Selling a house in the current market can feel nerve-wracking. Every day, the news seems to change. On the one hand, prices are down, and properties are taking longer to sell. On the other, potential buyers have few listings to choose from, and multiple offers are starting to become a thing again. 

Uncertainty in the market has some homeowners staying put to see what happens next. However, sometimes your circumstances change, and you no longer have that luxury. Selling your home becomes the most logical step that allows you to move on to the next chapter in your life. 

If you decide to sell, take a deep breath and take heart. The truth is the real estate market is constantly fluctuating. Knowing what to expect will help you form a strategy to get the best possible results in the current circumstances.

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Step One: Research

Understanding the market we are currently in allows you to know your advantages and disadvantages so you can approach the transaction from a position of strength. At any point, it will be a seller’s, buyer’s, or balanced market. Let’s take a quick look at each:

Seller’s Market

Many buyers are looking for a home like yours, with too few listings to satisfy the demand. This is the most advantageous place to be when you are selling. Your home is likely to attract multiple buyers and sell quickly. You may even get more than your initial asking price. A seller’s market often makes selling your home easy. However, when you go to buy your next house, things can get a little more difficult.

Buyer’s Market

A buyer’s market means there isn’t enough demand for all of the housings that are for sale. A buyer has more negotiating power, will often take their time looking at multiple listings, and may ask for a reduced price. Obviously, a buyer’s market is not the best time for sellers. You will have to work harder for the sale and may have to offer several concessions to make your listing stand out. However, there is good news! Once your house sells, you get to reenter the market as a buyer. Now, conditions are in your favour.

Balanced Market

A balanced market has approximately the same number of buyers and sellers. Still, certain listings are often more desirable than others. As a result, some homes see multiple offers and sell quickly, while others sit on the market. During a balanced market, you have no inherent advantages or disadvantages. Everything from this point on will depend on your strategy. 

Which of these scenarios best describes the real estate market in your city? The answer will help you and your real estate agent create an action plan to make your home stand out from competing listings.

Do you have questions about what is happening right now in your neighbourhood? Ask me anything by booking a seller’s meeting right here.

Step Two: Determine the Approximate Value of Your Home

Real estate transactions are complex, especially since you’re not buying or selling a house every day. The best first step you can take is to find a real estate agent you can trust to help you build a strategy with a strong chance of success.

A local agent will understand the nuances of the niche neighbourhoods and know how to attract the most likely buyers to your listing. It starts with performing an unbiased CMA (Comparative Market Analysis) that shows how your home compares with others in your area. Your Realtor® will factor in the size of your property, the age, any updates you’ve made, and the location, among other things.

Knowing how much your home is worth in the current market is often the foundation of your entire strategy. Your initial list price can help you get the best results possible by attracting the attention of qualified buyers.

How much is your house worth right now? You can get an accurate estimate by booking a free home evaluation here.

Step Three: Prepare Your Home for the Maximum Results

Fortunately, extensive renovations are rarely necessary when selling your home. However, proper preparations can help you enhance your results, even in the busiest seller’s markets. Keep in mind that buying a house is an emotional experience for most people. The more they fall in love at first sight, the more determined they become to win the listing, even in competitive situations. 

What updates should you invest in? Since every neighbourhood is different, it’s always best to consult your Realtor®. However, certain improvements can always make your home stand out regardless of the market: 

  • Thoroughly cleaning and decluttering each room, especially the foyer, kitchen, bathroom, and living rooms.
  • Remove all unnecessary furniture, fixtures, and decor items. A minimalistic design can make the room seem more spacious.
  • Apply a coat of fresh paint throughout. If you do nothing else, this alone can make the house appear brighter and more modern.
  • Natural light matters! Try replacing dark curtains with sheers to allow more sunlight into each room. Strategically placed mirrors can also enhance the amount of natural light.
  • Replace old, outdated light fixtures.
  • Consider adding a smart doorbell and thermostat to make your home appeal to young buyers with families.
  • Replace the handles on cabinets, drawers, and closet doors. 
  • Update the kitchen backsplash.
  • Check the silicone around showers and bathtubs. If it’s grungy and worn-out, consider having it redone.

These small touches can make a big difference in the appearance of your home and help capture buyer attention. Combined, these minor details can help you expect a positive outcome in any market.

Do you have questions or want more advice on how to get your home ready to sell? I am happy to help and will always provide you with accurate and unbiased information about today’s real estate market. Reach out today at damir@damirstrk.com or call 416.884.7925 for more information or to get started.