Were you holding out to see if the Toronto real estate market would get better this year before listing your home for sale? According to the Toronto Real Estate Board, the average selling price of a single- family detached home soared to $920,791 as of April 1, 2017. A recent slump in the market shows that the average selling price has declined to $808,847 as of June 1, 2017. However, this still represents an increase of 6.7% over Toronto home-selling prices of June 2016.
Today’s Toronto home buyers are not willing to engage in a price war to secure their dream home as may have been the case earlier this year. Rather, they’ve decided perhaps they should wait before buying. If you are considering selling your Toronto home, how can you put the “sizzle” back into your sale? How can you get home buyers excited about your home and ready to make their best offer?
Important Factors to Consider When Selling Your Toronto Home in a slower market
Over Pricing Your Home
If you are a home seller demanding to list your Toronto property at a price that does not reflect the current fair market value of comparable homes in your neighborhood, you are setting yourself up for failure. Your selling price should be determined by a competitive market analysis of comparable homes that have recently sold in your location taking current real estate market conditions into consideration. Here are some things to consider.
- Abandon your personal bias.
- Consider a house inspection
- Educate yourself, visit local open houses and compare the location, condition, size and amenities of these houses to your own.
- Get a comparative market analysis from your real estate agent.
- Consider market conditions.
Attracting the right home buyers
Knowing your target demographics is key. This will help you understand what goes inside your potential buyer’s head, to better understand what they want and what they need. Offer your house as the solution to what they are looking for. Giving them a better lifestyle and a space that works is important. Which leads me to —
The right home staging and home merchandising
The right presentation is important, this part is where you apply your knowledge of your target buyers in showcasing your home. Stage with intention, showcase your home as to how your buyers will function in it. Will they need a home office or a nursery for example? Let them mentally move into your home by giving them the vision that they don’t have.
- Curb appeal – The home’s exterior is as important as its interior!
- Clean, decluttered interior which is light and bright;
- Good traffic/furniture zoning, making it easy to navigate from room to room;
- Appealing and non-offensive paint colors that are attractive to all buyers;
- On-trend furnishings arranged attractively to show a clear function of each room;
- Impeccably clean bathrooms and kitchen, cabinetry, appliances, flooring, lighting and plumbing fixtures that are well-maintained.
As a home seller, you have no control over the location of your home and your location’s market trend. However, you are in full control in showcasing your home properly and pricing it competitively. As I have always told our past clients, the magic happens with the right price and the right packaging (everybody loves a beautiful home).
We’ve helped many homes sell in the GTA area, mostly for over asking price for both slow and busy markets. Don’t let your home linger on the market and dwindle in value. Make your first effort to sell your Toronto home in a slower market a successful one.
Red Barrinuevo | Your Toronto Home Stager
is a Canadian Certified Staging Professional. His professional affiliations include the Real Estate Staging Association (RESA) and the CSP. He is the recipient of numerous home staging awards and was picked as RESA’s Top Professional Stager of Canada for 2016. He has worked with hundreds of Real Estate Brokers, Investors, Real Estate Agents, and has helped homeowners showcase their homes at its best when it is time to sell.
As President and Principal Stager of REDESIGN4MORE, Red provides home staging and interior redecorating services for both small and large-scale residential projects throughout Toronto and the GTA. Click here to learn more about Red and REDESIGN4MORE.