Even if you haven’t been keeping up with real estate-related news over the past year or so, chances are you’ll still have heard all about the ultra-hot seller’s market the industry is currently in.
But what is a seller’s market? A seller’s market is when the demand for homes exceeds the market’s supply, which consequently gives more power to the selling party over the course of a real estate transaction.
However, even in a highly competitive seller’s market like the one our Toronto market is currently in, there are still a few tactics sellers can do to maximize their home’s sales price. This blog post is all about how to do just that.
To find out how you can make the most of a hot seller’s market as a home seller, follow our guide below.
Perfect Pricing Strategy
The most successful home sales always start with a well-planned pricing strategy. Just because homes might be selling for six-figure sums over-asking due to high buyer demand in a hot seller’s market doesn’t mean buyers have forgotten what true value is.
While some sellers are eager to list their homes above their estimated market value, especially when they see their neighbours’ homes sell for above the asking price, that’s not necessarily the best tactic to earn more from their sale.
Instead, entering the market at a healthy, competitive price that reflects the genuine value of your home will spike market interest in your listing and encourage competing bids.
Enter the market too high and market interest in your listing will never encourage bids as buyers will wait for your valuation to drop. Plus, the extended time your home spends on the market will result in bad optics for your listing, with the market left to wonder why your home hasn’t sold yet.
Statement Staging
A proper pricing strategy may drive visitors through the door of your home, but once they’re there, your listing still needs to impress buyers enough to bid — even in a fast-paced seller’s market.
The key to perfect staging? Strategically showcase your home’s strengths while minimizing its weaknesses, all while decorating it as neutral as possible. It sounds complicated, and it is — that’s is why we rely on professional stagers for assistance when we help sellers.
Through the use of space-appropriate furniture, colour theory, natural and artificial lighting, and more, there are many tricks and tips stagers have honed to make listings feel bigger, brighter, airier, and more appealing to visiting buyers.
Design-wise, staging your home with neutral furniture, paints, and decor will allow the largest amount of visitors possible to imagine their own lives in your home as they walk through. Getting staging right will result in buyer excitement, and will therefore boost buyers’ intention to bid for your home.
Marketing Matters
It’s all well and good having your home look amazing, but if nobody ever sees it, the effort is no use at all. Yes, even in a crazy seller’s market, buyers aren’t going to waste their time driving around their ideal neighbourhoods looking for For Sale signs in their spare time.
It’s the 21st century, and as we’ve learned over the past year from the mass Working From Home movement, many aspects of day-to-day life have increasingly shifted online. That’s why having a modern, state-of-the-art digital marketing strategy matters so much when selling.
At Sidorova Inwood, we use custom marketing strategies tailored to each individual seller and their listing. While every sale is different, some common digital marketing practices we use to get maximum exposure on our listings include e-blast campaigns, cross-channel social media advertising, MLS listings, and all the benefits of our comprehensive website.
Getting The Right Guidance
Whether it’s a seller’s market, buyer’s market, or any type of market condition, the best piece of advice we can give you to maximize the overall sales price of your home is to get professional real estate help.
Having the guidance of an experienced local real estate professional who is a neighbourhood expert in your home’s market and has a successful sales record of homes similar to yours will put you on the right track to a prosperous home sale.
Rely on their real estate knowledge and expertise to ensure you’re following all the right steps towards making your home sale as profitable and streamlined as possible.
Are you thinking about selling your home? Let our team show you how we can help you sell your property for its maximum value while making the process as simple and stress-free as possible for you. Simply contact us here to get in touch.
