100 Questions About How to Sell Your House Fast

How to sell your house fast with less stress.

Wondering how to sell your house fast? Selling your home can be scary and stressful. Did you use the right agent? Is the house priced right? What if no one makes an offer? When you're selling your home you are faced with so many decisions and possible problems that it is natural to be overwhelmed. If there was only some way you could get answers to those questions and head off some of that stress beforehand.
Great news! There is! I have gathered a list of questions we hear most often from homeowners that are looking to sell. And as a bonus, I've sprinkled in some questions that I feel homeowners should be asking before the sign goes up on the lawn.

So what are we waiting for? Let’s dive in with the first 10 questions, in no particular order;

1. How can we show our house with the new realities of COVID?

COVID is scary. As I write this, the province just announced that March break will be postponed in schools until April, and new variants seem to be popping up every week.
So how can we sell a house if we can't even get a haircut? By following the health department guidelines religiously. That means limiting the number of people at showings, wearing three-layer or N95 masks, and the liberal use of hand sanitizer (or gloves).

Whenever possible, meetings and showings can be done using video services to further limit contact and even contract signing can be done electronically.
By following these guidelines, the health department has said the chances of contracting COVID can be significantly reduced.

2. Should I sell before I buy, or buy first?

This is one of the biggest questions in real estate. It is so big that I will be writing a separate blog post to do a deep dive into the subject.
Both options have their pros and cons. Although there is one steadfast rule, research the market before you decide.

In a seller's market, you risk less by holding off on listing your house, because it should sell quickly. In a buyers market, you should list your house as soon as possible assuming it would take longer to sell.

And always have your real estate agent craft the proper clauses to make the sale conditional on the sale of your current home in any offer you make. This is crucial, as you could end up owning two homes, with two mortgages to pay if you don't. It is better to miss out on one house than end up with one house too many!

3. Do I need a real estate agent to sell my home?

No. And technically you don't need a dentist to do your dental work either. You could fish around in your mouth, pulling any tooth that hurts or doesn't look good. But is that the solution you need? Or do you need a solution that fits the situation better?

Real Estate agents and brokers are trained, experienced and insured. Their living is made by putting together deals between two parties with opposite goals. A good real estate agent doesn't get emotionally attached to a property, or a particular outcome, instead they work with their client's best interests in mind.

4. How much will it cost to sell my house?

This can vary depending on where you live, the timing of your sale and your particular tax situation.

Typically when you sell your home in Newmarket, you can expect 5% to come off the top for realtor fees. This covers the cost of marketing your home, showing your home, negotiating the transaction and progressing the paperwork to the point that it is handed to your lawyer for the title search and undertaking the land transfer and mortgage transfer. This fee is split between the selling brokerage and the listing brokerage.
There are brokerages out there that will do it for much less, 1% to the selling agent is common, however, the levels of service vary widely so shop around before committing to a 1% listing.

Next, your lawyer can cost between $500 and $2000. The wide range is due to the wide range in lawyer skills, as well as differences in transaction complexity. A transaction where a house is being sold due to divorce or court order can cost much more because it takes more of the lawyer's time to complete for example. Again, shop around to ensure what is included, sometimes the more expensive lawyer can save you money in the long run.

On top of these fees, there are the closing costs. These vary as they are based on utilities used, taxes paid upfront and the like. If you've pre-paid taxes and utilities, you probably will be owed money, but if your taxes are billed in arrears (billing for last year's taxes, which is very common) you will likely owe money.
A good rule of thumb is to hold back between $500-$1000 to cover these expenses (more if your taxes are very high).

While it is not an immediate expense on closing, you should also give some thought to your income tax situation. Discovering if your transaction will be taxed as capital gains or income and how much that tax might be will help you budget for the next April. There is no more stress-inducing entity in the world than the taxman, so make sure you don't run afoul of him!

5.  What should I expect in the listing presentation?

Never sat in for a listing presentation before? You're in for a real treat!
Just kidding. Typically a listing presentation was a chance for a real estate agent to sit at your kitchen table and "humble-brag" about how great they are at selling real estate.

So, before you have the agent over you should do some cleaning. A smart agent will go through your entire house to assess how it will show to potential buyers. The agent will also be getting a feel for how much the property will list for. They might take photos (I take a video of my walkthrough so I can reference it later) and talk about any obvious repairs your home may need.

