A loved one leaving you a home in their Will is a humbling and lasting legacy. It’s not just a valuable financial asset, but also a testament to their devotion to you.

In a real estate market that is becoming increasingly inaccessible to the younger generations, bequeathing a house can provide a sense of security as well as a place to call home. As monumental as this gift is, it isn’t always possible for the beneficiary to keep in their name.

Sometimes, the location isn’t quite right, especially for a working homeowner who commutes every day. Or perhaps the maintenance costs are too much for someone just starting out in their career. Let’s take a look at some of the challenges and implications of selling an inherited home.

An accurate, unbiased assessment will give you a starting point for an estate sale. Book a complimentary home evaluation here.

Is There an Executor?

The love of your family is simple; inheritance law is much more complicated. Though the legalities are beyond our area of expertise as real estate agents, and we strongly recommend seeking legal counsel, we can give you an overview of the process.

When a loved one passes away, there will generally be an Executor or Estate Trustee to manage their estate until the Will can be settled. If the deceased did not arrange it in advance, the courts will typically appoint someone. The Executor is in charge of assessing the estate, applying for probate and then distributing any inheritances to the beneficiaries.

Do you need more help arranging an estate sale? The posts below can help you prepare:

• Preparing to Sell Your Parent’s Home
• What Resources Are Available When Selling a Family Member’s House?
• Selling a Home for Someone Else? Here’s What You Need to Know

Has Probate Been Completed?

Before the Executor can do anything at all, the courts first need to grant probate. This means authenticating the Will and giving the official go ahead to distribute the assets.

Probate can take time as the courts are often backlogged, so it’s important to apply as early as possible. If anything in the Will is contested, the process can be drawn out even more. Fortunately, many issues can be avoided by working with a lawyer to draw up a Will that is clear and well-defined.

In addition, it is often possible to avoid probate altogether. For example, ownership of a house automatically transfers to the surviving partner as long as the title is set up as a Joint Tenant. Under Tenants in Common, the deceased’s portion will need to go through probate before it can be sold or transferred to the other owners – even if their names are on the title.

Once again, we recommend speaking to an experienced attorney to ensure your wishes are followed. Many assets, such as bank accounts and investments, also allow you to designate a beneficiary, which automatically transfers to the next of kin without the need for probate.

Will There Be Capital Gains?

Capital gains taxes can be a touchy subject when selling an inherited home. You and your family may be grieving, but the government still wants its share. Are they entitled to anything? It depends on the use of the property.

If the home was the deceased’s primary residence, it is exempt from capital gains at the time ownership changes hands. If the beneficiary does not currently own a house, and also decides to use it as the primary residence, it will also fall under the exemption.

When it’s an income property or a second home, capital gains gets a little more complicated. In this case, a portion of the increase in value from the time of original purchase will be subject to capital gains. The estate will pay these taxes before the beneficiary takes possession.

The beneficiary could also face capital gains down the road. If you already own a home and inherit another, that now becomes your second property. No capital gains will apply if the new owner sells the house at the appraised value at which they received it.

However, the property value will likely rise over time, which would lead to capital gains on a percentage of the increase if you decide to sell later. Taxes can be a complex subject, and it never hurts to reach out to a financial expert who can help you make sense of them.

A local real estate team can help you make the most of the sale with minimal stress or time commitments. The posts below can show you some possibilities:

• The Power of Staging When Selling Your Home
• Do I Really Have to Update My Home Before Selling It?
• Minor Upgrades, Maximum Results

What Is Your Timeline?

Unless a beneficiary plans to use the home as their primary residence, a fast sale is usually a high priority after a loved one passes away. However, you also don’t want to devalue the home in your efforts to settle the estate quickly.

You may not have time to prepare as thoroughly as you would for a normal transaction. Luckily, there are still small ways to make the house appealing to potential buyers.

Extensive cleaning and decluttering are an excellent start as they remove distractions and showcase the home in a better light. To further enhance the effect, consider minor repairs such as fresh paint, updated hardware and light fixtures as well as some light landscaping.

It sounds simple, but it can also be easier said than done when emotions get involved. No matter how hard you try to stay objective, going through your loved one’s belongings can be painful. Making decisions about renovations is also challenging, especially when you know your family member liked everything a certain way.

