Real Estate Agent in East York - Better Homes And Gardens Real Estate

PROPERTY PERSPECTIVES #033: How to achieve top-dollar, quick sales, in a *buyer-friendly market

11 September 2017
Kevin Hartley

I’m of the opinion that we are headed for a more balanced, buyer-friendly market this fall.

There. I said it. You OK? I’m just trying to be realistic and honest.

For years now, Toronto has had a seller’s market in which vicious, quick, multiple-offer bidding wars were commonplace, with properties lasting mere days on the market and final sale prices vastly over asking price.

For many sellers, the disappointment with a more buyer-friendly market will be that their neighbour, two, six, or twelve months ago, got more than they might be able to get now. Ego often gets in the way when we’re trying to sell our homes and stubbornness too. It takes discipline and humility to face that reality. But now that my devilish thoughts are out there, I have some ideas to help position your home for a quick, top-dollar sale.

Don’t dabble. If you’re coming to market just to “play” the market and hope for a big windfall, if you don’t need to sell right now, then don’t. You may just be wasting time in preparing your home, having all those showings and open houses only to never achieve the price you want in these market conditions.

Shop the market…now! Get off the internet and spend a weekend with an agent to physically get into homes and look at things from a buyer’s viewpoint. Get a feel for condition, upgrades, prices and what your potential buyers are seeing and looking for. In a buyer-friendly market, with a potential cornucopia of homes to choose from, your home has to be a 100% turnkey offering.  Everything has to be ready to roll; clean, working and updated.

Be open to a home inspection; in fact, do a pre-listing home inspection yourself and attend to some of the items noted.

Let buyers invest in “pretty”. Roofing, windows, foundation repairs/waterproofing (if needed) and mechanicals updates are great pre-listing investments that add value. Unless it’s an absolute bargain, buyers don’t want a house that needs work. You have to take away all their opportunities to say “no”, to the house and your terms.

Be flexible on your closing date. If you’ve made another purchase, explore bridge financing so you can accommodate your purchase and your buyer’s closing needs; better to have this option explored in advance of an offer so you can respond quickly and accordingly.

In a market where prices may plateau or even fall, asking prices must follow suit, too, which is a whole new concept for East York sellers right now. Just because prices went up to some astronomical values in the recent past, this will not be the time to throw a similar figure out there just because “That’s what the neighbours got in March.”

It’s important that you work with your realtor to understand your local market and to build a defensible rationale for your price.

Thanks for reading. Questions or ideas for a future blog? Feel free to contact me here.

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Kevin Hartley, Broker is a Toronto based real estate Broker with Better Homes & Gardens Real Estate | Signature Service, Brokerage. @Home is his lifestyle blog, an expression of his passion for home keeping though MAKING (Recipes), DOING (DIY), BEING (Health/Wellness) and DWELLING (Home Ownership, Sales & Maintenance).  Content not intended to solicit clients under contract.

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