Sell Your Home

Top Frequently Asked Questions for Home Sellers

The best time to sell depends on your specific real estate market. While spring is generally favourable, the ideal timing can vary based on your location and circumstances. Factors like reduced competition and more motivated buyers might make fall or winter a better choice for some sellers. Consulting with your Realtor ensures your timing aligns with your goals and market conditions.

Market conditions vary widely and depend on several key indicators, including:

 

  • Average days on market: How quickly homes sell once listed.
  • Market absorption rates: The pace at which homes are being sold.
  • Closed transactions: Year-over-year data for a given period.
  • Sale prices and list-to-sale price ratios: Trends that show pricing dynamics.

 

Your Realtor can provide localized insights to guide your decisions.

Preparing your home for sale is essential for making a great first impression. Key steps include:

  • Decluttering and organizing.
  • Repainting rooms with neutral colours.
  • Installing new carpets or addressing flooring issues.
  • Eliminating any odors.

Proper preparation ensures your home appeals to buyers and stands out in the market.

Transparency is critical when selling your home. Disclose any known issues, such as roof defects or appliance problems, to avoid disputes later. Whenever possible, address these problems before listing. If repairs aren’t feasible, ensure all issues are documented in writing to maintain trust and protect yourself legally.

Frequently Asked Questions About Home Value & Pricing

Determining your home’s value requires more than an online estimate. A Realtor will conduct a comparative market analysis (CMA) and a walk-through of your property to provide an accurate valuation based on comparable sales and unique features.
The assessed value is used for tax purposes and may not reflect market value. It’s common for assessed values to differ from listing prices. Buyers often misunderstand this, but it’s important to focus on market value when pricing your home.
  • List Price: The price at which a home is listed for sale.
  • Sale Price: The price a buyer pays for the home.

 

An experienced Realtor will set a strategic list price to attract buyers and maximize your return.

Realtors use a Comparative Market Analysis (CMA), which evaluates:

 

  • Recent sales of similar homes.
  • Square footage.
  • Bedrooms and bathrooms.
  • Upgrades and features (e.g., roof age, window quality).
  • Lot characteristics and location.

 

A professionally conducted CMA helps narrow the expected sale price range.

No. Third-party sites like Zolo or HouseSigma provide computer-generated estimates that often lack accuracy. These algorithms don’t account for unique property features or current market trends. Always rely on a knowledgeable Realtor for a precise valuation.
It’s better to price your home strategically to reflect market value. Overpricing can discourage buyers and result in longer market times, ultimately lowering your final sale price. Trust your Realtor to develop a pricing strategy that balances market trends and your goals.

Frequently Asked Questions Relating to Exclusive Right-to-Sell Contracts

The duration of a listing agreement varies depending on the agent and market conditions. While there’s no universal standard, it’s important to consider the average days homes spend on the market in your area. For example, if homes typically sell within 75 days, a 90-day agreement might not allow enough time to secure a buyer and close the sale. Discuss the ideal timeline with your Realtor to ensure it aligns with market trends and your goals.
Real estate commissions are negotiable. However, the adage “you get what you pay for” often applies. Agents offering reduced commissions may not provide the same level of service, marketing, or negotiation skills as those charging standard rates. Choosing an agent solely based on a low commission rate can be a costly mistake. Focus on finding a Realtor with a strong track record and expertise to maximize your home’s sale price.
If you’re unhappy with your agent’s performance, contract cancellation terms will depend on the specific agreement and local regulations. In most cases, you may be responsible for reimbursing any expenses incurred by the agent or brokerage. To avoid potential issues, discuss cancellation policies with your Realtor before signing the agreement.

Frequently Asked Questions Relating to Purchase & Sale Contracts (Offers)

Receiving a lowball offer can be frustrating, but it’s essential to approach the situation calmly and strategically. Avoid rejecting the offer outright. Instead, make a counteroffer that reflects your desired price. Even a low offer can lead to a successful negotiation when handled professionally.

If an appraisal is lower than the agreed purchase price, several outcomes are possible:

 

  1. Seller Concession: The seller agrees to lower the price to match the appraisal.
  2. Buyer Covers the Difference: The buyer pays the gap between the appraisal and purchase price.
  3. Transaction Cancellation: If neither party compromises, the deal falls through. The buyer may lose their deposit and face legal risks.
  4. Appraisal Challenge: The buyer or seller disputes the appraisal, though success is rare and requires substantial evidence.
A sale contingency means the buyer’s purchase depends on selling their current home. If they fail to sell within the agreed timeframe, the offer becomes void. Sale contingencies can complicate transactions, and it’s often advisable to avoid them unless the buyer is particularly motivated and the market is slow.
Inspections are typically a buyer’s condition, allowing them to assess the property before finalizing the purchase. Buyers hire and pay for inspectors, who provide a report on the home’s condition. Based on findings, the buyer may request repairs, renegotiate the price, or proceed with the purchase. Sellers should be prepared to address reasonable concerns.

Miscellaneous Frequently Asked Questions from Home Sellers

Sellers typically incur the following costs during closing:

 

  • Abstract and title search fees
  • Real estate commissions
  • Transfer taxes
A successful marketing plan should go beyond placing a sign in the yard or listing on the MLS. Your Realtor should leverage online marketing, professional photography, virtual tours, social media campaigns, and targeted advertising to reach the widest audience possible.
Experienced Realtors often work with a network of trusted professionals, including mortgage brokers, real estate lawyers, contractors, and movers. Your agent should be able to provide recommendations tailored to your needs.
Communication frequency and methods should suit your preferences. A good Realtor will keep you updated at least weekly and be flexible with their communication methods—whether by email, text, phone, or in-person—to ensure you’re always informed and comfortable with the process.
Getting your home ready for showings can require significant effort, but it’s worth it. Homes that are well-prepared for showings tend to sell faster and for a better price. Focus on these key steps: ensure the home is thoroughly cleaned, remove clutter, let in plenty of light, and eliminate any unpleasant odors. Small improvements like adding fresh flowers or staging rooms can also make a big difference.
The answer is simple: no. It’s best for sellers to leave the home during showings. When sellers are present, potential buyers may feel uncomfortable expressing their honest opinions about the property to their Realtor. This could hinder the feedback process or affect their ability to imagine themselves in the space. Leave the property shortly before the showing and return only after the buyer and their Realtor have left.
Open houses are a debated topic in real estate. While some Realtors advocate for them, the reality is that less than 5% of homes sell as a direct result of an open house. Open houses are often used by Realtors to connect with potential new clients rather than to sell the specific property. Discuss your Realtor’s stance on open houses and ensure their strategy aligns with your goals. Remember, a well-marketed home can sell effectively without open houses.
These frequently asked questions are just a starting point for home sellers. Selling a home is a complex process, and it’s natural to have many questions. There’s no such thing as a “dumb question” when it comes to selling your property. Asking the right questions will help you feel informed, confident, and prepared throughout the process.

Benson Oluwasina

Realtor | Certified Negotiation Expert

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