Is Your Toronto Home Ready for Sale?
Written by: Erica Mary Smith
Posted on: February 1, 2016
When it comes to hot real estate markets, Toronto is one of the hottest, and Toronto homes for sale are often scooped up quickly by buyers. However, it’s not uncommon for homeowners to put their house on the market and fail to attract much interest. Sometimes, they may have to lower their price or sell for below what their home is worth.
Why does this happen sometimes in a market as hot as Toronto? The truth is that, even in the hottest real estate markets, buyers are looking for the best deals and the most attractive properties. If you are not marketing your home effectively, you will not get much interest.
Here are seven steps to follow to ensure that your home is quickly scooped up off the market.
Repair and Fix
Before you sell your home, you should fix any damage and solve any problems or issues that will deter buyers. If your home has major damage or needs repairs when you try to sell it, you can expect to drop its price down by a large margin to compensate for the repairs the potential buyers will need to do on their own. However, even small issues—like sagging screens or peeling wallpaper—can give buyers a negative impression of your home and turn them away.
Find a Good Realtor
Trying to sell your home without a realtor can be an uphill battle. Realtors have access to exclusive listing services that homeowners cannot access or use. As well, realtors represent buyers too, meaning they can quickly connect your home with interested people. If you want to appeal to the highest number of people possible, you need a realtor.
When holding open houses, not every person who looks at your home will be a potential buyer. Some may just be curious or may be homeowners looking at the competition. Try to identify the buyers and determine what they like and don’t like about your home so you can market it more effectively.
Make it Ready to Move In
When showing off your home, you want to depersonalize it as much as possible. It is more difficult for buyers to evaluate your home if it’s full of all your belongings. Go beyond just tidying your home and clear out as much as possible. The closer you can get your home into ready-to-move-in condition, the faster you can expect it to sell.
Price it Right
Be very wary of overpricing your home. Instead of just thinking about what price you would like to sell it for, take an objective look at your home and determine what it is worth in today’s market. If you overprice your home, it will sit on the market. The longer it stays on the market, the harder it will be to sell your as many people assume there is something wrong with houses that sit on the market for too long.
Handle Low Offers
Don’t dismiss low offers. Instead, try negotiating with buyers and seeing if you can come to a mutually pleasing agreement. At the very least, remain polite and open-minded with any offer. Buyers may change their minds and place a higher offer, but not if you rudely turn them away right from the start.
Make Final Decisions
When you have competing offers, it can be hard to make up your mind. Consult with your realtor, look at each offer objectively, and determine the right one for you. Don’t rush your decision, but don’t sit on it either. You can take some time to think about it and ensure that you’re making the right choice.
Condo Chicks from Stomp Realty Inc. is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please call us at (416)-366-3033.