When listing your home, it goes without saying that it should look its best. Once your space displays beautifully, the next step is comprehensive promotion to ensure enough buyers know it is available. Above all, the price must be attractive yet fair so you generate peak interest while maximizing your outcome.
You may also hear this strategy described as the three Ps: Presentation, Pricing, and Promotion. However, timing is another critical element that many home sellers don’t think about.
Generally speaking, the faster a house sells, the more money it will earn, but as with all things in real estate, there are variables. In this post, we’ll go beyond the obvious and look at how timing and market research go hand-in-hand in achieving the best outcome.
Curious about buying or selling a house in Etobicoke? Learn all about the process in Your Top Questions About Real Estate Answered.
Assess the Market as It Is Right Now
Before making any decisions on what upgrades you’ll make, how you’ll price your home, or the best demographic to target, you and your Realtor® should first sit down and discuss the current market. What is happening right now will influence nearly every part of your home selling strategy.
For example, if demand is hot and houses are selling quickly, you may not need many upgrades at all, and your initial listing price will likely be higher.
In a slow market, you might have to work harder to impress potential buyers, and your price will need to be competitive.
Real estate conditions are also highly nuanced, such as next to no interest in condos while detached houses sell within days. Design trends also change.
Features that used to attract potential buyers may have since lost their appeal, while others add instant perceived value to your home. The market is always evolving, so be sure to talk to a real estate agent before investing in any renovations.
Do you want more timeless information on the industry before selling your home? Start by reading the posts below:
- Real Estate Jargon-What It Really Means
- Do You Need a Real Estate Lawyer?
- What Is a Vendor Take-Back Mortgage?
A Fast Sale Versus a Slow Sale Is Relative
How long should your house be on the market if you want to see optimal results? The answer isn’t set in stone; it depends on a few factors, like the size and structure of the property and the most recent real estate statistics.
At any point, you can pull up the latest report by the Toronto Regional Real Estate Board. One key piece of data is the average number of days on the market. As we mentioned, some housing types will sell faster than others. In addition, some neighbourhoods are in greater demand than others. In general:
- If it currently takes a house 60 days on average to sell, and yours has been listed for longer, it might be time to revisit your strategy.
- If 60 days is the average, but you sell in 45, you are beating the market, and likely outperforming it!
Every Detail Has an Impact
Some factors are beyond your control when selling your home, like interest rates and the overall direction of the market. However, you might be surprised at how many minor touches can have an impact on potential buyers.
With a little preparation and attention to the details other homeowners miss, you won’t have to wonder “why isn’t my house selling?”
Cleanliness and Fresh Air
Never underestimate the power of simply cleaning and decluttering each room in your house. Getting rid of unnecessary items makes a room feel spacious and allows a buyer to imagine how they’ll arrange their own belongings. And meticulous cleaning isn’t just about how your house looks; it’s about how it smells!
Smoking is off-limits inside your house from the moment you decide to list. Few things will turn a buyer away faster than gagging as soon as they walk in the door! If you must have a cigarette, be sure to step outside.
Pet odours can be another dealbreaker. Our four-legged friends are a beloved part of our families, but that doesn’t mean buyers will overlook the aroma of kitty litter or a dog bed that hasn’t been washed.
To be safe, have a neutral third party come through the house for an honest sniff test. If odours are detected, do whatever it takes to eliminate them before welcoming potential buyers.
Minor Repairs and Staging
We’d never recommend a disruptive or overly expensive renovation without careful research and analysis. However, a few minor updates will go a long way in helping buyers see the potential for your home.
Fresh paint, new light fixtures, and possibly upgraded faucets and backsplash can make your house feel newer and brighter. There may be some cost and effort involved, but it will almost always pay off. Homes that are properly staged tend to sell faster and at a higher price.
Looking for more tips to maximize your results? You’ll find plenty of insight in the posts below:
- Home Renovation Checklist for Sellers
- How to Sell a Less Than Perfect House
- Advice For Seniors Selling Their Family Home
Be Accommodating and Flexible
Showings can be inconvenient, especially with a busy lifestyle. Nevertheless, buyers want to see homes at times that work for them.
The more accommodating you can be, the more opportunities you will have to show your home and find a buyer. If you’re too restrictive, they may pass over your listing for another one. A good solution is to move out of the home while it’s on the market, if possible.
Price According to the Market, Not By Emotion
Local real estate conditions determine how much your house will sell for. It is the simple law of supply and demand.
Serious buyers are willing to pay fair market value, but no one wants to overpay. If you price your home too high, it likely will not sell. As hard as it may be to believe, what you paid for your home in the first place has no impact on how much it is worth today.
Talk to your real estate agent, and base your price on accurate data. It may seem counterintuitive, but an accurately priced home will get more attention than one that is overvalued.
Promote, Promote, Promote!
Your real estate agent should have a comprehensive plan for gaining the most exposure for your home, one that engages with buyers at every stage of their search. People will typically start searching online, and everywhere they look, your listing should catch their eye.
Combining online advertising with offline marketing and networking casts the net even wider. Even in this market, some buyers want something tangible they can hold and keep. Engaging with multiple channels means more buyers will see your property, which could lead to more offers. All the more reason to work with a well-connected and experienced real estate agent who lives in your area!
Are you in the planning stages of selling your house? Our Etobicoke real estate agents are here for anything you need. Reach out today at 647-282-7653 or email contact@sileckythompson.com with any questions or to get started.
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