That's tricky. After all, if you find a purchaser for your existing home, before you've found a new one, you may find yourself living out of a suitcase if convenient closing dates can not be negotiated. On the other hand, if you find your dream home before you've unloaded your old one, you may be faced with carrying two mortgages for a time.

So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget.

Speak to your agent and start your new home search as soon as your existing home hits the market.

If you've found a home, before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.

Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale.

If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.

Everyone seems to have specific ideas on when the right time is to sell. Some base their theories on the overall economy, while others will tell you that there are key buying months that you'll want to capitalize on.

If you're not buying and selling strategically or for investment, the best time to sell is now.

Some gamblers look for winter bargains and then try to sell their homes during the spring cycle. But overall, that could be more tension and aggravation than you wish. And the monetary results may be disappointing.

Another key factor to consider is the economy. Are interest rates higher or lower in comparison to your current mortgage? If they are higher, you may want to stick with your current home, as your new mortgage payments could be uncomfortable. If rates are lower, you might be able to trade up to a more expensive home without a significant increase in your monthly mortgage obligation.

Gather the documents you'll need to sell your home.
Mortgage documents: you may wish to meet with your loans officer to discuss transferring, discharging or paying out your mortgage. This is a good time to begin negotiations on the terms of your next mortgage.
Property survey: be sure to inform your agent if there have been any changes to your property that could affect the accuracy of the survey.
Your deed or transfer of title document.
Tax assessment documents.
Utility bills.
Other claims relating to your home:
- separation agreement or court order
- will or probate documents
- liens
- unpaid judgments against you
- unpaid taxes
- unpaid utilities
- pending litigation
Pertinent condominium documents if you live in this type of home.
Maintenance history include repair receipts.
Items and information that will make your home more marketable:
- photographs or videos of your home with the garden in bloom or your pool open and beautiful
- conceptual ideas for upgrades or renovations that you have considered

As with purchasing a home, you want to list with the agent who is the expert in your location. After all, potential purchasers will be calling this "area expert" to inquire about houses for sale. There will be many agents who are knowledgeable about your neighbourhood. Call them up and interview your potential agent. You need to feel comfortable with him or her, after all, they will be working for you.

Before you put your home up for sale, you must set the price. And before you can do that, you must know what the house is worth. That doesn't mean what you paid for it, or how you upgraded it. Determining worth is simply finding out what someone would pay for it.

The steps in determining worth are:

1. Understanding market conditions
2. Getting the details about recent sales in your neighbourhood

Remerica agents have access to all of this information. Plus, they can objectively see the big picture and tell you what makes your home unique.

Once you've determined you home's worth, you and your agent will determine the asking price. Most often, the price of a home is set slightly higher than its worth, to give a little "bargaining space." Of course, if it is set too high, it may deter prospective buyers.

If you're in a rush to sell your home, setting the asking price a little lower than what your home is worth will attract a lot of attention.

You will have a legal relationship with your agent. When you complete the listing agreement, you are giving your Remerica agent the authority to put your house on the market for a specified period. If your house is sold during that time, you will pay the agreed to commission. What's more, if the house sells shortly after the specified period because of your agent's efforts, you are still obligated to pay the commission.

Should You Offer Any Additional Items?

You may choose to include your appliances in the sale, or you may offer a redecorating allowance. You may also be able to offer creative financing.

The real estate market is in constant flux, not only as a whole but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home. We've designed the following chart to help give you an overview of the three significant market positions. When you meet with your agent, ask about the current state of the market.

1. Buyers' Market: The supply of homes on the market exceeds demand.

Characteristics: High inventory of homes. Few buyers compared to availability. Homes usually stay on the market longer. Prices are stable or perhaps dropping.

Implications: Buyers spend more time looking for a home, and when they negotiate, they usually have more leverage.

2. Sellers' Market: The number of potential buyers exceeds the supply of homes on the market.

Characteristics: There is a smaller inventory of homes with many buyers. Homes sell quickly. Prices usually increase.

Implications: Prices may be higher or perhaps climbing. Buying decisions must be made quickly. Conditional offers may be rejected.

3. Balanced Market: The number of homes on the market is roughly equal to the demand.

Characteristics: Demand equals supply. Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable.

