| Dec 04, 2020
At the start of the global pandemic, we were all facing uncertainties and challenges. Much to everyone’s surprise, real estate took but a brief pause last spring before roaring back to life in the summer and autumn months, reporting record-breaking sales and price growth last fall. Low housing supply and high demand, coupled with rising COVID cases and new lock down measures in the Greater Toronto Area are creating an interesting dynamic between home buyers and sellers.
As a seller, what can you do to attract buyers and get the highest possible price? Here are five tips for mastering this market.
De-clutter and Neutralize
Regardless of market conditions, preparing your home for sale is critical to attract the right buyer and a good offer. The simple and economical act of de-cluttering your home will make it look bigger, brighter and cleaner – a key consideration for many home buyers, especially in current times. Pack up seasonal and unused items, and ditch anything that’s broken, unused or unwanted. Put away personal belongings such as family photos and mementos, which can subconsciously make prospective buyers feel uncomfortable or unwelcome in your home. Neutralize the space to help strangers feel “at home.”
Repair & Reno
Be subjective when updating your home prior to listing. Leave your personal preferences at the door, and opt for updates and renovations that neutralize the home and increase its appeal to the widest pool of buyers. Keep an eye on current listings in your neighbourhood, to gain valuable insight that could inform your own selling strategy. Luckily, under these current seller’s market conditions, you shouldn’t have to do too much to attract buyers. Something a simple fresh coat of paint could be all that’s required to get your home ready for the next step- staging.
Stage The Home
Selling your home in a seller’s market is a no-brainer, but getting the highest possible price is another story. Staged homes have been shown to yield much higher offers. We include staging for this very reason in our listing package. You can do it yourself, but all things considered, it is smarter to get a professional that knows what sells. This will have a huge impact on your bottom line. Even in this seller’s market, ensure your listing stands out from the rest for all the right reasons.
Digital Marketing
Selling anything these days means having an online presence – and like many other types of purchases, home buyers often start shopping online. Smart listing agents are staging and marketing homes for a digital audience. The pandemic has kicked this emerging trend into high gear. With temporary lock downs and social distancing measures in place for the foreseeable future, many buyers are now making the decision to buy a home without ever viewing it in person. Your real estate agent will be able to recommend a reputable photographer and videographer to ensure your digital photos and social media home tours are up to par.
The Price is Right
The current seller’s market means you, as the seller, have the upper hand in a transaction. But even under these prime selling conditions, working with a professional Realtor can pay off. Remember, your objective is not just to sell the home, but to sell it for the highest possible price.
Have you wondered how bidding wars happen? A seller will usually list the home below market value, and let buyers’ naturally competitive approach drive up the price. Once your property is listed, generate some buzz online by market heavily on social media. Much like a seller might do under normal circumstances, don’t accept offers until the day of choice, which should provide just enough time for potential buyers to fall in love and get a little nervous about the prospect of losing out.
Even in this seller’s market , putting your home on MLS and praying for offers isn’t going to cut it. Your home is a huge investment and sold under the right conditions and for the right price can be a big financial win, enabling you to buy your “forever home,” reinvest the proceeds into the market, or take an early retirement. Speak with your realtor about the best ways to reach your target buyer and your target price, regardless of market conditions.