As technology advances and economic conditions change, the new reality can feel baffling and a little intimidating to many people. This uncertainty has also trickled down to the real estate market, which can be unnerving if you’re in a position where you may soon need or want to sell your home.
Why does one listing get multiple offers and sell at over the ask price while others stay on the market way longer than they should? To someone not immersed in real estate, there doesn’t seem to be any rhyme or reason to it at all.
This is truly unchartered territory where you cannot take anything for granted or skip any steps in the selling process. Even when you’re in a high-demand area, you must use every possible advantage to stand out.
Presentation Has Always Been Critical. It’s Even More So Now
The way your home presents to a prospective buyer can be the deciding factor between whether your listing sells at top dollar or even if it sells at all. Preparing for the sale has never been more critical, which is why many homeowners and real estate agents turn to staging.
The idea is to design your home in a way that inspires the buyer to use their imagination. They “see” themselves happily living in your space with their family, which amplifies their desire to own your home. Staging can be so effective that it’s often presented as the be all and end all of a successful sale. And while it can absolutely help your home sell faster and fetch a higher price, it’s important to know that it is only one small piece of the puzzle.
Looking for more resources to help you sell during a challenging market? Check out some of our related posts below:
- Why List Your Home in a Low-Inventory Market?
- Advice For Seniors Selling Their Family Home
- How to Sell an Inherited Home
Research Before Staging
When you understand what is happening in the current real estate market and why, you are no longer at its mercy. You’ll know how to showcase your home in a way that stands head and shoulders above any competing listing in your area.
Some minor renovations can help you add thousands of dollars to your bottom line, while others won’t help at all and can even hurt your sale.
The key is to understand current market statistics while knowing what most of your buyers are searching for. It can be a lot to juggle, which is why working with a local real estate agent who is active in your area is so essential. Though nothing is guaranteed, a few simple yet well-thought-out strategies will help you ensure your house is one of those that catches buyer attention.
The Nuances of the Real Estate Market
Before looking for a designer to stage your home, it pays to start with some market research. You have heard of buyer’s, seller’s and balanced markets. Knowing where we fit in right now is a great start; however, this is often a simplification. The truth is far more nuanced and conditions can change quickly.
For example, all of the news outlets may loudly proclaim that it is a seller’s market nationwide. While that may be true overall, houses will sell quickly in some areas and slowly in others.
Economic factors can also cause temporary glitches and hiccups. Just look at what happened when the Bank of Canada began raising the interest rates in 2022. Higher rates make borrowing more expensive, which can cause buyers to stop and rethink their plans. All of a sudden, that fast-paced seller’s market can slow to a crawl.
In every market, there will be factors that you can’t control, but let’s focus on what you can, which brings us back to staging.
Why Staging Is Only One Piece of the Puzzle
How does staging fit into your strategy? Think of it as one more vital tool you can use to make your listing stand out. Or, to put it another way, think of a cake. Cleaning, decluttering, minor repairs, marketing, networking, and negotiating are all essential ingredients. Staging is the frosting on top. It can make a significant difference, but only if everything else falls into place.
Much of what goes into a successful sale is unseen. It’s the result of countless pieces of the puzzle to ensure buyers fall in love with your home the minute they walk in the door.
Staging is the final finishing touch. If done right, it can provide a total transformation. But if any of those essential ingredients are missing, it’s like putting a bandaid on a broken leg.
Imagine this: A potential buyer walks in, and two things happen simultaneously. They are taken aback by the stunning beauty of your home. Then, they are immediately overcome with the smell of smoke. (This doesn’t necessarily mean your house “smells bad”, but keep in mind that some people are highly sensitive. For them, even the slightest odour can be a deal breaker.)
Steps to Home Preparation
To put the value of staging in proper perspective, approach your home preparations from the ground up:
- Perform any renovations, painting, kitchen backsplash, new floors, etc. This provides a solid foundation for everything else.
- Clean, clean, and then clean some more.
- Declutter ruthlessly to create space in each room.
- Fix up the outside to make a positive impression before a buyer even walks up the front steps.
Understanding the market as a whole is a key aspect of a successful transaction, and the posts below are a great way to stay informed:
- What to Look For in a Real Estate Agent When Selling Your Home
- Etobicoke Real Estate Then and Now
- Know the Real Estate Cycles and Hack the Market
You’ve Taken Preparation to the Next Level. What’s Next?
When your house is properly cleaned, repaired, deodorized, and staged, you’re well on your way, and your chances of a successful sale are higher. But we are still not finished.
You’ll need a pricing strategy to appeal to buyers in the current market that is based on accurate data. In addition, a comprehensive marketing system is necessary to generate maximum exposure to ensure qualified buyers are attracted to your listing.
All of this may seem overwhelming, but none of it has to be. You are now an educated homeowner who knows what goes into a successful sale, but that doesn’t mean you have to do all or even any of this background work yourself. A local full-service real estate team can handle the details for you from start to finish. Your job is to oversee the process from the big picture; then you can sit back to enjoy a seamless, done-for-you transition.
What is it like to sell a home in Etobicoke today? We are here to guide you through all the challenges and lead you to a successful sale. Reach out at contact@thompsonsells.com or call 416-450-5900 to get started.
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