Tips for Selling Your Home in a Balanced Market
We are now gradually moving into a balanced real estate market. By definition, a balanced market is characterized by the number of homes on sale in the market to be equal to the demand or number of buyers. Homes sell within an acceptable time period and prices are generally stable.
However, even though the number of buyers and sellers are balancing off, there’s still a lot you need do to get that sale contract signed and your home sold. When there’s an equal number of houses on the market as people looking to buy, sellers may have to get creative. A balanced market usually means prices are stable so you’ll have to look beyond just the listing price to get people through the door.
Set Your Selling Price Judiciously
When the number of real estate listings match the number of buyers looking to buy a home in the given market, buyers tend to be pickier about the price they’re willing to pay to buy your property. Zero in on the listing price you are most comfortable with. You may have a need to do a quick sale of your property, in this case you may you may want to consider listing it on the lower side. Discuss about your options with your spouse/ family and clearly communicate with your Realtor. Pricing the home correctly and well, is one of the key criteria and decision in home selling.
Sell to Your Buyers with Your Curb
You got the curb – show it off! The beauty of manicured lawns can pull in your potential buyers. Make sure that the front of your house looks the best it can in the given month(s). Buyers often drive around neighbourhoods to get a feel for it and the homes on the market. Show them your curb appeal, they may already be sold by it.
Get Your Ducks in a Row
In a balanced market, you cannot count on a predetermined selling price for your current property to finance the purchase of your new home. Holding off buying a new home until the current one is sold will provide you with a clearer picture of what you can afford as your next home. Buying and Selling in Different Real Estate Markets call for specific strategies. Again, an experienced Realtor team can advise you well on this aspect.
Do Your Home Work in Advance
Pre-listing inspection is the way to go if you are keen on selling your home fast. Usually the buyer hires a home inspector when they make an offer, stating that their offer is conditional on satisfactory inspection. Why wait for that long, only to possibly find some fixes you need to do. Take charge of this task and have the inspector’s report handy for the buyers at the time of contract negotiation and signing.
Nip it in the Bud
As soon as the home inspector provides you with a detailed report, highlight the top 3-5 things that are a “must fix” even before listing your property on the market for sale. Get the handymen in and get the repairs done, prepare your home for the sale. In a balanced market, the thought of even minor renovations or repairs could send the buyers towards other homes.
Take the Minimalist Route
If you have too much of anything in your home – get rid of it before listing the home. Trash it or store it, depending on what you need and what can be discarded. Make your home clutter-free for better flow and feel to welcome your potential buyers. Entice the five senses of your home buyers!
Give it to Them How they Like it
Millennials make up fastest growing segments of buyers in Mississauga, Toronto and rest of the GTA. Consider adding features that appeal to this generation. Installing a wine fridge or new flat-screen TV may cost you $1,000-$2,000 upfront, but your home or condo will sell faster than one without.
Add a Dash of Something Special
In a balanced market, you need to make your property stand out from competition. You may want to consider adding a special incentive. How about appliance warranty, prepaying taxes or title transfer costs, pre-paid landscaping services for a time period? Offer something to sweeten and seal the deal.
Here are Some Reasons Why Buying a Home in Winter is a Good Move
Usually the listing prices are lower in winter months, making it perfect timing to buy a property. With sellers willing to reduce listing price, and fewer buyers on the lookout, it makes sense for the keen home buyers to step in and snag that real estate deal.
Clear from Competition
Bidding war is usually the name of the game when buying a home in Mississauga, Toronto or rest of the GTA during peak real estate buying and selling months. However, winters normally gives cold feet to some who do not want to be moving homes in the cold, frigid temperatures. With fewer people wanting the same property as you, your chances of getting that property are higher.
Room for Negotiation
Sellers would mainly list their property in winter only if they are absolutely certain and motivated to buy. Most likely they could have bought a new property that is closing. In such a situation, seller would be a little more flexible on closing date and of course selling price. date are all open to negotiation.
Quicker Decision Making
For sure there will be fewer listings for you to see in winters, but that also means that you will be able to settle for one faster!
Full Attention of Realtors
Both your Buyer Agent and the Seller’s Agent will be keen to seal the deal, as much as you as a Buyer and the Sellers.
What You See is What You Get
Winters allow you to see a home without the curb appeal and other frills associated with Spring and Summer. You might be able to spot flaws like leaky roofs etc. etc. in Winters before putting in your offer.
Interest Rates Could be Lower
Not as a rule, but there are chances that mortgage rates go up in the following year. A point worth discussing with your mortgage broker to get a sense of what might be on the horizon.