Implications: There is less tension among buyers and sellers. There is a reasonable number of homes to choose from.

One of the first things you and your agent will do is draft a listing agreement. It provides prospective purchasers with:

A comprehensive, legal overview of your property:
- zoning
- lot size
- home size
- type of construction
- age of the home
The agreed-upon asking price.
Details about the rooms (number and size).
Chattels included in the sale, as well as anything not included.
Mortgage details.

While we all believe that our home is our castle, our personal tastes may not appeal to everyone. Your agent will work with you to give you an impartial analysis of your home - how it relates to other "competing" homes on the market and how your home reflects current design and style trends. Your agent will also take a good look at the general condition and upkeep of your dwelling.

Overall, your agent will work with you to position your home on the market so that your sales experience will take place as expeditiously as possible.

Complete a market analysis to determine a realistic asking price.
Make recommendations on making your home more "sellable."
Provide a professional marketing program.
Advertise your home on the Multiple Listings Service (MLS).
Arrange showings.
Negotiate the best terms possible.

The Multiple Listing Service (MLS) is the primary tool for most real estate agents, but not the only one. Your Remerica agent has a number of options depending on the location of your home and market conditions.

Newspaper advertising is a very popular way of getting in front of those thinking of buying a new home. Another is the Real Estate Pre-view Channel (281) on Comcast Cable.Yet another local advertising source is the bi-weekly Homes for Sale Magazine,and lastly the power of the Internet makes all real estate listings global in scope.
The FOR SALE sign! Home purchasers who are doing their homework often cruise through neighbourhoods they are interested in. With your agent's phone number on the sign, passersby can easily get information about your home and set up a viewing time.

Your Remerica agent and the brokerage will also have a number of potential buyers as clients and they may be looking for a home just like yours. There is also the Remerica national relocation service which directs purchasers from across the country directly to homes for sale.

Interested buyers will submit an offer to your real estate agent through their agent. Your agent will take you through the offer to ensure that you understand all aspects of it. Before you accept or sign back the offer, you may wish to take the offer to a lawyer and make certain that ever detail is legally accurate and in your best interest.

Your offer will contain:

The names of the potential purchaser.
Your name.
A description of the property.
The conditions they wish to attach to the purchase:
- price
- closing date
- chattels
- survey
- home inspection
An irrevocable date you have until this date to accept, or sign back a counter offer.
It may also contain mortgage details for instance, the purchaser may wish to assume your mortgage or may wish you to discharge it.

Very often, the first thing vendors look at is the offer's purchase price. Remember that it is not all yours. You'll have to pay your:

- lawyer
- real estate agent
- bank -  for the balance of your mortgage and for any prepayment or discharge penalties
- taxes -  if there are any outstanding

On the bright side, you'll probably have pre-paid a number of things like utilities, and taxes, so you'll be getting additional funds as well.

Here's what your lawyer will do to assist you in making the sale of your home hassle-free:

Do a complete review of the purchase agreement.
Provide answers to the purchaser's lawyer regarding title.
Prepare transfer of title documents.
Review any mortgage transactions.
Close the transaction.
Pay the appropriate commissions.
Pay any outstanding claims against your property.
Pay off your mortgage if necessary.
Forward the balance of the money from the sale to you.
Provide a complete statement reporting all transactions.

After many discussions, your Remerica agent will know the minimum conditions, acceptable closing dates, and lowest price you'll accept from a potential purchaser. Make certain that your agent also has some leveraging power with chattel you're willing to agree to in the offer.

By knowing your parameters, your agent can work with the potential purchaser's agent to create an offer that will be acceptable to you. After all, it comes down to bargaining and persuasion, and your Remerica agent is one of the top in this field.

Once signing the agreement, both the vendor and purchaser are under a legal obligation to close. If you decide not to for whatever reason, the purchaser has the right to sue.

If the purchaser decides to walk away from the deal, you can claim the purchaser's deposit or sue for damages.

Just Because Your House Has Sold, That Isn't the End

Chances are you've bought a new home, or are in the process of looking for a new one. Your Remerica agent can help you with checklists, advice, information you wish, and Tips you need. If you are moving out of town, our Agent Referral Network can find you the right agent to suit your needs in another city, anywhere in the world.