In a perfect world, a homeowner would list their home for sale, and soon after, buyers will take interest. If we stick to the process, an offer will follow, and everything goes according to plan.
However, in today’s fast-changing real estate market, things can be unpredictable. We always need a Plan B just in case buyers don’t find your listing in spite of your best efforts. If your home isn’t selling, but you’re still ready to move on, it may be time to consider relisting.
The trick now is to avoid doing the exact same thing as before (remember the definition of insanity), and instead, pivot your strategy in a way that makes buyers take notice. In this post, we’ll talk all about when and how to relist your home in Toronto.
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Re-Assess the Market
Homes in Toronto are highly desirable and sought-after, and there aren’t nearly enough of them to satisfy the demand. Those two truths are inescapable when it comes to the local market.
If you take things at face value, you might assume that we are perpetually in a seller’s market, where there are too many buyers for the number of available listings. In spite of the desirability of Toronto, that is not always the case.
For starters, Toronto real estate is expensive, and not everyone can afford to buy here, no matter how much they might want to. Your listing and marketing strategy needs to factor in who can and will buy your home more than anything else.
Supply and demand may be the driving factor, but it’s more complex than that. Think about everything that’s happening in the world and the state of the economy. For example, if your friends who are about to renew their mortgages are worried about interest rates, so are potential buyers.
- High interest rates tend to come with fewer transactions and more people waiting on the sidelines.
- Low interest rates can spur the market and result in renewed enthusiasm from buyers ready to search for a new home.
Keep all of these factors in mind as you consider who might buy your home and at what price. An experienced real estate agent with boots on the ground can fill you in on what is getting results in today’s market.
Do you need to revisit your home selling strategy? Start by downloading our free guide, Top 10 Mistakes Sellers Make – And How to Avoid Them.
Align Your Expectations
If your home didn’t sell as quickly as you anticipated, it might not be an indication that something is amiss. You may just need to realign your expectations with the overall real estate trends in your area.
- If the average home sells in 45 days and you just listed two weeks ago, there is no cause for alarm. Reevaluating your strategy won’t hurt, but you don’t need to take any drastic action yet.
- If most homes sell within 30 days and yours is still on the market two months later, you may need to rethink things. Your price may be off, or perhaps not enough potential buyers know your listing is available. A discussion with your real estate agent is in order.
It can be frustrating when offers on your home are slow to trickle in, especially when your own plans are on hold. However, real estate is a process that requires strategy and often patience. Whatever direction you go, just be sure that your presentation, pricing, and promotion align with the most recent trends in your area. The timeline itself is market-dependent to a great degree.
Reconsider Your Realtor®
Should you relist your home with the same agent that you’ve been working with or choose a different expert to represent you? That is the question. Before deciding, the first place to check is in the terms and conditions as outlined in your listing agreement.
You may not be able to cancel a contract, unless the expiration date has passed or you have a legitimate exit clause. If the date has passed, there may be a holdover period where the previous agent is entitled to a commission if a buyer they introduced purchases your home.
When you’re no longer under contract and the holdover period is over, you are free to choose who to work with. Ask yourself the following questions:
- Is your current agent responsive to your questions and available to talk strategy with you? If your calls, texts, and emails are going unanswered, it might be time to move on.
- Does your existing agent live too far away to really understand the demographics and trends in your neighbourhood? While there’s plenty of information available online, nothing quite compares to knowing the parks, shops, and other local perks on a deeper level.
- What is your current real estate agent doing to promote your listing? Are they marketing assertively online and offline and mining all of their local contacts to bring your home to the attention of buyers?
Ultimately, your decision of whether to stay with your agent or choose a new expert depends on how comfortable you feel with them. Look for extensive skills and experience in your area, but their commitment to your best interests is equally important.
Do you want to skip the frustration and start with an informed strategy in the first place? Start with the related reading below:
- Five Real Estate Myths: Busted!
- How To Find the Right Real Estate Agent
- Is Staging Your House to Sell Still a Good Idea?
Re-Assess Your Home
The right price and a comprehensive marketing plan are both essential to selling your home in any market. What happens if you’re getting plenty of showings, but very few offers? The word is obviously getting out about your home. Unfortunately, something is still off, and it could be in your presentation.
The art of expertly preparing your home for potential buyers can be tricky. You don’t want to invest in expensive renovations that won’t show a return. On the other hand, most buyers still want a property that is move-in ready.
Fatal flaws like a leaking roof or broken furnace might be dealbreakers. Fixing these defects could be essential to sell your home at all regardless of price. Arranging for a pre-listing inspection will highlight any necessary areas of improvement.
Other upgrades can be minor and show an impressive return on investment. That said, trends can change, and an improvement that appealed to buyers five years ago may not matter anymore. Once again, it’s critical to work with a knowledgeable real estate professional who can tell you what repairs will make the most impact.
If your house is clean and in excellent condition, a successful sale may be a matter of staging. The right flow and design helps buyers imagine themselves living there. If the picture is vivid enough, the offers will soon start to flow in.
If you want to revisit your strategy when selling your home, we are happy to help. Reach out to us at erica@ericareddy.com or call 416.443.0300 to start the conversation.
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