FAQ

Real Estate FAQs With Team King — What Buyers and Sellers in Canada Need to Know

We’re glad you’ve landed on Team King’s FAQ page, where you’ll find clarity to help you navigate Sudbury’s real estate market. Our straightforward answers to the most common real estate questions are the perfect stepping stone, whether you are planning to buy or sell your home.

 

What’s the Difference Between a Buyer’s Market and a Seller’s Market?

The difference between a buyer vs seller market determines whether the market is on your side. It’s all about who has the most power in the negotiation process, the buyer or the seller.

As the name implies, a buyer’s market favours the buyer. A saturated market means less competition from other buyers, helping to control rising prices. During the offer process, there’s no pressure to meet the asking price or worry about multiple offers. As a result, the buyer comes out ahead with the best price and terms.

In a seller’s market, the tables are turned, with the seller holding all the cards. With fewer homes on the market, competition amongst buyers is fierce, driving multiple offers and increasing prices. Buyers are forced to come in with their highest price and less demanding conditions, putting the seller in the driver’s seat.

 

How Much Does It Cost to Sell a Home in Canada?

There are a few things impacting the cost of selling a house in Canada, starting with REALTOR® commission fees. Sellers pay the full commission for both their own agent and the buyer’s agent, which typically costs them 5% of the sale price right off the bat.

Other guaranteed costs include legal expenses and closing costs, which vary based on the complexity of the sale. Last but not least, potential investments are required to help get you top dollar for the property, which can range from basic staging to more expensive projects such as repairs or minor renovations.

We can help provide more clarity on the costs to sell a home with a free, no-obligation evaluation.

 

What Can a REALTOR® Do for Me?

There are many benefits of hiring a REALTOR®, including access to their real estate agent services and expertise. This can include, but is not limited to:

  • Strategic pricing when you list your home to attract offers, while ensuring you increase your potential for profits
  • Professional-grade staging and photography to present your home in the best possible light
  • Targeted marketing strategies using a multi-channel approach to increase visibility with the right type of buyer
  • Crack negotiations to ensure you come out ahead
  • All kinds of paperwork to complete the transactions and avoid common road bumps that delay or disrupt the process

 

Why Is Staging My Home Important Before Selling?

Home staging is a basic step in the selling process. It helps create a neutral space free of distractions that can discourage buyers. It also makes the most of the space and presents your home in a refreshing way to increase its perceived value. With professional real estate staging, you can sell the home faster and increase your odds of receiving higher offers.

 

What Should I Do Before I Start Looking for a Home?

Preparing to buy a house should focus on the following house hunting tips:

  • Mortgage pre-approval: By applying for mortgage pre-approval, you will know whether you qualify or not, how much the bank is willing to lend you to set your budget, and also secure the best interest rate.
  • Budget: With mortgage pre-approval, you know the maximum you can spend, but this doesn’t mean it is what you have to spend. A budget looks at your current expenses so you can estimate how much you can afford to spend on your monthly mortgage. This is the realistic budget you should set for your home search.
  • Know what you want: Decide what you want in your ideal home and neighbourhood. Consider your lifestyle and list your must-haves and nice to haves to help narrow down your choices.

 

What’s the First Step to Buying a House in Canada?

We advise two first steps when considering buying a house in Canada. The first is finding a trusted real estate agent specializing in your area. They will guide you through the entire first-time homebuyer checklist and help you navigate the market.

The second step is to apply for mortgage pre-approval. This step will ensure you qualify for a mortgage, show you the maximum mortgage payments you can expect to pay, and help you set a realistic budget.

 

Is Home Inspection Required When Buying a House in Canada?

Home inspections before buying a property are not legally required in Canada. However, our experience tells us they are strongly recommended. The home inspection checklist Canada based inspectors use is designed to protect buyers from unexpected costs. It is worth the investment to include an inspection as a condition of your offer so you avoid buying a money pit.

 

How Long Does It Take to Sell a Home in Canada?

The average time to sell a home is actually based on the most current reported days on market. This is far too volatile to provide an accurate home-selling timeline. At the time you decide to sell your home, we can provide an average timeline based on the current days on market average.

We also take other factors into consideration, including your home’s condition, demand for homes like yours, your acceptance of the listing price we recommend and current consumer confidence in the economy.

 

Do I Need a Lawyer to Buy or Sell Real Estate in Canada?

Yes, not only is it highly advisable to have oversight by a legal professional specializing in real estate legal services, but it is also required in Ontario. A real estate lawyer registers the transfer of your property to ensure the government legally recognizes your homeownership. Your lawyer will also review the contract for possible issues and conduct research, such as title searches and looking for liens against the property, to protect your interests.

 

Can I Buy a Home Without a REALTOR® in Canada?

Although there isn’t a legal requirement to engage a real estate agent when buying a home, private home sales can present risks that are often not discovered until after you purchase the home. When you buy a house without REALTOR® oversight, you miss out on several benefits, including but not limited to:

  • Leveraging the agent’s network to access the best listings
  • Avoiding overpaying for a home
  • Avoiding unfair terms and conditions
  • Ensuring you follow important steps, such as a home inspection
  • Understanding your rights, such as how many visits you get once you submit an offer
  • Understanding things like how much of a deposit you need to make and whether you have the right to get it back

 

Still Have Questions? Team King Answers Everything You Need To Know

We invite you to reach out via email at teamkingremaxcrown@gmail.com or by phone at (705)-300-5549. You can also use our contact form here to set up a free consultation or property evaluation to ensure all your questions are answered by trusted professionals.