EVERYTHING YOU NEED TO SELL YOUR HOUSE QUICKLY IN 2023

As a Calgary real estate photographer for the past 7 years, I’ve encountered many sellers each with their own unique situations.  When it comes to putting their house on the market, they all have one thing in common —  the dream of a fast and stress-free transaction.  To achieve such a goal, it pays to hire the right people and know what to expect once your house hits the MLS.  Factors such as partnering with an agent that knows your market, setting a realistic timeline, getting professional photos & staging, all have a huge effect on the final sale price (and your mental well being).

Recently, there’s been unprecedented growth in the Calgary real estate market driven by extremely low inventory causing bidding wars and inflated home prices. However, with rising interest rates and recession fears, the real estate market is expected to cool next year. 

So if you’re contemplating a house sale in 2023, this article is here to help you consider the factors that may have a big impact on your bottom line. This is not financial advice but rather observations of someone who has been working intimately with sellers and agents alike for the past 7 years.

Here are 15 steps to selling your home quickly in 2023: 

1. Hire an agent who knows the market. 

2. Set a timeline for selling your home. 

3. Get a pre-sale home inspection. 

4. Don’t waste money on needless upgrades. 

5. Declutter and clean.

6. Get professional photos. 

7. Get a virtual tour.

8. Get your house professionally measured.

9. Put your house on the market.

10. Set a realistic price. 

11.  Review and negotiate offers. 

12. Anticipate seller closing costs. 

13. Weigh the tax implications.

14. Gather necessary paperwork to close.

15. Consider hiring a real estate attorney. 

1. Hire an agent who knows the market. 

This step serves as the foundation of your sales transaction. It’s imperative because without a solid foundation, any structure is set to fall apart. This is because realtors are full time professionals that work with sellers like yourself day-in and day-out. Their knowledge & experience will save you hours of agonizing research and help you avoid pitfalls. For instance, they can assist you in properly pricing your house, examining buying proposals and submitting counter-offers, scheduling any viewing appointments, hiring the best real estate photographers in your area.

Finding an agent that is the right fit for you & one that has knowledge of your market can sometimes be challenging. So here’s a few tips to help you get started: 

• Check their online presence by scanning through their websites & social media platforms

• Read their online reviews 

• Interview at least three agents

• Ask a friend of family member for referrals

2. Set a timeline for selling your home. 

The timeline for selling your home depends on many factors both personal and market driven. It is therefore roughly estimated to take two to four months from listing to closing day - but can be much shorter or longer. 

It is advisable to immediately start doing research into potential agents as soon as you decide to sell your house. This person will then be able to answer questions and help you lay out a plan for success, saving you time and money in the long run. 

3. Get a pre-sale home inspection.

Pre-sale home inspections are not mandatory, but they can save the day. They offer the benefit of identifying potential repairs that need to be made before listing your home. This step can prevent delays in the sale and also highlight the positive traits of a property. A pre-inspection will also allow you to factor the repair costs into your budget, and give you the time to finish depending on how many areas need updates. That way, later on, a buyer’s inspector will find your home in good condition, with no problems holding up the sale. 

4. Don’t waste money on needless upgrades.

Home renovation projects make your home more attractive, comfortable, and functional. They can also increase your home value. However, not every upgrade is worth your money or time. You may later find out that the money spent on the upgrades won’t be recouped in unfavorable market conditions. Therefore, any type of lavish or opulent upgrade should be avoided. 

An experienced real estate agent will offer their advice on upgrades that are needed to maximize the value of the home. They are aware of what potential buyers expect to see or find in your area. A fresh coat of neutral paint, a spruced-up landscape, and new carpet are typical low-cost upgrades that do wonders for your home value.

Here’s a list of repairs in order of highest return:

• Kitchen countertops

• Paint

• Bathrooms

• Flooring

• Basement renovations

• Roof

• Landscaping

• Windows

5. Declutter and clean 

Cleaning and decluttering your home before listing is very essential. Decluttering includes activities such as packing away large furnishings, minimizing everyday items, reorganizing rooms to make them appear less crowded, and tidying closets. The goal here is to show off the size of your home and prevent buyers' distractions by things like clutter and personal items.  Doing so can increase the perceived value of the home, and helps buyers imagine themselves in that space. 

Additionally, cleaning and decluttering makes your home look better in photos. Most buyers look online before making the decision to view the home in person. It is therefore usually advisable to clean and declutter your house before booking an appointment with your real estate photographer. 

6. Get professional photos.

After your home is decluttered, cleaned, and staged (hopefully), the next thing to do is to call in the best real estate photographer in Calgary - me, of course!  Professional photos can significantly improve your online presence and attract potential buyers. This is because as professional photographers, our job is to capture high-quality images that show off our clients’ homes in the best light possible.  Our process optimizes for best angles & lighting that results in your home looking bigger, brighter, and more attractive to potential buyers. We can also utilize camera stabilizers and drones to capture exterior videos to highlight the properties location. If you’re still looking more, take a leap into virtual reality with us on step #7.

7. Get a virtual tour

A real estate virtual tour is a digital showcase of your home featuring 360-degree panoramic scans to create a “Digital Twin”. Virtual tours can provide a more immersive experience than regular photos, encouraging buyers to go at their own pace. They can remotely view homes that pique their interest, limiting the time spent travelling. One added benefit is this process usually weeds out the non-serious buyers. Leaving sellers with those who show up for a physical view usually ready to make on offer.  Other benefits of virtual tours include information about property size, realistic floor plans, and even virtual reality experiences. Contact your local real estate virtual tour provider for more details.