If you’re struggling with preparing the home for sale, either through lack of time or for emotional reasons, remember that you can always reach out for help. Friends and family members are invaluable during this time. With the right support, there’s almost nothing you can’t get through.

Are you looking for professional guidance in managing an estate sale? Our compassionate agents in Hamilton & Burlington are here to support you and answer any questions. Connect with us today or call our offices at 905-332-9223 to learn more.

Fluctuating interest rates have been a hot topic among Canadians over the past few years, and understandably so. A single point change has a significant impact when you take high housing prices into account.

Those seeking to buy or sell a house aren’t the only ones affected, either. For anyone whose mortgage is up for renewal, interest rates can cause a lot of stress and uncertainty. No wonder our team has been getting so many questions about mortgages and how they work! To help, we’ve put together this comprehensive list of FAQs for all things mortgage related.

Are you planning to sell or refinance your home? Start by booking a complimentary home evaluation right here.

How Does Mortgage Renewal Work?

You might think that once you apply for a loan, the process is over unless you decide to refinance. However, mortgages follow different guidelines since they are so long-term. The total length of your amortization period (how long it takes to completely pay off your loan) could be up to 30 years.

This total period is divided up into terms, usually five years. This gives you a chance to renegotiate the terms of your loan. If interest rates go down, you might pay your mortgage faster or have a reduced monthly payment. If they increase, your payments could be more for the duration of your new term.

Your lender will typically send you a renewal notice a few months before your contract expires. You can automatically renew at their stated terms. Alternatively, you (and probably should) shop different lenders to ensure you get the lowest possible rate.

Are you looking for unique insight to help sell your home in today’s fast-changing market? Look no further than the posts below:

• 8 Important Things to Remember When Selling Your Home
• Why Home Sellers Need to Think More Like Buyers
• A Back to Basics Guide to Maximizing Your Sale

How to Calculate Mortgage Renewal Payment

If you Google “mortgage renewal calculator Canada”, chances are you will find hundreds of results online. That said, we recommend that you speak to a reputable mortgage professional rather than relying on online tools, especially when rates are changing.

While tools like these can be a starting point and give you an idea of what to expect, they can also be misleading. If a number comes back too high, it can cause unnecessary stress. If they underestimate your mortgage renewal, you may be in for a shock when you get your actual rate.

If you want to use a free mortgage renewal calculator, just be sure to take the results with a grain of salt and confirm everything with your lender. In addition, make sure it’s a Canadian site as plenty of American sites will also pop up.

If you are in a position to do so, you can pay off your mortgage at renewal without penalty. At this point, you’ve reached your long-awaited goal of becoming mortgage free!

Do You Need to Qualify for Mortgage Renewal?

Generally speaking, yes. However, the process is far more straightforward and lenient when staying with your existing lender. If your history is positive, there is no reason for them not to renew your mortgage.

It gets more complicated when switching lenders. You’ll have to submit a whole new mortgage application and undergo another credit check. If you have the chance at a lower rate, it could be worth the extra effort.

What Happens if Your Mortgage Renewal Is Denied?

Can a bank deny mortgage renewal in Canada? Unfortunately, yes. However, it is rare unless your finances or credit rating have taken a dramatic turn.

If it happens, it’s best to find out early so you can take steps to remedy the situation. With enough time, you can work to improve your credit score and negotiate with your existing lender. In the worst-case scenario, you can try working with a B-lender or private mortgage company.

Can You Change the Amortization Period on Your Mortgage at Renewal?

Your mortgage renewal gives you the chance to renegotiate all of your terms, including your amortization period. A longer period can mean lower payments, but keep in mind that you’ll pay more in interest over time.

If you’re in a position to increase your monthly payments, you can ask for a shorter amortization period and save on interest. That said, each lender will have their own policies. Whether or not your mortgage is insured could also play a role in how flexible they will be with your new terms.

Do Banks Check Credit for Mortgage Renewal?

The answer is it depends on whether you are staying with your existing lender or switching to a new provider. Your existing lender is already familiar with your financial history. It’s not likely that they’ll run another credit check even though they have the option.

A new bank requires a whole new application, and they are almost sure to check your credit rating.

How Does Selling a Home Work With Mortgage Work?

