Guide to Sell My House in Toronto, Ontario (2024)

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Homeowners decide to sell their properties for different reasons, but there’s one thing many of them will have in common, which is considering the sales process. There are many different ways to sell, and it’s essential to consider all the facts. 

Before you consult a real estate agent and prepare for your first open home, check out this guide on how to sell your house in Toronto, Ontario. You’ll then have the information you need to make an informed decision. 

Popular Sales Methods in Ontario

Even though you might see ‘for sale’ signs from real estate agents sitting on the front lawns of homes in Toronto, that doesn’t mean you can only sell your property through an agent. You can also sell to house buyers who pay cash for houses quickly, or even sell on the open market and handle open homes and buyer inquiries yourself.  Each sales method has its pros and cons so it’s best to evaluate each option and see which one works best for your situation. Below are summaries of the methods listed above:

Listing With a Realtor

Selling through a real estate agent means they handle all the paperwork, but they also take a significant cut of your profits, which can be 3% to 6% of the sales price in Canada. The benefit of going through a realtor is that they will handle marketing for the listing and represent you throughout to the sale.

Listing FSBO (For Sale By Owner)

Selling FSBO (For Sale By Owner) allows homeowners to have greater control over the selling process and potentially save on commission fees typically paid to real estate agents. However, it may require extensive time and effort to handle tasks such as marketing, negotiating, and navigating legal complexities without the expertise and resources of a professional agent.

Selling To a Private Investor

That leaves selling to a home buyer. They generally present no-obligation offers and aim to close legally within a week or to your preferred schedule. 

Choosing a Sales Method

Many factors can dictate which sales method is suitable for you when its time to sell your house in Toronto. Its best to evaluate the pros and cons of each option to determine which method works best for you.

If you are looking to get the highest possible return on your property and time is not of the essence listing might be the best option because an end user looking to live in the property for an extended period of time might just fall in love with the property and place a offer above market value. There are a lot of variables with selling on the market. There is always a chance the a buyer’s financing might fall through or they might place offers conditional upon further repairs being done to the property.

If you are looking for a quick sale without having to do any renovations or repairs selling privately might be the better option. If you sell privately you can eliminate the uncertainty that comes with listing a property on the MLS.

What’s Involved in the Traditional Sales Method?

As you consider the right sales method for you based on what’s happening with the market, it can be worth looking at how the traditional sales process works. 

Typically, homebuyers try to maximize their home value by spending money on renovations. They may then pay experts to determine a value, hire a real estate agent and wait for offers to be put forward. In this current market, you may be able to sell your home in just under a month

Selling Your Home to a Professional Buyer

After realising just how much time it can take to sell a home yourself or through a real estate agent, along with the high costs, having an alternative option like selling to a professional buyer might appeal to you. This can be particularly desirable for those who need to sell quickly, can’t afford to maintain their property, are behind in payments, or have difficult tenants. 

You don’t have to spend time or money revamping the property. If it meets the buying conditions of a private buyer, it can be off your hands in a matter of days. 

Whether you’re selling a home in Toronto or elsewhere in Ontario, you have options. With no commissions or fees to think about, now might be the right time to contact SLG Home Buyer to learn how the sales process works.

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