The recent changes being reported in the news can paint a negative picture, particularly for detached homes in the city. But the truth is that this market is very much alive and capable of fulfilling your real estate goals. It might just take a little bit of elbow grease!
Selling is no longer as simple as putting a sign on the lawn
This time last year, selling a home the same day it went on the market was far from unusual. But the market has changed, and we are in a much more balanced market than we saw in all of 2017. That doesn’t mean your home WON’T sell, but it may require that you stage it, hire a professionals cleaning company, declutter and plan for plenty of open houses.
Your home needs to be priced competitively
Let’s say you remember a sale that happened in your neighbourhood last summer, the house was similar to yours and sold for $250,000 above asking, so logically, you could price your home at the asking price plus $250,000 and it might even sell for more (inflation!), but the hard truth is that your home is priced based on the most recent sales. If there hasn’t been much activity in your community then it may be time to test the market. The most important thing to do when testing the market is to react quickly to a price change. A good thing to consider is how much traffic your agent anticipated? If they expected much more than you have been seeing, that is a clear indication that it is time to reassess the asking price.
You may need to make some upgrades before you list
The truth is in this market, to get the money you’re looking for, it may be worth your while to consider some upgrades. Big ticket items such as kitchens and bathrooms can be a great way to increase the bottom line on your home. If such a big undertaking isn’t something you’re ready for, redoing trim work or painting and changing light fixtures is a great way to add some appeal on a budget! Whether you’re planning a big or small renovation, the first thing on your list of to-dos should be to address any issues that could come up during a home inspection. Your potential sale could depend on it!
Choose the right agent who will do the necessary work to market your property effectively!
There are a lot of things to think about when selling your home, choosing the right agent is one of them! While their sales history, list of services provided and list of contacts are crucial aspects of your decision to hire an agent, it is also important to find out how they plan to market your home. According to a 2017 study by the National Association of Realtors, 44% of people start their search for their next home online. It is important that your agent has a strong online presence, and that they will be sharing your property with their vast audience, as well as advertising throughout the community and neighbourhood. Choosing the right agent can make the sale either a breeze or a nightmare. Choose wisely!