Clients often ask us, “Can I sell my home before the mortgage term is up?” Your house is your property, so you can sell whenever you choose. However, the bank could charge a penalty depending on the type of mortgage you have. Open mortgages are far more flexible, although they can come with higher interest rates.

Closed mortgages are more strict. If you sell your home before your term is up, you will likely have to pay a fee unless you can port your mortgage to your next purchase. As always, it pays to have a discussion with your lender so you can fully explore your options.

What Happens If You Default On Your Mortgage?

Defaulting means a failure to pay your mortgage on time or in the full amount. When that happens, the bank may charge you a late fee as outlined in your agreement. It could also affect your credit rating if you are consistently late or overdue.

The bank’s first course of action is generally to send you an overdue notice. Typically, there is a grace period that allows you to bring your account back into good standing. If you fall behind, your lender may initiate a Power of Sale or Foreclosure as a last resort.

If you are in financial duress, it’s best to communicate with your lender as early as possible. They may be able to offer a solution, such as a longer amortization period with lower monthly payments. You can also look to Canada’s federal website for guidance and extra resources.

What Is A Mortgage Stress Test?

When applying for your mortgage, a federally regulated lender will review your ability to repay based on a couple of percentage points higher than the current interest rate. This ensures that you will still be able to afford your home if rates rise. It protects your interest and theirs, and helps to reduce mortgage delinquencies.

Inevitably, clients will often ask how to avoid a mortgage stress test. Keep in mind that this usually only applies to new borrowers. As of late 2024, existing homeowners are exempt upon renewal as long as your mortgage amount and amortization period stay the same and you are with a federally regulated lender.

Non- regulated lenders operate under different rules and may also allow you to bypass this requirement.

Whether selling or buying a house, it pays to know how the market and financing work. You’ll gain valuable insight in the posts below:

• What Is Bridge Financing and Do I Need It When Selling My House?
• A Home Seller’s Guide to Closing Costs
• How Mortgage Stress Tests Affect Home Sellers

What Is a Variable-Rate Mortgage?

Now, let’s get into the different types of mortgages in Canada. A variable-rate mortgage is one where your interest rate could change multiple times throughout your term. When rates are high, your mortgage payments also increase. When the Bank of Canada lowers the rate, your payments could go down. Alternatively, your lender might apply more to the principle of your loan so you pay it off faster.

If you’re okay with fluctuating rates, a variable mortgage can be less expensive over the long term as the rates tend to be lower most of the time. However, there are no guarantees without a locked-in mortgage. A closed variable-rate mortgage could potentially offer even lower rates but have more restrictions as to whether you can pay off your loan before the end of your term. The penalty for ending your contract is typically three months’ worth of interest.

What Is a Fixed-Rate Mortgage?

Unlike a variable term, a fixed-rate mortgage means your interest is locked in for the entire duration of your term. Many homeowners feel it’s a less risky option because you know how much your payment will be every month.

That said, interest rates are sometimes higher with fixed mortgages. The other difference is that while variable mortgages are tied to the Bank of Canada, fixed loans are based on Canadian bond yields. Most terms are five years. That said, the longest fixed-rate mortgage in Canada can be up to 25 years. These types of loans are rare, and rates can be higher. However, it might be worth checking into if you’re locking in during a time of unprecedented low interest.

What Is the Penalty for Breaking a Fixed-Rate Mortgage?

You might decide to break your term early if you sell your home or come into a sum of money. Depending on the type of mortgage, the bank may charge a penalty along with an administrative fee.

Open mortgages come with few, if any, consequences to ending the term early. With a closed fixed-term, the penalty is usually one of the following, whichever is greater:

1. Three months’ worth of interest based on your remaining balance and the current rate.
2. The Interest Rate Differential based on how much interest you would have paid if you had completed your term. This can be significant, especially if the rate is higher than when you originally began your term.

My Mortgage Is Too High. What Can I Do?

The monthly mortgage payment is the greatest expense for most households. Buying a home is an expensive endeavour, but remember that you are acquiring a valuable asset that will appreciate even more in time. What happens if your financial situation changes and you simply can’t keep up with your payments?

