Your Top Questions About Real Estate Answered

When buying or selling a home, or even thinking about taking that momentous step, only one thing is certain. You will have questions. So many questions, racing through your mind at a million miles per minute. Some are obvious and understandable for such a life-changing decision, like “how can I make the most when selling” or “how can I pay the least when buying?”

Others can be a little more random and specific to your individual situation. Nevertheless, you need answers if you want to move forward, confident and assured that you are making the right decision and doing everything possible to obtain the best results. We’ve made a list of some of the most common questions our clients have asked, and provided you with in-depth answers and resources to help you every step of the way.

One of the first questions anyone ever asks pertains to the value of a house. For an accurate estimate, book a complimentary home evaluation with our Etobicoke real estate agents.

How Do I Prepare My Home for Sale?
What Is Staging, and Should I Bother?
Should You Buy or Sell Without Consulting a Real Estate Agent?
Is Now a Good Time to Move?
How Much Should I Pay for a Home?
What Other Costs Should I Be Aware Of?
I’m Considering Downsizing. What Are the Steps?

How Do I Prepare My Home for Sale?

We’ll begin today’s post with the selling questions. How to earn the highest amount possible is the big one, and there are a few schools of thought. Each depends on the selling experience you want and need.

You are in a hurry and must sell your home as quickly as possible.

Your focus will be on what you can accomplish when you have a few moments to spare rather than on any significant renovations. Cleaning, sprucing up the yard, and swapping out a light fixture or two can make a big difference in how prospective buyers perceive your home. If you have some flexibility, a coat of paint and some minor updates can bring your property up to modern expectations.

You have time. Results matter more than anything.

Time is a luxury almost no one has, which puts you at an advantage. Still, renovations can be expensive, not to mention highly disruptive, so you still want to avoid any unnecessary projects. Before calling a contractor, you should first consult with a local real estate agent who lives and works in your area.

Styles and real estate trends change over time. Without boots on the ground, it will be hard to predict what will attract buyers and what might repel them. Imagine investing $10,000 on landscaping or fixing up the basement, only for someone to turn around and say, “that’s not for me.” It’s an unfortunate situation, and it happens more often than you might realize!

As always, it’s best to get customized guidance from someone who knows what is working in the market today. That said, some home improvement projects are timeless. You can rarely go wrong by transforming your kitchen and bathroom, as those are high-priority rooms for nearly every buyer.

You don’t have time, but you still want the best results.

Normally, selling a home takes compromise. You either aim for an easy sale but less profit or hard work to earn top dollar. However, what if you don’t have to make this choice?

The trick is to avoid doing it all (or even most of it) yourself. Instead, let professionals handle most of the work. There will be an investment involved, but experts will prepare your home to a level most homeowners could never achieve alone. Typically, the outcome is a higher price and a faster transaction. At the very least, you will have much less stress during your transaction.

What Is Staging, and Should I Bother?

If your roof or basement leaks, you should probably make the repairs before listing your house. The same goes for extensive cleaning and decluttering. Once you’ve created the foundation, you might want to consider staging as the final touch.

Home staging may be the latest buzzword in the real estate industry, and for a good reason. Multiple studies have shown that a staged property will almost always sell faster and earn a higher price. In our experience, this is true more often than not.

However, there is a trick to the method. It’s more than just making your house look beautiful – it needs to be designed in a strategic way that appeals to prospective buyers.

Staging takes the whole package into account, the furniture, the layout, and the decor. When done well, it highlights the endless possibilities for what the new owner can do with the home.

Not every house needs the same degree of transformation. Older properties may require a more significant overhaul, whereas new builds will benefit from minor touches. However, just the right amount could be the catalyst that inspires a buyer to make an offer.

Do you have even more questions about how to prepare your home for maximum impact? You’ll get plenty of guidance from the posts below:

Should You Buy or Sell Without Consulting a Real Estate Agent?

This question is for anyone considering a move, but is especially top of mind for many sellers. There is often a serious temptation to go it alone and save on real estate commission. Think of it another way, though.

Would you do your own surgery without a doctor? Naturally, we realize that selling or buying a house is not nearly as intricate as a medical procedure. However, it still takes a great deal of skill, knowledge, and insight to ensure the process is successful and goes off without a hitch. Not working with a professional comes with its fair share of risks.

First and foremost, a Realtor® brings a wealth of knowledge and up-to-date statistics to the table. Without this insight, you’re working blind as you try to determine what a house is currently worth. Or worse, you will make decisions based on emotions rather than what’s working in today’s market.

