Some Home Selling Tips in Buyer’s Market
Home Selling Tips in Buyer’s Market
2020-2021 was primarily a sellers market. Historically low interest rates and limited housing inventory fired up home prices like never before. However, the latter part of 2022-2023 (to date) has witnessed a slow down.
Bank of Canada’s aggressive interest rate hikes has cooled down the heated market providing advantage to buyers, who were still looking despite the higher interest rates.
If you are currently in the market looking to sell your Mississauga or GTA home or condo, you must be wondering what steps to take to get your home sold for the best price.
According to the RE/MAX 2023 Canadian Housing Market Outlook, more than half (55%) of Canada’s housing markets are expected to transition to balanced or buyer’s markets this year. A balanced market occurs when supply and demand reach equilibrium, while a buyer’s market arises when there are more homes available for sale than potential buyers.
So, for those looking to sell a property in a balanced or buyer’s market, how should you proceed?
Here are some useful tips for Mississauga & area home sellers!
Check out our latest listing for a Semi Detached Home For Sale in Meadowvale Village in Mississauga.
Expect & Set the Right Price
In a buyer’s market, buyers have the upper hand with negotiating power. Often they may also have a wider range of similar home inventory to choose from. Correctly pricing your home of condo for sale is crucial. To attract buyers, it is important to price your property competitively.
At Team Kalia, we have effectively worked in different types of market conditions since 2003. Our pricing strategy is based on a thorough research and assessment of the current market conditions and home condition among other parameters, to determine the right price for our Mississauga & area home sellers.
Make necessary Upgrades
When you want to list your property, you need to consider whether any repairs or upgrades are necessary. Buyers seek properties that ideally require least amount of work and money to be spent after moving in. Particularly in the current market, where buyers have larger mortgage payments to take care of. The goal should be to make your property visually appealing with perhaps a fresh coat of paint, new flooring, other knick-knacks. Sometimes, bigger renovations may be required depending on the age of the home or condo.
When listing your home or condo, we take the stress off your shoulders when it comes to making updates and upgrades before selling your property. We evaluate the home condition and prudently advise on the basic or must-do updates. We help the sellers use their best judgement of what returns to expect vis-a-via the expenses. To speed up the home selling process, we even get a pre-listing home inspection done and handy for prospective buyers to review. We even connect our sellers with contractors, handymen, painters etc. as needed.
View a sample of home upgrades that Team Kalia undertook for one of our seller clients.
Make a welcoming First Impression
Is a property’s curb appeal important? Most definitely! The first thing potential buyers visually experience is the exterior of a property. A spruced up, well-maintained, manicured & clean front yard or porch or driveway creates a positive mindset for buyers, even before they enter the property. The same goes for the backyard, where the new home buyer family would likely spend some quality time entertaining with friends and family, especially over the summer months.
Team Kalia can refer you to landscapers to enhance your curb appeal & spruce up the backyard.
Manage Your Expectation & Be Flexible
Flexibility has become increasingly important as it is crucial to be open to negotiation. In a buyer’s market, sellers should be willing to engage in negotiations and strive for mutually beneficial agreements. This does not imply selling the property at a loss. Typically, the real estate market maintains a dynamic where sellers can still achieve a decent profit, even when buyers have greater negotiating power.
As you can see from the table below, and may have read in our May Real Estate market Update, home prices are mostly steadily going up despite the interest rate hikes.
Mississauga Average Home Prices 2023 by Month & Home Type
| Detached | Semi Detached | Condo Townhome | Condo Apartment | |
| January | $1,379,588 | $960,178 | $797,702 | $626,401 |
| February | $1,543,866 | $1,033,327 | $803,277 | $612,221 |
| March | $1,553,304 | $1,057,053 | $828,182 | $614,758 |
| April | $1,567,031 | $1,059,454 | $857,062 | $655,660 |
| May | $1,620,829 | $1,132,822 | $868,034 | $635,856 |
| 2023 Q1 Avg. Home Price in Mississauga by Neighbourhood (Avg. of All Home Types) | |
| Applewood | $983,116 |
| Central Erin Mills | $975,718 |
| Churchill Meadows | $1,131,345 |
| City Centre | $619,055 |
| Clarkson | $1,049,673 |
| Cooksville | $1,069,412 |
| Creditview | $1,076,863 |
| East Credit | $1,161,549 |
| Erin Mills | $1,088,553 |
| Erindale | $1,229,585 |
| Fairview | $1,256,241 |
| Hurontario | $796,686 |
| Lakeview | $1,155,734 |
| Lisgar | $1,156,415 |
| Lorne Park | $2,434,621 |
| Malton | $828,084 |
| Meadowvale | $893,156 |
| Meadowvale Village | $1,194,369 |
| Mineola | $1,853,040 |
| Mississauga Valleys | $727,987 |
| Port Credit | $1,265,045 |
| Rathwood | $1,002,582 |
| Sheridan | $1,189,176 |
| Streetsville | $1,060,643 |
| Source: TRREB Community Report 2023 Q1 | |
May 2023 Market Reports by City
Deploy the Power of Home Staging
It is vital to ensure that your property is showcased in the most compelling way possible. Your property should allow buyers to envision themselves living in the home. It is crucial to declutter and clean the property, remove personal items, and create an ambiance of space and style. Home staging is one of the most effective methods to add perceived value to your property, visually, mentally and emotionally. Home staging is equally important for condos. It can help sell your home or condo faster by making it stand out, especially when there are other similar listings in the market.
Team Kalia works with reputed, professional home stagers to transform your home or condo to attract buyers.
Consider Offering Incentives to Sweeten the Deal
In a buyer’s market, buyers typically expect more from sellers. They almost demand it! One useful tip to make your property more enticing is to offer additional incentives. This could include accommodating the buyer’s preferred closing timeline. How about appliance warranty, prepaying taxes or title transfer costs, pre-paid landscaping services for a time period? By providing these added benefits, you increase the attractiveness of your property and stand out among the competition.
We work as a team with our home sellers and present suggestions based on the specific situations. It is always up to the seller to decide the options they feel comfortable moving forward with.
Any unanswered questions, read more in our Home Seller FAQs. Better still, simply pick up the phone and give us a call at 905-339-5111 for a Free Seller Consultation & Home Evaluation.
Home Selling Tips in Buyer’s Market – Gain From Our Listing Services & Benefits
Home Evaluation: Receive accurate, data-based and realistic evaluation of your home or condo
Pre-Listing Inspection: Achieve higher price & trouble-free closing with a pre-listing inspection
Quick Fixes: Our handymen referral services help you fix your home before listing
Cleaning Services: We provide hassle-free cleaning services before your home goes on the market
Home Staging: Our home staging service includes staging through top professional companies
Yard Work: We refer you to landscapers to enhance your curb appeal & spruce up the backyard
Top Photography: All our listings receive top HD photography
Drone Photos & Videos: We also offer drone footage if needed & HD videography for all homes
Top Marketing: All our listings receive best-in-class social media & internet advertising
Sold Guarantee: We offer a 30-day home sold guarantee on all our listings
View Some of Our Recent Solds
Planning to Sell, Downsize or Upsize?
If you are thinking of selling, downsizing or upsizing, Team Kalia is just a phone call away!
Take Advantage of Our Experience Since 2003
Team Kalia is among one of the top performing REALTOR® Teams in the City of Mississauga. Take advantage of our superior selling to asking price ratio and fewer number of days on market to net more dollars in your pocket and to sell your home faster.
We serve Mississauga, Milton, Brampton, Oakville, Burlington, Hamilton, Ancaster, Toronto markets and serve other markets too in & around the GTA, based on client requirement.