Your first step is to talk to your lender, preferably before you go into default. Many will work with you if you are facing difficulty, provided you are acting in good faith. Your options may include refinancing your mortgage for a longer amortization period. This will reduce your monthly payment, but take longer to pay off. You will also pay more interest over the long term.

If you’re not in financial distress but still want to lower your monthly mortgage, you might consider a lump sum payment at the end of your term. This helps you become mortgage free sooner while paying less interest overall.

Whenever your mortgage term draws to a close, you can always talk to a mortgage broker to see if you can find a lender with more favourable terms.

Are you planning your next home purchase? The posts below can help you get started:

Our Ultimate Handbook for First-Time Buyers

Hidden Costs of Buying a Home You Need to Know Now

7 Amazing Benefits of Working with a Real Estate Agent

What Does A Mortgage Broker Do?

Real estate agents will often refer clients to a mortgage broker when searching for financing for a new home. Unlike a bank or credit union, a mortgage broker can shop multiple lenders all at once to find you the lowest rate and the best terms. Plus, it only counts as one search on your credit report, which can be important for anyone conscious about their credit score.

There you have it, a complete guide to everything you ever wanted to know about mortgages! If your mortgage is coming up for a renewal, you have what you need to negotiate the best terms.

Do you want customized guidance when buying or selling a home? Our top agents in Hamilton & Burlington are ready to help with anything you may need. Contact us right here or call 905-332-9223 to connect with our office today.

Selling your house involves serious planning and preparation. If you want to get the best results, you want to impress potential buyers even before they walk in the door. It begins with thorough cleaning and decluttering before deciding what, if any, upgrades or renovations you will make.

Before you invest in any of these improvements, it pays to consider who the most likely buyer will be. Recently, we’ve seen an uptick in first-time buyers who are ready to begin the process of buying a home. Millennials and members of GenZ often have very different preferences than you might expect. In this post, we’ll talk about how to attract the attention of serious and qualified buyers from the younger generations.

Whoever your potential buyer may be, the first step to selling your home is to know what it’s worth in today’s market. Find out by booking your free home evaluation right here.

Focus on Your Buyer’s Interests

If you’re a long-time homeowner listing your house for sale in today’s market, it always pays to put yourself in your buyer’s shoes. Younger buyers may have different priorities. While it may not seem to make sense to invest your time and energy into appealing to one demographic, there are certain aspects that most buyers will agree on. For example:

• Nearly everyone wants a house that’s clean and pristine. Very few people of any age can look past a mess to see the potential for themselves. This is also why staging works so well.
• While a few people may want a fixer-upper, more buyers want something that’s move-in ready with few or no renovations needed.
• Every buyer wants to feel as though they’ve received outstanding value for their purchase. This is always true, regardless of age, background or financial status. The trick is to provide this value without investing more time or money than you need to.

These are the generalities that are true at any time in any market. Your real estate agent can help you drill down on the specifics as to what the most likely buyers are looking for in your area.

Looking for more tips to achieve outstanding results? The posts below can help:

• Should You Sell Your House or Rent It?
• A Back to Basics Guide to Maximizing Your Sale
• What Everyone Needs to Know About Selling Their First Home

Is Your Home Attractive to First-Time Buyers?

Some houses are more feasible than others for first-time buyers. Many younger people entering the market will have a lower budget than someone established in their career and with years of equity behind them. Think of what this might mean when creating a marketing strategy for your listing.

1. If you’re selling a condo or a small bungalow, chances are your listing will attract a significant number of first-time buyers. This is something to keep in mind as you prepare your house for the market.
2. If you’re selling a luxurious four-bedroom home by the waterfront, you may not see as many first-time buyers – unless they are exceptionally affluent. In this case, consider adding a touch of trendiness as you prepare your listing for a high-budget buyer.

Focus on Functionality and Comfort

Given their budget consciousness, a first-time buyer is unlikely to be impressed by over-the-top luxury upgrades or high-end appliances. Adding expensive features can also be intimidating to a younger person who doesn’t have the skills or the budget to maintain them.

Often, it’s much better to focus on necessary repairs and upgrades that enhance your home’s functionality and comfort. For example, fixing leaky faucets, broken baseboards or replacing water-damaged flooring can make a first-time buyer feel more confident in the structural integrity of the home.

From there, you can focus on simple yet attractive cosmetic enhancements. The ideas below can get you started.

