a person who sells something.
the party in a legal transaction who is selling.
noun: the seller “the seller may accept the buyer’s offer”
synonyms: confused, intimidated, on edge, occasionally disheveled.
antonyms: gambler, shooting in the dark, takes what he/she can get.
Contemporary example: “You’ve decided to sell your house, what’s next?”
You’ve heard all the new horror stories involving unstable markets, plummeting prices, new mortgage rules, unethical agents, and that the current market holds nothing but disappointment and despair. However, selling a house, even in the current market, is not about surrendering to the forces of real estate and taking what you can get. As a responsible seller you can walk away fulfilled and content if you follow these 3 steps:
- Find a Realtor You Can Trust
Working with a professional who buys and sells real estate on a regular basis is of the utmost importance. Sure, we all know fun Bobby who has promised low/no commission on your deal. But fun Bobby hasn’t sold a house in years! He is well meaning but he is not equipped to position you effectively in a fast-changing and less understood market. There are plenty of capable Realtors out there, find your realtor-soul-mate. That’s why we come in all different shapes and sizes; find someone who you can relate to and have an honest working relationship with. Where do you start? Ask friends for referrals, or visit some open houses and take that time to ‘speed date’ with the agents. Then interview your top choices, ask them hard questions, get a history, and take a leap of faith.
- Get Your Finances in Order
Review your finances and find out what your needs are. There might be penalties to closing a mortgage early. Are your good rates from 2 years ago portable? Can you take them with you on a new purchase? Mortgage rules have changed since your last transaction, if your moving up find out how you are affected.
Again, find a professional with a good understanding of their industry. One who can not only advise you, but who will shop around and find the best possible product that will fit your needs and your financial situation. Don’t just walk into a bank and sign the first mortgage you’re offered. Your mortgage is going to be your biggest expense, long term. Find someone who will help set you up on the right financial path for you and your family.
- Educate Yourself
Contrary to the slightly dramatized stories you might hear, real estate is not a game in which you are a player or a gambler. You don’t go to auction hoping to win, you strategize based on facts and information. First thing’s first – know your market. Get out there and see what’s available in the markets; what are you up against? Know the price differences between a Semi-Detached and a Detached home, a 2-Bdrm or 3-Bdrm house, powder room, parking garage, etc. Learn the numbers and find out where you fit in that sliding scale. A good Realtor will sit with you discuss past sales and present prices and projections for the future. How you place your product into the market place can make all the difference to a positive sale price and experience. Don’t be fooled by agents who speak of over inflated numbers in order to secure your listing. If it looks like a duck and quacks like a duck, it is a duck.
Now you are prepared, educated, and confident. By completing these 3 steps you have positioned yourself to truly understand the market you will selling in. You know the value of the home you will be selling and you know the timing/pricing/preparation that will go into that sale. You also know why your entering into this process. Your motivation for initiating the sale of your current home; Selling and buying in the same market always makes sense. You are not playing a game! You are in the right place, with the right knowledge, making decisions that make sense for you and your family.