People who are part of the millennial generation were born between 1980 and 2000. That means they are now 19 to 39 years old. Many millennials are just now thinking about buying their first home. If you are a millennial who is selling their home, you are a rare breed, unless you got the property from an inheritance.
This guide will help any first-time sellers to know what to expect from the process of selling a home and gives some tips for millennial home sellers in Toronto.
Tips for Millennial Home Sellers in Toronto
1. Work with a Real Estate Agent
2. How to Price a Home for Sale
3. Stage a Home Properly
4. Allow Plenty of Time
5. Conduct Due Diligence on Offers
6. Be Willing to Negotiate
Work with a Real Estate Agent
It is possible to sell a home without using a real estate agent; however, for first-time sellers, this may not be the most effective method. A professional real estate agent knows how to market a home and understands the process of closing the sale. It is probably better to ask a bit more for the home, to help pay for the help of a professional, than trying to do everything without one.
How to Price a Home for Sale
Research the prices of homes that are similar to the one that will be sold to help figure out a fair price. Look up the records for the actual recorded sales prices because those will be the actual prices paid, which are usually lower than the asking prices. Those are the two figures that are very useful for a seller to know. What to ask for and what to settle for in the negotiations with a buyer.
Stage a Home Properly
Staging is getting the home in the best possible condition that makes it very attractive to buyers. Staging includes cleaning, repairing, removing many things, and adding others to make the house look its best. Work with your real estate agent to get help with staging.
Allow Plenty of Time
If you want to get a good price for the sale, do not be in a rush. Price the home for sale at the average price for a similar home. Do not sell the home at a price that is very low unless you have an emergency need to sell the home quickly.
Conduct Due Diligence on Offers
Offers are more than just the dollar figure for the purchase. An offer’s strength also depends on the ability of the buyer to secure financing. A buyer who has a pre-approved loan commitment is stronger than one without a lending commitment. A pre-approval based on credit history and score of the buyer is the next best thing but is not as strong as a lender’s written commitment to lend.
Be Willing to Negotiate
By knowing what similar homes sell for and the ultimate prices paid by the buyers, give the negotiation room. If an offer comes in that is too low make a counteroffer that is less than the listing price but not your final price. Save your last price for the second round of negotiations with a motivated buyer.
By following these tips for Millennial home sellers in Toronto you will become a seasoned home seller and ready to do this again. Not only can you buy another home, when you sell one for a profit, if you are clever you can build up a real estate portfolio that is made of quality investment properties.