• Simple kitchen and bathroom upgrades such as new countertops can go a long way, but they don’t necessarily have to be granite or quartz. A less expensive option might be all it takes.
• Installing an energy-efficient HVAC system could make sense to a first-time buyer who is concerned about the costs of heating and cooling.
• Increasing the amount of storage space appeals to nearly everyone, especially a younger buyer who plans to add to their family one day.

Are you looking for simple but cost-effective ways to enhance your home’s value before putting it on the market? The posts below will give you some ideas to start with:

• How to Stand Out in a Changing Real Estate Market
• The Power of Staging When Selling Your Home
• Does Curb Appeal Still Matter When Selling A House Today?

The Timeless Appeal of Move-In Ready

If there’s one thing first-time buyers are looking for, it’s a home that’s move-in ready. A fixer-upper might represent better value on paper, but a younger person often lacks the knowledge of how to make the necessary repairs and updates.

In addition, they are concerned with the costs involved, and rightly so! The prices of labour and materials have risen substantially over the last few years due to inflation. Bringing a house up to minimum standards can be more expensive than buying a move-in ready home to begin with.

If your roof leaks or you have a major electrical problem, it’s likely a good idea to repair them before listing your house. Even if they don’t add much to your final sale price, it could mean the difference between selling or sitting on the market.

The beauty of focusing on upgrades that appeal to a first-time buyer is that your home will also become more attractive to buyers in nearly every demographic. Think of it as a starter strategy that you can build upon. Ultimately, the simple steps you take today can lead to a faster and more streamlined sale.

Do you want more advice on how to prepare your home to sell in today’s fast-paced market? Our top agents in Hamilton & Burlington are happy to guide you through the process. Contact us right here or call 905-332-9223 to speak with an expert today.

A condo is a great option for many retirees or first-time buyers looking to get a foot on the property ladder. That said, no one knows what life will bring, and the time may come when you’re ready for a change.

Maybe your condo fees have increased for the umpteenth year in a row, maybe you’re looking for a place with a backyard, or maybe you’re expecting a child. Whatever the reason, you’ve decided to sell your condo and look for a house.

If you’re thinking about trading in condo life for detached living, here are a few things to keep in mind.

Knowing the value of your condo will give you an excellent head start in any market. Book your free home evaluation right here.

Start With Expert Advice

Our co-founder, Jayne Woolcott, is a great resource when it comes to obtaining inside knowledge on selling a condo, especially when the market is unpredictable. She says,

“Many of our clients, when they first come to us, think that selling a condo is easier than selling a detached house. The fact is there are unique challenges with a condo that our team is armed to help our sellers with.”

Below, Jayne shares her top tips for selling a condo:

Aligning with a knowledgeable real estate agent is the foundation of a successful condo sale. The posts below will help you narrow down your options:

• Can a Real Estate Agent Sell their Own Home?
• Should You Use the Same Agent to Sell and Buy a House?
• Fact Vs Fiction About Working With A Real Estate Agent

Know the Current Competition in Your Building

Depending on the market, demand for condos can come and go. When a lot of first-time buyers are searching, demand tends to be high. If it’s mostly families looking to upsize, condo buyers may be more scarce.

One of the particular challenges of condos isn’t just competition from the neighbourhood, but from other units in your own building! If others are listing at the same time, you need every possible advantage.

Buyers will always start with their desired building to see what’s available – and how the competition stacks up. Working with a professional real estate agent will help you form a winning selling strategy and highlight the benefits of your unit to potential buyers.

Make Sure Key Access Is Easy

Selling a condo successfully depends on strict attention to many of the smaller details as well as an overall strategy. First things first, make sure buyers and their agents can get into your building to show your unit!

While all condos have different rules on where lockboxes can go and who has access, the main rule is to make it as easy as possible for agents to find the key. Ensure your sales representative has a distinctive lockbox and it’s placed in an easy-to-find area.

Have a Status Certificate Ready

If a buyer loves your condo and is serious about it, you can almost count on the fact that they will request a Status Certificate. This document provides insight into the financials of a condo corporation, as well as if they are currently facing any legal troubles.