A real estate agent has a fiduciary duty to advocate for your best interests. This means protecting you legally and financially, all while negotiating for the most desirable outcome.

Do you want to know more about how a good real estate agent can help you when buying or selling a house? Check out the posts below:

Is Now a Good Time to Move?

“When” is another major consideration before buying or selling. Since the market changes with the news headlines and the season, it’s a fair question. We could talk about the timing for hours, but it all boils down to two market conditions.

Are we in a seller’s market? It might be the season or it could be the interest rates. For whatever reason, it seems that everyone wants to buy a house all at once. That’s great news if you’re the one selling! If you plan to buy, you have your work cut out for you.
Are we in a buyer’s market? There are plenty of listings available, with only one problem; hardly anyone is looking for them. It’s the ideal scenario if you’re the buyer, but not so favourable for the seller.

These are simplifications, and the market is nuanced. For example, many people who are moving are both buying and selling. In that case, the market will favour you on at least one side of the transaction.

In addition, not everyone has a choice as to when they move. If you need to move in an unfavourable market, you can still get expert advice and make the most of any advantage you do have. For the most part, however, we recommend buying and selling in the same market whenever you can.

Do you want to know more about timing in real estate? Read Is It a Good Time to Buy or Sell a Home in Etobicoke next.

How Much Should I Pay for a Home?

Now, let’s address some of the most pressing questions buyers have for us. When searching for a new home, there is one thing on everyone’s mind: how can I get the best value and pay the lowest price possible for the right home?

Start by recognizing that there are two components that make up a property’s fair market value:

It’s physical characteristics, like how much square footage it has, how many bedrooms and bathrooms, the location, and the condition.
Market considerations, which essentially boil down to how much someone would reasonably pay right now for a house like this in this neighbourhood.

A seller will try to maximize the dollar amount by making a series of cosmetic enhancements, such as new paint and expert staging (like we described earlier). If the listing agent has done their job well, the presentation might just take your breath away, possibly tempting you to offer a little more than you should.

Your job is to stay objective at all costs. There is no better way to do this than by working with a real estate agent who knows the genuine market value of all the homes in your area.

Do you want to do a deep dive to ensure you get the best value when buying? Here’s How Not To Overpay For Your New Home.

What Other Costs Should I Be Aware Of?

Buying a house requires more than just the listing price. All real estate transactions come with closing costs, whether you’re buying or selling.

The seller generally takes care of commissions. The buyer has their own fees to manage, including:

Land transfer taxes: In Toronto and its surrounding suburbs like Etobicoke, there is both a provincial and a municipal charge before ownership of a property changes hands.
Lawyer’s fees: A lawyer will run a title search and review all purchase-related documents to ensure the title is clean. If requested, they will also arrange for title insurance, which is something we highly recommend to protect your investment.
Mortgage insurance: If financing your home, your lender likely requires mortgage insurance. Fortunately, this is one of the few closing costs you can include in your mortgage.

How much cash will you need to close? Find out with our Home Buyer’s Calculator.

Looking for even more resources to help you make the most of your home purchase? Read these posts next:

I’m Considering Downsizing. What Are the Steps?

As real estate agents who often specialize in working with seniors, we understandably get many questions about downsizing. If you’ve been in one place for a long time, you’d be surprised at just how much has changed! For example, did you know that almost everything is digital now? In most cases, you don’t even get physical paperwork anymore; even home offers can be submitted online now.

Understandably, the new landscape can be challenging for seniors to navigate. That’s why we put together a series of downsizing tips to help with your transition:

Above all, begin planning early. As the saying goes, Rome wasn’t built in a day, and downsizing doesn’t happen overnight, either. With more time to sort, pack, clean, and arrange for any value-adding repairs, the less stressful and more straightforward the transition will be.
Decide on your next goals. Are there any health or mobility issues to factor in before buying your next home? Or perhaps, you won’t buy a home at all and will decide to rent or age in place instead. An in-depth conversation with your family and loved ones can help clarify your path.
Work with a real estate professional. Buying or selling a home can be an emotional experience at the best of times. Downsizing can be even more so.

A compassionate and knowledgeable Realtor®, preferably, one who specializes in helping seniors will go above and beyond to give you the support you need. Whether buying, selling or both, we will ensure you get fair value at every turn.

This is a long list of questions, and we have barely scratched the surface! For more precise and personalized answers about Etobicoke real estate, reach out to us at 647-282-7653 or email contact@sileckythompson.com today.

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