The Toronto real estate market seems to be shifting again. If you’re planning to sell or buy a home, this may have you feeling a little nervous. However, it really isn’t news at all in a dynamic market like we see in the city. Conditions are constantly fluctuating here as the population grows and changes. It just seems more dramatic in the past few years as the demand for housing reaches unprecedented levels. And whenever a shift happens, there will be good news and bad news depending on what side of the transaction you are on. When the market tightens, it is sometimes easy to sell your home. But you may have your work cut out for you when it comes time to buy your next place! For that reason, it is absolutely essential to capitalize on every opportunity to earn top dollar from your sale. In this post, we’ll explore a few ways to make your listing stand out.
Up-to-Date Market Research
Buying and selling a house can be intimidating. Real estate is a significant investment, and neither transaction is one you take lightly. Regardless of the challenges you will soon face, everything will seem less overwhelming when you arm yourself with up-to-the-minute information. It’s one thing to know that the market favours sellers overall. However, everything can change on a dime, and knowing the ins and outs of the market in your precise area can go a long way towards achieving optimal results. Asking a few strategic questions will help you get off to a great start.
- How many houses are for sale in your neighbourhood?
- What kinds of buyers are attracted to your area? Downsizers, upsizers, or primarily investors?
- What condition are other houses in? Are they move-in ready, or do they need some work?
- How much are houses in your neighbourhood selling for?
Once you know how much, if any, competition you have from other sellers, you can set realistic expectations and formulate a plan to attract the most and best quality of buyers possible.
The more you know, the better your selling experience will be. The following posts will help make you an informed seller:
- What Is Your Home Worth Today?
- Everything Sellers Need to Know About Offers
- What is a Pre-Emptive Offer?
Work With a Local Real Estate Agent
No matter what the market is doing, being well-informed will always be the foundation of a successful transaction. And when it comes to research and doing everything you can to make your home stand out, a local real estate expert is your single best resource. A professional with experience in all market conditions will know how to find an optimum price point and how to promote your property and negotiate for the best possible result.
Plus, they can guide you so that you only invest in the upgrades or renovations that will show a positive return, which will save you money and time when getting your house ready for the market. Best of all, you can erase most of the stress and anxiety generally associated with a big move like this. Whenever last-minute challenges pop up, your real estate agent is standing by to help.
Set Your Price Carefully
What should your listing price be? This is one aspect of the sale that many people and even some Realtors® can struggle with. Every homeowner wants to earn as much money as possible when selling. It’s also easy to let your emotions run away with you at this point. After all, you love your home and all of its quirks and memories, so potential buyers should as well! This is why so many people make the mistake of setting the price too high.
Overpricing is always a faulty strategy, but it is even more so when the market shifts. If you overinflate the value of your home, buyers will most likely pass you by and move on to the next listing. And if your house sits too long on the market, overpricing can have the opposite effect. You might actually earn less from your sale or not sell at all. That doesn’t mean you should set your price too low, either.
When it comes to selling for top dollar, nothing matters more than setting a competitive price that attracts the attention of serious buyers while maintaining the value of your home. How do you know where to start? This is where all of the data from your earlier research comes in! Your real estate agent can also help by performing a CMA (Comparative Market Analysis). This fact-based method evaluates your home based on square footage, condition, location, and what similar houses are selling for in your neighbourhood.
Did you know that we offer free home evaluations? You can start by typing in your address here.
Prepare Your Home for Maximum Attention
In a perfect world, you will command a high price for your home while the buyer feels like they got a fantastic deal. Preparing your home beautifully is one of the best ways to make this happen. As you look around, you might notice a few possible improvements right away. However, you may have heard how someone can become “nose blind” when there is an odour lingering in a room.
The same thing can happen visually when living in a home for many years. It has taken years to get your space exactly how you want it, and maybe you wouldn’t change a single thing. But what’s important now is not that you love your house. It’s time to make potential buyers fall in love, and that may mean making some changes.
At the very least, a thorough cleaning and decluttering can open up the space and make each room appear warmer and more inviting. Plus, your real estate agent can recommend some minor updates that won’t cost much but can have a positive impact on your bottom line.
Looking for even more ideas to make your home dazzle? The resources below are a great place to start:
- Is Staging Your House to Sell Still a Good Idea?
- What You Must Disclose When Selling Your Toronto Home
- Home Renovations to Avoid When Selling
Promote Your Listing Extensively
Once your house is in tip-top shape, it’s time for the next critical step in the process. An effective marketing campaign will help bring your listing to the attention of buyers, wherever they may be. Since many people begin their search online, you’ll want to ensure that you have professional-quality photos and videos available. High-quality images and interactive floor plans can make a potential buyer feel like they are visiting in person. At the very least, they will want to know more about your home and book a showing.
Once your marketing materials are in place, your real estate agent will leave no stone unturned to promote your listing everywhere buyers are looking, online, in print, through email blasts and throughout the various real estate websites and boards in Toronto. Thorough attention to these details will help you navigate even the toughest market and allow you to maximize the value of your home.
Are you ready to enjoy a seamless and successful sale so you can move on to the next exciting stage of your life? We are here to help you every step of the way! Reach out to us at erica@ericareddy.com or call 416.443.0300 for more information or to get started.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