If your building has a clean bill of health, that’s a major advantage in negotiations. If not, you and your agent will need to create a plan to alleviate a buyer’s concerns. Remember that if you are worried about rising condo fees or upcoming special assessments, your buyer will be as well.

Regardless of what the Status Certificate reveals, having it ready shows buyers that you are transparent and honest with them. Even if it’s slightly less than stellar, this step alone can help to instill confidence in their purchase.

How Much Does It Cost to Sell a Condo?

Every listing is different, so it’s hard to put an exact dollar amount on how much it will cost to sell your condo. That said, knowing what types of expenses you’ll face will help you prepare.

• First, there are real estate commissions, usually 3 to 5% of the total transaction. However, if you have a good Realtor®, you’ll typically earn more from your sale, which negates this particular cost.
• You will likely want to invest in some improvements to make your condo more appealing to buyers. Again, this should result in a higher sale price, so it’s well worth the cost of being prepared. The trick is to know what projects will get you the results you’re looking for and where you can save money.
• Every real estate transaction involves closing costs, which will include lawyer’s fees, home inspection fees, appraisal fees and moving expenses. Ideally, you should expect to pay 3% to 5% of the total sale price.

Whether selling a condo or a detached home, it’s essential to make sure your listing is show-worthy. The posts below will help:

• How to Stand Out in a Changing Real Estate Market
• A Back to Basics Guide to Maximizing Your Sale
• The Power of Staging When Selling Your Home

Keep Things Tidy for Showings

Most sellers understand the value of keeping the home impeccable for when buyers want to walk through. One of the primary challenges of selling a condo versus a house is a general lack of storage space.

You can scrub the kitchen, bathroom and bedrooms as much as you like, but what will you do with all of your stuff? It may be time to get creative, whether you scour your closets and cupboards for items you can part with or store your must-have belongings with a friend or family member. In the worst-case scenario, you might invest in an off-site storage unit until you accept an offer.

Remember that many of your buyers might be downsizers or first-time home buyers. The last thing you want is for them to spend the entire visit wondering where they will put all of their belongings. By keeping your space clean and clutter-free, you showcase the full potential your condo offers.

Our top agents in Hamilton & Burlington have extensive experience in helping sellers attain maximum value for their condos. If you’re thinking about selling, call us at 905-332-9223 or reach out to us right here.

Open houses can be a valuable selling tool, especially if you live in an area with a lot of foot traffic. It’s true that you may get some people who are simply curious, but you’ll also have a chance to showcase your home to serious potential buyers.

During this time, buyers can come in and see if they can envision themselves living in your home. If they can, you could be well on your way to putting up the “Sold” sign. However, it isn’t all about the visual effect. If someone is considering placing an offer, they will have questions. Your Realtor® should be able to elaborate on a multitude of topics to make a buyer feel comfortable enough to take that next big step.

An accurate, unbiased assessment is the foundation of your effective home-selling strategy. Book your complimentary home evaluation here.

Why Host an Open House?

There are many benefits to hosting an open house in addition to your other marketing activities. First and foremost, your buyer can see the house for themselves at their own convenience.

Unlike a last-minute showing, you have plenty of time to prepare for an open house. You can make sure every aspect is warm and personal, giving visitors a better idea of the quality, aesthetic, and functionality of the house.

As we all know, online images can be deceiving. Hosting an open house allows you to show the world that your home is the real deal. Plus, you also have a chance to see what visitors think of the house. Your agent should listen closely, as they might hear snippets of conversation that potential homebuyers are having. You may get some feedback on an easy fix that will make your house even more appealing.

When creating a winning strategy for selling your home, it never hurts to get back to basics. The posts below are a great place to start:

• A Back to Basics Guide to Maximizing Your Sale
• What Everyone Needs to Know About Selling Their First Home
• How to Stand Out in a Changing Real Estate Market

Top 10 Questions Buyers May Ask

If you’re sold on hosting an open house, here is a list of ten questions that you and your real estate agent should be able to answer.

1. How Much Is the Listing Price? Has the amount been reduced?

Your buyer will only place an offer if they feel they are getting value. You need to be able to justify your asking price, especially if it’s higher than other homes in your area. Think of any updates that you have invested in and consider the condition of the house before settling on a final price.