8. Get your house professionally measured

In Calgary, it’s mandatory to have your house Residential Measurement Standard (RMS) measured before listing. RMS is used by real estate professionals to determine the overall size of your home. This measurement standard helps industry professionals and consumers alike compare different types of residential properties. 

Property size according to the RMS depends on the type of property you are measuring. For instance, detached properties such as single family homes are measured using the exterior wall at the foundation, and attached properties such as half-duplexes, apartments, and townhouses are measured using the interior perimeter walls at floor level. 

9. Put your house on the market.

From cleaning and staging to repainting and decluttering, here are the major things you need to do to ensure that your property is market-ready for a successful sale.

• Make your property visible 

Maximizing your online appeal is one of the best ways of getting your home noticed with many opting for online as their preferred method of search for a home. You can advertise yourself by using various social media platforms but generally an experienced real estate agent will be your best friend in this area.  He or she will lay out a marketing plan which includes taking photos & videos, hosting open houses, seeking buyers through realtor groups. 

It is important to note that the quality of the web presentation plays a significant role in determining whether a buyer will call and schedule an appointment. 

• Stage the house and keep it clean for showings

Showing a home to buyers is never convenient. But if you want to maximize your selling price and sell the house quickly, it is necessary to remain accommodating and flexible when showing the house to a potential buyer. Real estate agents often recommend to stage your house and always keep it clean. If you’re selling a luxury home or you’re in a slower market, hiring a professional stager could be of great benefit.

• Make yourself scarce

When selling a house, it is advisable to make yourself scarce and let someone else show the house. A homeowner hovering in the background can make a potential buyer uncomfortable when viewing your home. For instance, potential buyers like to peek into cupboards and open closets, they can therefore feel conflicted doing so in the presence of the homeseller.  Furthermore, buyers get a chance to imagine themselves living there with the absence of the homeowner.

10. Set a realistic price 

Determining a fair ask price can be a challenging process. Underpricing means you  leave some money on the table, while overpricing can cause a listing to sit on the market for a very long time. Do your due diligence by reviewing comparables of recently sold homes in your neighborhood. Additionally, you can determine the right price of your home through a real estate agent who will provide a Comparative Market Analysis (CMA) to you. 

However, when comparing your home to other listings, put into consideration the features and amenities that it offers, its location, and square footage. Therefore, to find the right price, you’ll need to look at a wide range of comparables. 

11. Review and negotiate offers 

Ideally after putting your home on the market, the offers will start to flow in. This is where you’ll need to work hand in hand with your real estate agent. They will help you to determine good offers from bad and help you negotiate to get the best price. They’ll also make sure that a potential buyer is in sound financial position to make an offer by requesting a pre-approval letter. 

Depending on the competition of your local market, you may get offers that are above or below your asking price. With each offer that comes in, you can either reject, accept, or make a counteroffer.

In favorable market conditions, you may even get multiple offers. This may tempt you to go with the highest one, but it is important to look at other offers’ aspects such as: 

• Down payment amount 

• Form of payment (cash versus financing) 

• Proposed closing date

• Type of financing

• Requests for credits or personal property

• Contingencies

Generally, as a seller, it is essential to prepare ahead of time by discussing the process with your agent. You should make sure that you know the answer to the following questions; 

• Should you make a full price counter offer?

• What is your lowest selling price for your house?

• What conditions, offers, contingencies, closing costs, and fixes, are you willing to negotiate?

• Do market conditions warrant your counter offer?

12. Anticipate seller closing costs

After you’ve accepted an offer for your house, you may be anticipating to get a nice profit. But then, you are also expected to pay some significant closing costs which can amount to roughly 6% to 10% of the home’s sale price. 

Here’s a list of the most common closing costs paid by the homeseller:

• Real estate agent commissions which are very common. The seller is expected to pay the commission for both the buyer’s agent and the listing agent. 

• Property or deed transfer tax

• Filing and recording fees

• Lender’s title insurance

• Seller concessions

• Outstanding liens

13. Weigh the tax implications

Many sellers don’t think about tax implications when selling a house. Capital gains tax is the most common tax faced by homeowners. However, many countries have long term capital gains tax exemptions so check your government websites for more information. Otherwise if your home sale is above the tax exemption limit or does not qualify for the exemption, you are subjected to the long term capital gains tax.

14. Gather necessary paperwork to close

Selling a house involves a lot of paperwork. Here’s a list of the main documents you may need to gather. 

Real Estate Transfer Documents such as: 

1. The affidavit of title or seller's affidavit

2. Transfer tax declarations

3. The deed

Real Estate Title Documents such as: 

1. The title insurance commitment

Miscellaneous Documents such as: 

1. Proof of homeowners' insurance

2. The bill of sale

3. The certificate of occupancy

4. Original sales contract

5. Mortgage documents 

6. Home inspection report

15. Consider hiring a real estate attorney

An expert real estate attorney can walk you through the step-by-step process of closing on your home sale. Real estate attorneys help in reviewing contracts and documents, filling out paperwork, identifying potential problems and advising accordingly. 

Even if your state doesn’t require you to hire a real estate attorney, there are some of the special circumstances where it’s recommended; 

• If it’s an estate sale

• If the home has outstanding liens

• If it’s a short sale

• If it’s a joint sale

Real estate attorneys generally help to protect your home while ensuring you’re conducting your side of the transaction legally, which can prevent costly missteps. 

So there it is, 15 steps that will give you the best chance at a successful real estate transaction in 2023.  Hopefully this article will save you time and stress.  If you are have any questions about the market or you’re looking for an experienced agents to work with, please email me at emmanuel@realestatevisual.ca  Thanks for reading!