After nearly ten months of uncertainty and buyer hesitation, there are signs that the Toronto real estate market could be getting back to normal. Housing prices are down, which has many potential buyers ready to take action. Until now, some people have moved to the sidelines as interest rates rose, increasing the cost of borrowing and making the stress test more stringent. However, as prices have continued to moderate, it makes sense to buy now.
The abundance of available listings is even better news that may motivate buyers because they have more inventory to choose from. Housing sales in August have picked up enough that we saw the first month-over-month price increase since February. Combine that with the upcoming Fall market, and we could be looking at a turnaround very shortly.
Why Now is a Great Time to Sell
This year, nothing has been typical. However, if history is any indication, there should soon be an influx of new listings hitting the market. Why?
The Fall is traditionally the second busiest month in the real estate market except for Spring. Many people were holding off on moving as they soaked up every bit of enjoyment in the summer months. However, this slowdown has likely only increased pent-up demand.
Fall may not be as busy as Spring, but the season tends to bring out the most serious buyers who want to settle into their new homes before the snow starts.
Want more help creating your selling strategy in the current market? Check out some of our other posts:
- How to Benefit from Rising Interest Rates in Toronto
- How to Make Your Home Appeal to Buyers as the Market Shifts
- Toronto Home Evaluations: What They Really Look For
Preparing Your Home for the Fall Market
Despite what you hear on the news, sellers still hold a slight edge in Toronto’s market, especially when following a strategic marketing plan. That said, conditions aren’t what they were ten months ago, and a little effort now will go a long way to ensuring a successful sale at the highest possible price. In a competitive market, you may benefit from ordering a pre-sale inspection to alert you to any issues that might cause trouble when listing your home.
The weather is starting to get colder, which calls for a slight change in strategy from selling in the Spring or Summer. People have coziness in mind, and your home preparations should reflect that. For example, buyers will be much more interested in your home when you can show them the receipt for a brand new or newly inspected furnace! And be sure to check your windows and doors for drafts. Making these small repairs can pay off once your home hits the market.
Focus on Curb Appeal
For many Toronto residents, Fall marks the beginning of the festive season, starting with Thanksgiving and heading right into the holidays. Welcoming buyers with gorgeous curb appeal will help you stand head and shoulders above competing home sellers and make a lasting first impression. You don’t have to spend a lot of money sprucing up the outside, either. A few simple guidelines will help:
- Make sure the grass is cut, the garden is weeded, and the leaves are raked.
- Take advantage of the cooler weather to tackle outdoor maintenance projects like painting the front door, cleaning the gutters, staining the decks and trimming the foliage.
- Decorate your front porch with Fall favourites like mums, marigolds, asters or even flowering kale.
Freshening Up the Interior
It’s not enough to dazzle a potential buyer the minute they arrive on your front porch. You want to continue the effect in every room of the house, especially the kitchen, bathroom and living areas. When selling in the Fall, try to create a warm, cozy effect by painting neutral colours on the walls, then accenting them with stylish and seasonal decor pieces.
- Natural light becomes an even more valuable feature in any home as the days grow shorter. When a buyer walks through, be sure to open the curtains as far as possible to light up each room.
- Do you have a natural gas fireplace? Be sure the screen is scrubbed clean to make the room warm, cozy and inviting.
- Add more warmth to the room with candles and decorative throw blankets draped over the sofa or love seat.
- Consider staging your home with a professional. It takes an extraordinary eye for detail to get the accent pieces and accessories just right. A professional can help make your home as visually appealing as possible and can add to your final selling price.
Preparing your home for sale can feel overwhelming, especially when you have children. Find out our secrets for a successful sale right here.
Strategic Pricing is Essential
The importance of getting the initial listing price right can never be overstated, especially during a shifting market. Many homeowners make the mistake of overpricing because they believe it leaves room for negotiations.
The reality is that a potential buyer will simply pass over an overpriced home and move on to the next option.
Strategic, fair-market pricing is the key to getting the most value possible from your sale because it generates the maximum buyer interest.
How much is your home worth right now? The best way to find out is with a free home evaluation. Book yours right here.
A local agent with experience in every type of market can help you determine the best strategy for selling your home in the current conditions.
Are you getting ready to list your West Toronto home? Why not set up a free, no-obligation meeting to start laying out a successful plan? Reach out to us today by email or call 416-769-3437.