If the amount has been reduced, you should also have a good reason why. Accurate pricing is one of the most critical aspects of the sale – and you want to be able to prove that what you are asking for is on point.

2. Are There Any Offers?

If a buyer is interested, they’re almost certainly going to want to know if they’re in competition. If asked, your listing agent must disclose whether any other offers have come in – or not.

They don’t have to divulge any specifics, but they could talk about the offers in general terms, such as being close to the asking price. Under absolutely no circumstances is the agent allowed to lie and say they’ve received offers when they have not.

3. What Is the Neighbourhood Like?

Buyers aren’t just searching for a house; they’re looking for a great neighbourhood! This is why we typically recommend working with a real estate agent who knows your area inside and out.

If there are great schools and fabulous restaurants nearby, be sure your Realtor® is prepared to talk about them in detail. You never know what might push someone off the fence and decide to place an offer.

4. Are There Good Schools in the Neighbourhood?

This could fall under the previous question, but it’s important enough to warrant its own category. Reputable schools are a significant value add even if the buyer doesn’t have children.

Just being in the right catchment area can mean the house retains its value in any market. If the buyer has children, access to highly-ranked schools makes your home even more desirable.

5. How Long Has the Listing Been on the Market?

Not every question will be easy to answer. Potential buyers are always on the hunt for great value, but they are also looking for red flags to avoid. A house that has been sitting on the market for a long time could be both of those things.

This is also why negotiation skills are so important. A house could be on the market longer than average for any number of reasons, and it isn’t always a bad sign. An experienced professional will be able to provide an honest answer while still presenting your listing in the best possible light. On the other hand, if your house is brand new on the market, your agent can capitalize on all of that excitement and buzz!

A faster sale often means earning more money from the transaction. Following the advice in the following posts can help you maximize your results.

• Does Curb Appeal Still Matter When Selling A House Today?
• The Power of Staging When Selling Your Home
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home

6. Has the House Passed a Home Inspection?

A pre-listing inspection can help sell your home faster by alleviating a buyer’s concerns about structural or safety issues. If you have one, be sure your agent knows about it.

If not, they may be able to emphasize the age and condition of your house, as well as any recent updates you have performed. A buyer could also request a home inspection at their own expense.

7. Does the House Have a History of Mould or Asbestos?

No one ever wants to know that their house has a stigma. Nevertheless, issues like mould and asbestos can come up if the buyer requests a home inspection. It’s always best for your listing agent to address it in advance rather than having the buyer discover a potential dealbreaker on their own.

All is not lost if it turns out your home has a stigma. Learn how to handle it in Can You Successfully Sell a House With a Stigma?

8. When Were the Roof, Plumbing and Electrical Upgraded?

These are some of the most expensive items to fix, so it makes sense that buyers will ask about them. You may have to consider a price concession if anything is in poor repair, especially during a slower market where the buyer has other listings to choose from.

On the other hand, if you’ve recently replaced your roof or HVAC system, your listing agent will want to shout it from the rooftop!

9. What Are the Average Utility Costs?

A savvy buyer knows there’s more to buying a house than just the purchase price. There are closing costs and other monthly expenses that they’ll take into account. An accurate estimate of what they can expect in terms of gas and hydro can help them make a faster decision.

10. What Else Is Included in the Listing?

Your buyer will likely want to know what inclusions come with the home. Often, the seller will leave the appliances and window coverings. Be sure that your agent is ready to highlight other benefits, such as if the deal also includes your brand new BBQ and gorgeous patio furniture. This gives you an added edge if the buyer is deciding between your house and a similar listing that doesn’t include anything extra.

Being prepared will help both you and your Realtor® be ready for those tough questions buyers will inevitably have. By providing well-thought-out and intelligent answers, you can showcase the value of your home and help buyers feel confident in making an offer.

Do you want a customized action plan to sell your home in today’s market? Our top agents in Burlington & Hamilton are happy to help. Contact us today right here or call 905-332-9223 to take the next step.

Under ordinary circumstances, selling a house is a big project, especially when dealing with a busy family and home life. The list of tasks involves cleaning, decluttering, updating and staging your house to appeal to buyers. Once your home looks spectacular, it is then on to photos, marketing and showings. All of this may sound like a full-time endeavour in and of itself; and, we haven’t even gotten to the negotiations yet.

