The real estate market goes through phases of ups and downs. We are currently in a market that is saturated with inventory. How do you sell your home when there is significant competition? Although the current market conditions work in favour of the buyer, there are still steps that can be taken to make your home/condo more “saleable”. It just takes a positive attitude and a different kind of game plan. Here are a few tips to help with the sale.
Always Know Your Market Conditions/Competition
A sure fire way to making your home sell quicker is to know your competition. And your competition is always changing. What homes have sold in your community that share the same characteristics of your home? What homes are currently available. Don’t compare two storey homes to bungalows, compare apples to apples. New listings will hit the market daily, so it is essential to know how your property compares with the current competition.
Price Your Home Right From The Beginning
With homes sales slowing and prices taking a dip, there’s little doubt that selling for a good price in today’s market is going to be tricky. Homes that sold in early February-May sold at higher prices than in todays current market. If you try to ask as much for your property as your neighbour got 5 months ago, you’re going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren’t selling. Chances are those owners priced their homes too high.
Make Your Home Presentable
Always keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors preferred), freshen up landscaping, trim trees, clean up clutter and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.
Be Flexible with Showings
Don’t annoy potential buyers with very stringent showing times. It only takes one buyer to get your home sold and it is essential to allow as many prospective buyers through your home as possible. Don’t make your realtor feel as though their request for a showing is an inconvenience.
Show Your Home’s Best Features
If you have fireplaces, make sure that you have fires burning so that there is a beautiful warm glow and the sound of crackling. If you have a gourmet cook’s kitchen, have some great-smelling treats baking in the oven. Turn on soothing music. Set all lights and lamps if the home looks dark or feels heavy. Lighting is crucial.
Offer Flexible Terms
Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering an extended closing date will go a lot further.
Be Patient
Selling your home may take longer than in recent years, so it’s important to be patient and keep a positive attitude.
The First Offer Rule
If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. Usually the biggest fish bite first, so keep in mind that your first offer will often be your best.
If you are planning a move or have any real estate questions, feel free to contact Team Bryant. We look forward to helping with all of your real estate needs in Durham Region (Whitby, Oshawa, Ajax, Brooklin, Courtice, Bowmanville, or any area within Durham Region or the GTA)
