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Moving from one home to another is high up there on the list of life event stressors. On the cusp of retirement a few years ago, my husband and I found ourselves in exactly that situation when we decided to downsize. After 20 years raising a family, this was our home and we knew the change was going to be difficult.
Nonetheless, we thoroughly researched our options over two years, considering location as well as comparing renting an apartment to buying a smaller home or condo. We eventually decided to buy a condo, but discovered that even within this market there is a wide range of options from townhouses, apartment-style to detached and semi-detached homes. The choices were overwhelming.
In time, however, we found a lovely unit in a new development of condo bungalows. The agent was warm and friendly, but we were reluctant to sign a contract that would put our house on the multiple listing.
What if we purchased the condo and the house didn't sell? How could we afford to cover the cost of two homes? To assuage our fears, we were assured we would not have to take possession of the new bungalow until our house sold. The sale of our house would almost cover the cost of the condo and, in the meantime, the new condo would be completed according to our preferences. So we signed a three-month listing contract with a sense of security and optimism.
However, idealistic hope began to fade over the next three months. At first, there was a flurry of activity with agents (none of whom was our own) bringing clients to view the house. But there were no takers and the potential buyers gradually trickled down to zero.
Our own agent did stop in along the way to suggest we needed to lower our price to reach a different market. We did that twice, with no result.
We also became aware that real estate agents stumbled through the house not knowing a closet door from a bedroom door. How would they? They were seeing it for the first time along with the prospective buyer. We began to realize we were in the best position to highlight our home’s most favourable features.
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In the meantime, almost every item we thought was included in the show home proved to be an additional cost, so the gap between our present home and the new condo widened. This meant we would have to dip into our savings or take a mortgage at a time we were planning to be mortgage-free. Yet, we agreed to a one-month listing contract extension, as it appeared a buyer was imminent. As the cost of the new bungalow continued to rise and our house still had not sold, we withdrew our offer to purchase the condo and did not renew with the agent.
We then contacted ComFree and their consultant came and guided us through a simple process. Our house was featured in ComFree’s magazine on a Friday. On Saturday, a woman came by appointment to view our home. She brought her husband and daughter on Sunday and gave us a deposit on the house. One weekend! Sold!
The lawyers then completed the final sales agreement, which is part of any house sale, agent or not. The best part is that the $9,300 commission we saved went toward the purchase of new furnishings suited to the size, shape and decor of our new condo, the show home that had everything we wanted.
In retrospect, we realized we need not have feared the unfamiliar. Selling our home ourselves was not difficult and turned out to be not only the right move but the best move we ever made.
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