The Real Estate Market has changed…

The real estate market has changed. Home prices are below what they were at their peak. The government has introduced the Mortgage stress test and interest rates are rising. Buyers are far more discriminating and a large percentage of homes listed for sale takes a while to sell.!

It is critical to learn how to get your home sold fast and for top dollar.
Selling your home is one of the most important steps in your life. This 8 step system will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process:

1. Know why you’re selling, and keep it to yourself.
The reasons behind your decision to sell affect everything from setting the price to deciding how much time and money to invest in getting your home ready for sale. What’s more important to you: the money you walk away with, or the length of time your property is on the market? Different goals will dictate different strategies. However, don’t reveal your motivation to anyone else or they may use it against you at the negotiating table. When asked, simply say that your housing needs have changed.

2. Do your homework before setting a price.
Setting your offer price shouldn’t be taken lightly. Once you’ve set your price, you are telling prospective buyers the absolute maximum they have to pay for your home. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. As a result, your home will sit on the market for a long time and, knowing this, new buyers on the market will think there must be something wrong with your home.

3. The Research is important.
Find out what homes in your own and similar neighborhoods have sold for in the past 6-12 months, and research what current homes are listed for. This is how prospective buyers will assess the worth of your home.

4. Maximize your home’s sales potential.
Appearance is critical. You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Clean like you’ve never cleaned before. Pick up, straighten, unclutter, scrub, scour and dust. Fix everything, no matter how insignificant it may appear. Invest in professional staging. Present your home to get a “wow” response.

5. Make it easy for prospects to get information on your home.
You may be surprised to know that some marketing tools that most agents use to sell homes (eg. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house. Furthermore, the prospects calling for information on your home probably value their time as much as you do. The last thing they want to be subjected to is either a game of telephone tag with an agent, or an unwanted sales pitch. Make sure your agent has an advertising campaign that includes a good website and social media presence where buyers can get detailed information.

6. Know your buyer. What is your buyer’s motivation?
Does he need a quick move? Is he pre-approved for finance? Can he afford the asking price? Information gives you the upper hand in the negotiation process.

7. Make sure the contract is complete.
Be sure to disclose all known defects to the buyer in writing. Make sure all terms, costs and responsibilities are spelled out in the contract and resist the temptation to deviate from the contract.

8. Don’t Move out before you sell.
Studies have shown that it is more difficult to sell a home that is vacant. The home looks forlorn, forgotten and not very appealing. If you move, you’re telling buyers that you have a new home and are probably highly motivated to sell fast. This will gives them the negotiating advantage. If you have to move then stage the home to create the appearance of someone living there.

For more information about our Home Ownership Programs, give us a call at 416-561-7405.