September 6, 2012
Ontarians need help understanding home selling process and documents
TORONTO, Sept. 6, 2012 - Beyond worrying about the state of the real estate market (77 per cent), a new survey from the Ontario Real Estate Association (OREA) shows that Ontarians' top concerns when selling a home are understanding the process and the legal documents required in a sale (61 per cent), fixing up the home in order to list (60 per cent) and the number of days on the market before it sells (59 per cent).
Released today, OREA's State of the Market survey was conducted on the Angus Reid Forum and is the second in a two-part series that provides a snapshot of what's on the minds of potential homebuyers and sellers in the province. Part One looked at the top priorities for homebuyers.
Ron Abraham, OREA president, says it is common for homeowners to have uncertainty about the selling process because each sale requires different steps that are dependent on a number of things including the terms of the agreement (such as building inspections or completion date), the need to transfer or discharge a mortgage and whether or not the seller has already purchased a new property and is financing two homes simultaneously.
Reviewing and understanding documents can be another complicated part of the home selling process, which is why Abraham recommends homeowners consult with their Realtor before signing any forms. If any doubt or misunderstanding is raised, it is also advisable to consult with a lawyer.
"It seems homeowners are just as concerned with the home selling process and the documents involved as they are with the thought of preparing their home for sale, which isn't surprising as there's a lot to consider with this step," says Abraham. "Realtors can quite quickly and easily identify areas in a home that require repairs or touch-ups or alternatively can advise against certain renovations if the return on investment isn't there. Ultimately, homeowners want to show their home in its best light to help make for a smooth negotiation phase and sale."
Other survey findings
- More men than women feel a sense of inconvenience when selling a home (44 per cent versus 38 per cent respectively), but more women said fixing up a home before listing was a concern (62 per cent) than men (57 per cent)
- The majority of respondents also indicated concern about their ability to negotiate a price for a home. Half (50 per cent) of people with a total household income of $100,000 or more said they were concerned about their skill at price negotiation, 56 per cent of people with a total household income between $50,000 and $99,999 said the same and 62 per cent of those with a total household income of $50,000 or less were worried.
- The survey also found that the majority of Ontarians (59 per cent) would start to feel anxious if their home was still on the market after 45 days or more. As examined in an earlier OREA release, the average time it takes to sell a home in some parts of the province is 30 days, while homes in other areas may take twice as long, or longer, to sell. Some Ontario homeowners may be influenced by the quick sales in "hot" markets and not realize that more days on the market is typical for their area.
"Realtors have insight and expertise beyond the market that can help owners best position their home for potential buyers and help them through the stressful time of trying to sell their home," says Abraham.
More information on working with a Realtor and resources for selling a home are available at www.howrealtorshelp.ca.
From June 19 to June 20, 2012, an online survey was conducted among 800 randomly selected Canadian adults who live in Ontario and who are also Angus Reid Forum panel members. The margin of error—which measures sampling variability—is +/- 3.46%, 19 times out of 20. The results have been statistically weighted according to the most current census data on age, gender, region and education to ensure the sample is representative of the entire adult population of Ontario. Discrepancies in or between totals are due to rounding.
About the Ontario Real Estate Association
The Ontario Real Estate Association represents 53,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com
SOURCE: Ontario Real Estate Association