
What if you're also buying a home?
If you sell your current home for a low price, you're most likely also buying at a low price. If you are advancing to a larger home, this really works to your benefit. If you're downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.
Should you purchase or sell first? The everlasting question
Many people are capable of matching the time for their sale and purchase on the same "closing date". When you are purchasing, you can make your offer "provisional" after the sale of your current home, so that you do not have to pay for the maintenance of two homes. Also, at the time of selling, you can ask for extension of the "closing period" to that you have more time to find your next home.
What if you find your new dream home before you've started to sell your old one?
Talk to your existing credit lender about "Bridge Financing". It means your lender (the bank) agrees to lend you the down payment for your new dream home, while you still cover the credit on your current property.
2. Prepare your finances
Before the offers start coming, you must organize for the huge amounts of money that will pass through your hands.
Still have a way to go paying off your credit? Here are some things to consider.
"Pay off" your credit
Many people use the earnings from the sale of their home to pay off their credit. If you have what is known as an "open" mortgage, you can pay it all off without any penalties. If you have a "closed" mortgage, be prepared to pay a penalty. The penalty amount will depend on a number of factors, including how much time is left on the term of the credit.
If you're buying a new home, find out is your credit "transferable"?
A "transferable" credit means you can take your credit money with you and buy a new home, without fine. This can be a real bonus if the interest rate on your credit is lower than existing rates. If your new home is more expensive, and requires more credit, you'll have to borrow the extra money at the current market rate.
Possibly the buyer is "assuming" your credit
Your credit may have an element that allows the new buyer to take over your credit. If the interest rate is lower than existing rates, this can be a very attractive selling aspect for your home.
Become a credit lender yourself?
If your buyer is having trouble arranging all the money to buy your property, you may think about lending straight to him. This is called a "Seller Take Back" credit, and it's often used by sellers to help move a property in a slower market. This is an incredibly difficult financial dealing, and you must talk with your REALTOR®, financial advisor and lawyer before choosing this route.
When you find your new dream home before you've started to sell your old one
Talk to your current credit lender. You may be able to organize "Bridge Financing". This is when your lender (the bank) is convinced that your current home will sell fast, and they agree to lend you the down payment for your new dream home.
Still have a way to go paying off your credit? Here are some things to think about.
Capital gains tax
If the home was your main residence, you will not have to pay any tax on capital gain i.e. the increase in the value of your home but if you are keeping tenants in part of your home, such as the basement, you will pay capital gains tax on a portion of your profits. Also, you will have to pay capital gain tax at the time of selling a vacation and investment property.
GST for professional services
Your lawyer and REALTOR® are providing services that are subject to GST/HST.
3. Come to Royal Lepage Flower City Realty Inc. who will be helpful to you
There are many reasons why Royal Lepage Flower City Realty Inc. is vital while selling your home and sticking with us make sense. As we can make satisfactory job at the time of buying you home, in the same way, we can also help you immensely to sell it.
Don't be afraid to ask questions from us. Working with us is just like a good partnership. Be comfortable with us and we will show genuine interest in helping you out.