Could finding a private buyer alleviate some of the work involved with selling your home? Imagine you know someone who knows someone who is looking for a house just like yours. You connect with that potential buyer, perhaps even give them a tour of your property. To your relief, they love what they see and make you an offer. Can it really be this easy, or is there a catch? The real question may be: Do you still need a real estate agent?

Technically, no. You can sell your house yourself if you can find a buyer. Just remember that “For Sale By Owner” transactions come with real and tangible risks. In this post, we’ll take a look at a few of the most likely implications.

When selling your house privately, an accurate, unbiased assessment of your house is even more critical. Book your complimentary home evaluation right here.

Will Taking Shortcuts Hurt Your Home Sale?

Finding a buyer on your own can save you a lot of time and expense if everything goes according to plan – but that’s a big if. On one hand, you might not have to renovate your house as extensively, and you’ll no longer have to invest in marketing or promotion.

On the other hand, will that buyer you found on your own be willing and able to pay the fair market price for your home without any improvements or upgrades? Friend or not, no one will pay more for your property than they perceive it’s worth.

In fact, there’s a good chance a friend or relative may be hoping that you’ll give them a break. You are family, after all! Even if they don’t put the pressure on, you may feel obligated to “help them out” by letting them buy your house for less than you would have received on the open market.

Working with an experienced real estate agent will help you quantify exactly how much your house is actually worth and what you might lose by not listing your home on the MLS®. Often, it’s better to sell your property in the traditional way, where you earn the highest price for the market and find a different way to support your family member or friend.

Every situation is different, but the posts below can help you overcome almost any challenge when selling your home:

• Expert Tips for Selling a Home in Winter
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• Can You Successfully Sell a House With a Stigma?

Potential Legalities to Understand

Like any legal contract, real estate agreements can be challenging for someone who doesn’t work in the industry. For example, there could be permit issues or other encumbrances that you must deal with before the transfer of ownership takes place.

In the worst-case scenario, mistakes on any of the documents could lead to legal complications. Having a real estate agent on your side can enable you to avoid problems and close your transaction without last-minute stress or arguments after the fact. At the very least, you’ll want an experienced real estate lawyer to review all terms and clauses of the transaction.

The Importance of Effective Negotiations

Professional negotiating is one of the first things to go in the event you find a private buyer for your home. Without outside representation, going back and forth over the terms of the sale can lead to tension between you and your private buyer. It can also strain your relationship if it’s someone you are close with.

Negotiating the terms of the sale isn’t just about the price. A real estate contract also outlines any conditions of the sale you’ll have to meet before your transaction can close, including any issues with financing and whether your buyer can back out if their own house doesn’t sell as anticipated. In addition, you’ll need to discuss what exclusions and inclusions are part of the deal. Your buyer may expect you to leave your brand-new window coverings and patio furniture even if no one brings it up.

You’ll also have to decide whether to complete a home inspection, which could uncover necessary repairs and maintenance. Who is in charge of fixing them, the buyer or the seller? These are all points you’ll have to take into account.

A third-party expert who remains neutral and explains each clause and condition carefully and clearly means everyone knows what to expect throughout the transaction. Under this expert guidance, each party is more likely to be happy with the outcome.

No matter what, you always want your home to look its best before putting it on the market. The posts below can help you get the results you’re hoping for:

• Minor Upgrades, Maximum Results
• Are DIY Upgrades Ever a Good Idea When Selling Your Home?
• Does Curb Appeal Still Matter When Selling A House Today?

Can You Really Remain Objective?

One of the hardest aspects of navigating a private sale is the ability to remain objective. The closer the relationship, the more challenging this becomes.

Commanding top dollar for your property might seem like a selfish choice when there’s an emotional connection involved. Offering a deep discount only seems fair, but what about your own plans? You may want to retire or purchase a new home, and you will need to maximize the value of your transaction to do so comfortably.

When a real estate agent brings a buyer – or better yet, multiple buyers – you no longer have these feelings of obligation. You’re free to sell your home at the best price the market will bear so that you can move on seamlessly to your next steps.

Do you have an unusual situation when selling your home? It’s nothing our top real estate agents in Hamilton can’t handle! You can connect with us right here or call our offices at 905-332-9223 to start the conversation.