As in any industry, there are terms and buzzwords that are unique to residential real estate. When you put your home on the market, you should know what those terms mean. Here are definitions for the most common ones:
Fair market value: This is an estimate of how much a specific home will sell for in today’s market, taking into account what similar properties in the area have sold for recently.
Seller’s Agent: That would be me, the real estate professional who is helping you sell your property. I would also assist you in finding and buying your next home.
Buyer’s Agent: This is the real estate professional who is representing the buyer of the property you want to sell.
Pre-approved Mortgage: This is a statement (often in the form of a certificate) from your bank or other lender that states that you qualify for a mortgage for a particular amount of money. A pre-approved mortgage adds credibility to any offer you make on a new home.
Staging: This is a strategy where a home is purposely prepared so that it appeals to potential buyers. Staging may involve cleaning, de-cluttering, rearranging furniture, redecorating, and more.
Survey: This is a document that defines the boundaries and measurements of your property and any structures on it.
Offer: This is an offer of purchase, in writing, for a particular property.
Conditional Offer: This is an offer to purchase, but with conditions – such as “conditional on a satisfactory home inspection” or “conditional on arranging suitable financing”.
Can you afford to purchase the home you really want? Here are some things to consider:
- What kind of home do you want? What kind of area do you want to live in? What features and characteristics do you need in a home? (Three bedrooms? A large living room for entertaining? A backyard big enough for a garden?)
- What homes currently on the market match that criteria? Are there some properties for sale that are close to what you’re looking for? What are their listing prices? How much, realistically, will it cost to buy one of those homes?
- How much, realistically, can you expect to get for the sale of your current property?
- How much of a mortgage will you need? How does that compare to the mortgage you qualify for?
- What additional costs will you incur when selling your current property and purchasing your new home? (For example, moving, home inspection, repairs and renovations, closing costs, etc.)
Chances are, there’s a home on the market that you can afford – and is right for you.
What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away?
Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special.
If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know.
Start by thinking about what you think are the desirable features of your home. Write down what you really love about the house and the surrounding area.
Next, think about what friends and other visitors to your home think is great about it. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too.