If you’ve made the decision to sell your Toronto home, the thought of how to navigate this process can be an overwhelming one. It’s likely that a number of questions have come to your mind, and you’re looking for reliable information on selling a home and the best ways to go about it. Read on for insights into some common queries that homeowners may have when they’re ready to sell their house and move to a new residence.
Thinking about putting your property up for sale? Here are a few factors to be aware of before you take the first step:
Optimal Time to Sell Your House
During the period of March to May, more and more home buyers venture into the real estate market. In fact, Spring is often considered to be one of the busiest times for home sales. This is also true for months that land in the Fall, which are specifically September to November. One reason to explain the record home sales in Spring is that warmer weather naturally creates a more enjoyable experience while viewing homes. In the case of Autumn months, families fall back to a routine of sorts post-summer, and chances are those interested in buying homes will have more time to put their plan into motion.
While it may seem like a good idea to list your house for sale in Spring or Fall, keep in mind that you would also have to compete with a host of other properties listed for sale. Listing a property during an off-peak month means there’s a greater chance of standing out among fewer homes for sale.
Possession of Your House After the Final Closing Paperwork
In the event that you’d like to continue staying in your home for a while after the final closing paperwork is completed, it’s important to make a formal agreement with the buyer beforehand. This will outline the expectations of each party on the topic of house possession post-sale closure. When a couple of days, or about a week, is desired by the seller from the time that follows closing, a portion of the money used for purchase enters an escrow account. This money remains there until the seller moves elsewhere while ensuring the home’s condition matches what was specified in the agreement. Ultimately, the amount held in escrow can go to the buyer if a new home repair is needed or, based on the contract, the seller commits a penalty.