Want to sell your house fast? I feel like we can end this blog post fairly quickly by saying “price” is the answer, but of course, there is much more to it.
Having said that, in today’s market, we see time and again, people who are pricing their homes much higher than what the market is willing to pay for it, and wonder why they are not selling.
Sellers Are Holding Out
Here is the hard truth. You are not going to get what your neighbour sold for at the peak of the market in 2021/2022. The reality is with the cost of borrowing (i.e. mortgage rates) being that much higher than they were during the “Covid years”, people simply can’t afford to pay what their counterparts were paying in 2021/2022 when borrowing money was close to free. There is a much higher cost now. Even though we now find ourselves in an environment where rates are dropping, we just aren’t there yet.
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Why Some Homes Sell Fast and Others Don’t
In today’s current market, there are homes that sell quickly and homes that just…sit.
Homes in in-demand neighbourhoods (Bloor West Village, for example) continue to sell quickly and if priced right, they may not even make it to the offer presentation date!
On the other hand, homes in less-demanded neighbourhoods have to not only look great but also be priced right. 6 months ago, most people were expecting buyers to negotiate, so they listed higher than market value.
However, these pricing strategies were short-lived, and we are now finding you need to be priced AS CLOSE to market value as possible. Otherwise, people think you’re out to lunch EVEN IF you would be willing to entertain offers that are $100-$200,000 under asking.
With so many stories out there of people holding on to the fact that they want 2021/2022 prices, buyers think it’s not worth their time putting offers in. That’s why I’m telling my buyer clients today to shoot their shot, as I have seen multiple properties sell well below their asking price.
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Present Your Home at its Best
Now, if you’re looking to not just sell your home quickly, but to sell it for top dollar (relative to what the market is willing to pay for it) your home has to SHINE! I would say 9/10 of my buyers are not looking for a fixer-upper. They want turnkey properties that are renovated and show well.
If you are not willing to put the work into getting your home show-ready, then you can’t expect buyers to be banging on your door. A fresh coat of white paint, staging, professional photography and videography ( fun fact: did you know that landing pages with video are 4X more shareable? Platforms like YouTube and TikTok are successful because of their video content, and your realtor should not be skimping on this key piece).
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How to Make Your House Shine
I ensure all my clients’ homes show well by following the below guideline:
- Staging – First impressions are everything. My goal is to make your home appeal to the highest number of potential buyers in as little time as possible. The team will help declutter, paint and stage your home so it’s ready to turn some heads.
- Professional Photos – Photos and videos do all the talking. In fact, 85% of buyers are shopping for their homes online! Professional photos and videos will make your home stand out and persuade browsers to click through each room.
- Virtual Tour – People want to be able to explore your home… from the comfort of their couch! Virtual tours attract buyers from all over, highlight a property’s charm, and have become total game-changers to how we sell properties.
- Online Exposure – Once your home goes live, I’ll have it promoted on over 80 websites, including realtor.ca and royallepage.ca, as well as several individual REALTOR websites. Your listing will also be promoted on social media, where we can get into the hands of many prospective buyers. My marketing team has a track record of getting thousands of views on our listings.
- Pro Print Marketing – We don’t just market properties digitally. Beautifully designed, traditional marketing pieces like “Just Listed” cards, a feature sheet and a lawn sign will alert the neighbourhood that your home has hit the market.
- Public Open House – Now more than ever, open houses are super important. We’ll open the doors to all prospective buyers! I’ll be there to personally point out your home’s unique features, history and upgrades.
- Pre-List Home Inspection – Identifies any major issues to be addressed before going to market that may affect a Buyer’s offer price. Allows Buyers to consider removing inspection conditions in their offer.
- Making a Deal – My goal is to maximize the return on your investment. I’ll be there to negotiate on your behalf, advise you on any red flag, and make sure you’re getting a deal you’re happy with.
Be Realistic
I was reminded of an old saying in real estate the other day – your first offer is often your best offer. That’s true more often than you may think, ESPECIALLY in a market like this one. If you’re on the market and you’ve been on the market for a while, you need to work with any offer presented.
So if you are given an offer, don’t fall into the trap of being offended by that offer, because it’s very possible that that offer may be your best offer, or at the very least, an offer you can negotiate with. Because if you want to sell and you’ve been on the market for some time, the market is telling you something.
As agents, we do our very best to give you the number for your home that makes sense based on the data provided. However, in ever-changing markets like the ones we’ve been in the past 5 years, there is the scientific number, and there’s the actual number that the market is willing to pay.
I know this because homes are selling every day in under one week, and those are the homes that follow the advice that I’ve provided in this post.
Ready to sell? We’re here to help! Reach us at 416.837.9676 or steph@stephaniek.ca to start your journey.
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