Are you considering selling your house but wondering about whether the appropriate time is NOW, after all the media bombardment about falling down costs and unsold homes sitting on the market? You’ve come to the right place to have your questions answered. I have used my 25+ years of real estate experience, and that of my team, to put together a guide “to steer you thru the steps of selling your property, and give you the tools you want to make this significant call.
First of all, you need to know that local market conditions will have an effect on the amount you can get for your home “and how quickly you can sell it. You may put a price on your home, but the market is what really prices it.
At the moment pros agree we’re in a Buyer’s market “supposedly meaning that there are rather more homes on the market than customers and you will be facing heaps of competition from other sellers. Prices have dropped overall, and homes take longer to sell. So it looks clear that if you can hold off on selling, you should wait this market out, right?
Not necessarily! Even if you don’t have an extremely important reason to move, like a job change or a growing family, there are good excuses to sell now. Accept it or not, there’s still an enormous demand out there for well-priced homes. In desirable neighbourhoods, I have customers who can’t find a home, because the homeowners are too shocked by the bad PR to put their houses up for sale. My team, which is on the front lines of Toronto real estate every day, has found there’s actually a lack of remodeled houses in good locations and those are selling swiftly at or above asking price!
And in spite of all of the bad news, the reality is that the drops in price and sales are not that drastic. In March 2009, there were only 8% less sales than in March 2008 “which was a banner year for real estate sales, and prices have only fell by 3%. That should not discourage anyone from putting their home on the market. What’s actually occurred is that we’ve gone from the total seller’s market of the previous couple of years, where customers wildly competed for homes, to a rather more balanced market. Sellers wisely accept reasonable offers and their correctly priced houses sell within an OK period of time. Costs are more stable without as many wild bidding wars.
Under any circumstances, knocking up a house for sale could be a nerve-wrangling process, emotionally, financially and physically. That’s why we are here to steer you through it with wisdom and experience, saving you incalculable problem and $$. I know your area, what buyers want in a home, how to barter the most competitive price, and the way to seal the contract for you, so this is going to be straightforward. And it all begins with yo.
Prepared by Elli Davis, Toronto real estate and Toronto condos consultant.