Few things are more nerve-wracking than having that “For Sale” sign up on the lawn but seeing little interest from buyers. While demand for Toronto real estate may be increasing over the long term, conditions aren’t always ideal when it’s time to sell. Outside factors like high inflation or rising interest rates can affect the market.
What can you do when you want to make a move, but the market isn’t on your side? In this post, we’ll take a look at a few ways to make your listing stand out so you can make the most of your sale anytime.
Partner With the Right Real Estate Expert
When buyers are competing against each other, you can still sell your home even with flaws in your strategy. But when conditions are slow, you must ensure everything is in place to generate maximum interest in your listing. You need a comprehensive plan and an expert guide will help you reach your goals.
An experienced real estate agent can help you maximize the value of your sale by marketing effectively while negotiating for the best possible price. How can you ensure your real estate agent is up to the task? The answers to questions like these will shed some light on the situation:
- Does the real estate agent work full time or whenever they get a day off from their “real” job?
- How long has the agent worked in your area? Succeeding during a robust seller’s market is one thing. Selling homes when buyer activity is slow is a different scenario altogether.
- What is the agent’s plan for preparing and promoting your home in the current market?
- Does the agent have a significant network where they may find a buyer?
Partnering with an empathetic and experienced real estate professional takes much of the stress and hard work away from you. Your expert will also ensure that you achieve the best possible results the current market will allow when selling your home.
Looking for more tips to sell successfully in a tough market? The resources below can help:
Set Realistic Expectations
Having false expectations can set you up for a disappointing selling experience like nothing else. For example, a homeowner might begin to feel anxious if their listing stays on the market for 30 days – unless they know that the average is currently 45 days.
You must also take current conditions into account when determining your initial listing price. If you use statistics from two years ago when the market was at its peak, you are setting yourself up for failure.
Managing expectations is another reason to work with a real estate agent who is currently active in your area. When you know precisely what to expect and when, you’re in a much better position to formulate a winning strategy.
Understanding the market also means you can act when the time is right instead of putting off your plans until things change. For example, you may find selling your home difficult in the current climate. However, once your sale closes, you now get to buy in a market that is entirely in your favour. You no longer have to worry about earning less than top dollar -because you’ll also pay less for your new home.
Price Effectively
When all of the stars are aligned and the market is on your side, an accurate pricing strategy is still important. But when you’re faced with competing sellers and apprehensive buyers, a compelling price point becomes even more critical.
- Overpricing for the market almost guarantees less than stellar results. Potential buyers will negotiate fiercely to get a lower price – that is, if they pay any attention to your listing at all.
- You also want to avoid underpricing your home. While it may result in a fast sale, you’ll likely earn less than your home is worth, which means reentering the market at a disadvantage.
As Goldilocks would say, you want to find that perfect price point that is “just right,” where buyers sit up and take notice, and you capitalize on the full value of your house.
Prepare Your Home to Dazzle
Most homeowners know they need to present their property in a way that appeals to potential buyers. The problem is it can be challenging to know what buyers want in the current market. Home decor trends come and go, and the debate of what will get the best results is endless.
- Carpets or no carpets?
- A major overhaul or a few minor touch-ups?
- Should you stage or not stage?
- If you paint, what colour?
- Should you swap out your appliances for the latest models?
Strategic home preparations are well worth it as they can add substantially to your bottom line. However, it’s also possible to pay a fortune for upgrades that make little to no difference at all. Once again, you can lean on your real estate agent for expert advice.
The goal is to only perform those updates that help you sell successfully and skip everything else. This saves you time, helps you earn more money, and allows you to avoid a lot of unnecessary hassle.
Looking for more ideas on how to present your home for maximum impact? The posts below will get you off to a great start:
- A Complete Guide to Home Renovations in Toronto
- Is Staging Your House to Sell Still a Good Idea?
- 5 Toronto Furniture Stores To Give Your Home A Makeover
Generate Maximum Exposure
Contrary to popular belief, houses do not sell themselves, not even in busy markets. The chances of the right potential buyer driving down your street at the right moment, seeing your sign, and loudly proclaiming, “I must buy this house,” are rather small.
There’s a higher possibility that they will see your listing on the MLS® or Realtor.ca. Even so, if you want to sell quickly for the highest amount – you must advertise.
If you’ve chosen your real estate agent wisely, you’ll have instant access to an already proven marketing strategy. This will include a combination of social media campaigns, online promotion, and offline advertising.
In addition, proactively networking with other real estate professionals and brokerages can help maximize your exposure when you need it most. Attracting buyers during a slower market may take longer, but a detailed and strategic plan means you are well on your way to a successful sale.
Are you looking for ideas to refine your selling strategy? We are here to help. Reach out to us at 416.443.0300 or Erica@EricaReddy.com with any questions you have.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
