If you have owned your current home for many years, you may find that a lot has changed in the real estate world. Understanding what has changed can come in handy when you're entering the market for the first time in a while. Here are a few of the key ways the real estate marketplace has changed, and how these changes may impact you as you buy or sell a home.
Real estate advice and trends are easily available online at any time. Today, many buyers turn to the online Multiple Listing Service® at REALTOR.ca to see what homes are available for sale. The accessible, up-to-date system is a big upgrade from paper-based listings. Besides learning about the sales and listings in your area, you'll also want to take the time to learn about your rights and the protections available to you during the real estate process. The Real Estate Council of Ontario (RECO) is a good place to start.
Cell phones and mobile technologies have made brokers and salespersons easier to reach, so when you need guidance or advice, you are more likely to get a quick response.
Transactions often take place electronically as well. Contracts can be signed with electronic signatures, offers can be submitted via email, and money can be transferred electronically too. This can make the buying and selling process more efficient, if you choose to take this approach.
The Ontario government created RECO in 1997 to protect home buyers and sellers. That means enforcing rules and a Code of Ethics for real estate professionals and providing helpful advice to home buyers and sellers. RECO also provides insurance that protects your deposit payment when it is held by a registered brokerage. One thing hasn't changed: the knowledge and experience of a real estate professional can be very valuable when you're buying or selling your home.
A broker or salesperson can help you navigate the process and provide key advice. Before you choose a representative, ask friends or family if they have worked with anyone they would recommend.
Be sure to interview a few candidates to ask them about their approach to the buying and selling process, their experience, the services they will offer, and the fees and commission they will charge. It's also a good idea to ask for references and actually contact them.
A lot has changed in the real estate world, but the changes have provided a lot of benefits for home buyers and sellers. As always, taking the time to make an informed decision will go a long way in having a positive downsizing experience.
Does your closing date on the sale align with when you'll be moving into your new home? Have a contingency plan in place in case the dates don't match up. Above all, working with a registered real estate professional will help you navigate the many steps and decisions involved in the home buying process.
For those looking to take that next step in their real estate future, this important question will inevitably come up: "should I buy my new home or sell my existing home first?"
While there is no 'right' answer, it's important to know the potential pros and cons of both options. Speaking with your registered real estate professional before starting the buying or selling process can help you decide which route is better suited to your family's needs. Video shows 5 simple pro secrets for a excellent open house event.
Don't be tempted to hire the first real estate professional you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.
Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you'd like a second opinion.
Include all your home's details in the listing, from the square footage to recent renovations to items that are and aren't included (water heater, appliances, drapery, etc).
Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.
When reviewing offers on your home, the details of the offers will remain confidential between you and your real estate professional. You may get multiple offers, and your real estate professional is there to help you make the best choice.
Be proactive and speak with your real estate professional before the open house to set ground rules and identify ways to protect yourself and your property.
Minimize risk by removing all valuables and securely store anything with your personal information, like credit card statements and receipts.
Independent realty solutions for the Saugeen Shores, Port Elgin, Southampton, Kincardine, and the surrounding Grey-Bruce County area.