The recent changes being reported in the news can often paint a dark or worrisome picture, particularly for detached homes in the city. But the truth is that this market is very much alive and capable of fulfilling your real estate goals. It might just take a little bit of elbow grease!
Selling is no longer as simple as putting a sign on the lawn
Last summer, selling a home the same day it went on the market was far from unusual. But the market has changed a bit, and we are in a much more balanced market than we saw in all of 2017. This in no way does not mean your home WON’T sell, but it may require that you stage it, get it professionally cleaned, declutter and plan for plenty of open houses.
Your home needs to be priced competitively
Let’s say you remember a sale that happened in your neighbourhood last summer, and the house was similar to yours and sold for $250,000 above asking. Logically, you could price your home at the asking price plus $250,000 and it might even sell for more (inflation), however, your home is priced based on the most recent sales. If there hasn’t been much activity in your community then it may be time to test the market. The most important thing to do when testing the market is to react quickly to a price change. A good thing to consider is how much traffic did your agent anticipate? If they expected much more than you have been seeing, that is a good sign that it is time to relook at the price.
You may need to make some upgrades before you list
The truth is, in this market to get the money you’re looking for it may be worth your while to consider some upgrades. Big ticket items such as kitchens and bathrooms can be a great way to increase the bottom line on your home. If such a big undertaking isn’t something you’re ready for, redoing trim work, painting and changing light fixtures are a great way to add some appeal on a budget! Whether you’re planning a big or small renovation the first thing on your list of to-do’s should be any issues that could come up on a home inspection. A potential sale could depend on it.
You need to choose the right agent who will do the necessary work to market your property effectively
There are a lot of things to think about when selling your home, but if you choose the right agent they will take care of them for you. While their sales history, list of services and list of contacts are crucial aspects in your decision to hire them, it is also important to find out what they will be doing to market your home. According to a 2017 study by the National Association of Realtors, 44% of people start their search for their next home online. The Sidorova Inwood Team will take care of all things, little and big, that will help you get the best deal, and at the right time. For more details on what you could expect from us, check out our “What We Offer” page!