You may also get a nice PowerPoint presentation. It will tell you how great the agent is, how excellent his/her marketing is and how he/she is going to get you top dollar for your property. If the agent is extra special, you might even get a claim like "#1 agent in AnyCity*". That asterisk is significant,  it's how they qualify the claim. It might be the #1 agent out of all left-handed agents born on a Monday. Or it might tell you that in 2015 they sold more than any other agent at their brokerage. Or the asterisk might say they are the #1 team at a brokerage that has no other teams. (I have seen this claim "in the wild") I don't use such claims. I don't even look up such statistics.

Another thing to watch out for is the "Your home sold or I buy it" type guarantees. Agents that use these will make a big presentation about the program don't be wooed by this alone. Such guarantees are another place to look for the asterisk and check the terms and conditions. I have seen where the guarantee requires you to take 70% of your listing price, which is a real win for the investor that works with that real estate agent. I don't make these guarantees, as I don't believe they add any value to the homeowner. If you were willing to accept 70% of your listing price you would have just lowered the price of your listing.

Listing appointments in my opinion, when done right should be very brief. If the agent has done his/her job properly, you've already been looking over the agent's marketing materials. You have the marketing prospectus in hand, and read it on your own. You should be almost positive about which agent you feel would be the best fit, the listing appointment is just to confirm that.

And if COVID showed us anything it is that a listing presentation can be done virtually through video. The only in-person portions being a brief walkthrough before the photographs (which could also be done by video) and signing the listing agreement.

6. How much should I list my house for?

The market value. Or slightly under if the market conditions exist that could result in a bidding war.
Don't know what the market value is? Text me and I will work up a CMA (Competitive Marketing Analysis) for your home.

7.  Do I need to stage my home?

Short answer, no. But it is highly recommended in many cases.
Staging is like packaging design for real estate. It creates an attractive inviting "package" that allows the buyer to see themselves living in that home and the possibilities that brings.

If you are totally against staging, I suggest at the very least you clean, paint and "depersonalize" your home. Remove family photos, take-down any religious symbols and box up your collectables.
This will create a broader appeal while eliminating that subliminal message that this is someone else's home.

I can tell you however from a real estate broker's experience, the homes that were the most welcoming to explore and view are the staged ones. Unstaged houses can feel like someone else's home, and make you feel like you're trespassing. This is not a great feeling to give off if you're looking to sell your home quickly for top dollar.

Don't just take my word for it though, here's what Invetopedia.com has to say about investing in staging click here (opens in a new tab)

8. How long will it take to sell my house?

The mechanics of selling a house are quite fast. A property can be transferred in as little as a few days in a very straight forward sale. However, few sales are this straightforward.

Three aspects of the sale take up the majority of the time.
First is the marketing. Marketing materials need to be created, photos and videos taken, brochures printed and websites created. And it takes a few days to get your listing into the MLS and all the other websites we post it to.

Next is finding a buyer. That depends on what kind of market it is. It can take from a few days in a seller's market to several months in a buyer's market. As of writing, we're in a hot seller's market with the average home in the region selling within two weeks of listing.

The third thing that takes up a lot of time is the conditions of sale. Time for a title search, buyer's home inspection, arranging the mortgage, maybe a survey thrown in. And then there is the possession date. That could be a month to three months from now.

9. What's an agent's open house?

When I first list a home, there are two things I do as soon as possible.
I do an email blast of the listing to every real estate agent I know in the area, letting them know of this hot new listing coming to market and encouraging them to bring their best buyers.

And then I book an agent open house. I have it catered, often by a deli or bakery. I make a big deal out of it on my Facebook profile (where all my real estate agent friends are), telling them about the listing and free food. Since no one can refuse free baked goods, they come by and walk around the house, sizing it up for their buyers. Often you will see the same agents booking showings within the first 24 hours after the agent's open house.

There is also a bonus to all this early hype. It can cut down on the number of showings required to sell the house. Agents get a better idea if your house meets their client's needs without bringing their clients for a showing. That means less cleaning, headache and hassle for you!

10. Do I have to be there for showings?

No. You should not be. Ever. I don't think you should ever meet the eventual buyers of your house. What if they don't like you? What if you don't like them? That can affect the sale.

You could also inadvertently say something that could affect the sale. Things are sometimes very easy to misconstrue, and some buyers will try to emotionally manipulate a seller to get a lower price if the opportunity arises (purposefully or not). This is also why it usually is not a good idea to sell your home yourself.

This wraps up the first instalment of 100 Questions on How to Sell Your House Fast. If you found any of this information useful, please hit the like button or consider sharing it on social media. Do you have any questions about selling your home and can't wait for the next installment of this series? Please feel free to send me a text or Facebook message and I will be glad to assist you.