Tips for Selling Your Home

Homes are sold for various reasons…different reasons for different people. For example, many Baby Boomers are feeling the urge to downsize from a large home that has served the family so well, because that large space is just ‘too much home’ for empty nesters. While downsizing is a major reason for selling a home today, some valuable tips can make the process of selling easier and help make the transition of moving go a little more smoothly, says Corinda Wong, REALTOR® and partner at Locations LLC.

“People downsize for a variety of reasons. Some people don’t need as much space anymore, others want more time and money to travel or pursue other endeavors, or sometimes, the headaches associated with the cost and physical burden of maintaining a home are just too much,” explained Wong. But the fact is, getting an expert assessment before making any decisions gives you time to take all the facts and information into consideration, and decide what’s best for you. It allows time to find out how to maximize the value of your home, as well as allowing time to consider where you wish to move, and what the pricing of a new home may be.

Steps to follow when downsizing

“The first step is setting goals with your realtor and having a clear vision of what you would like to achieve. A good realtor helps guide their clients with all of the details by developing a plan – usually five to seven steps depending on their home and needs,” Wong advised.

Families often need guidance after living in one location for many years, in a home filled with memories. “We encourage our clients to declutter and clean the home before listing,” added Wong. “Because selling a home can be such an emotional process, my team and I provide assistance to our clients based on their needs. We have relationships with vendors that we’ve done business with over many years that can help facilitate the moving, cleaning and decluttering, and we put together a timeline and set goals to move ahead,” she explained. “If the family is also planning on another purchase, coordinating the sale and moving to the new home is another step that needs to be strategically thought out.”

Is there a right time to downsize?

“That’s usually based on a personal evaluation,” Wong suggested. “But market timing – during a seller's market or upward market such as we are experiencing now – is optimal. Buyers are competing for properties because of the low inventory. However, this still means that marketing your property is very important. Exposure, pricing, presentation of your property are all-important elements of selling a property. The key is working with the right realtor who can make this process seamless,” she expressed.

What about ‘deferred’ maintenance? Are there advantages to selling a home that’s going to need some repair, versus selling a home that’s a turn-key purchase for the buyer?

“It is always the client’s decision whether they would like to make repairs to the home or not, but at a minimum, we strongly suggest decluttering and cleaning the home before putting it on the market,” Wong recommended.

“However, some factors that determine whether or not repairs should be done include safety issues, the market, budget and understanding what types of repairs are most important. Knowing this, sellers can make decisions that will have the biggest impact.

After a thorough assessment of a client’s property, Wong says she presents scenarios for “what will happen if we sell it ‘as-is’ or with different levels of upgrades. I review the costs and benefits, logistics and other things that are important to the owners. Then, we decide what is best for their personal situation,” she added.

Should you ‘sell and buy’ at the same time?

“It really depends,” Wong explained. “Some prefer moving into a retirement community. Some prefer renting to see what metro life is like before committing and others want a smooth transition from their current home to a new home. We’ve had clients who want to move to the mainland to be closer to children and grandchildren. Everyone’s situation is unique.

“We have also worked with families who are helping a parent or loved one sell a home that has become too much for them to maintain on their own. As real estate professionals, we are here to answer questions, provide options and help people make important decisions about their real estate investments,” Wong said.

“Selling and buying at the same time can be somewhat of a balancing act. But by working with a qualified agent who knows how to structure purchase contracts you can facilitate a smooth transition. Sellers shouldn’t have to worry about storage for their items, being ‘homeless’, or renting short term. Yes, you can absolutely sell and buy at the same time,” Wong exclaimed.

Three key items when preparing to sell your home

De-clutter - This includes organizing closets and draws
Clean – Everything! All visible surfaces should be clean and shiny
Curb appeal - First appearance is very important. Have the yard cleaned and manicured, and be sure the front entry of the home has an inviting appearance