Real Talk, Real Estate: Home SellersReal Estate Resources
Real Talk, Real Estate:
Owning a home is perhaps the most significant financial and emotional investment you’ll ever make. The experience is exciting and can be overwhelming at times, but asking the right real estate questions, and seeking answers from a trusted team of professionals, will put your mind at ease. Here are 5 top questions I receive from clients interested in selling their home or cottage property.
1. If the market is changing, when is the best time to sell my home or cottage?
The best time to sell your home is when you are ready. Trying to time the market can be frustrating and while we can all make our best predictions, no one can speak with certainty.
2. Should I sell my current property before buying a new one?
Given our current market conditions, I would advise that you do. The reality is that homes are taking longer to sell and we are in this awkward time when it comes to pricing. We are definitely back to a market where pricing your home at what would be deemed market value will be paramount to your success.
3. When selling my home, how do I determine the selling price?
We sit down and review current pricing trends. What your neighbour sold for 6 months ago does not matter. It is my job to help people understand where the market is today, not where it was or where they would like it to be. You do not want to be in a position where you are chasing the market, you want to be running with the market.
4. How should I choose what offer to accept?
A good offer does not always mean the best price. I encourage you to look at the terms of the offer and if they work for you. When we see multiple offers, it could be tempting to go with the higher price, however, the higher price offer may come with terms and conditions that are not necessarily favourable. Perhaps a lower price offer, with a healthy deposit and no conditions would be the better option. There is no cookie-cutter approach, it really is a case-by-case situation.
5. Do I have to pay taxes when I sell my home?
As a Seller, you will pay HST on real estate commission and any other professional fees ie) lawyer/accountant. Depending on your situation, you may be required to pay capital gains tax, especially if this is a secondary or income property. If you are not a Canadian citizen, there is also a non-resident tax. I always advise that you speak with your accountant or lawyer when it comes to tax implications. The reality is you need to pay them, what I don’t want are surprises when it comes to closing time.
Do you have a real estate question you are seeking advice and guidance on? Let’s connect!