There’s no doubt about it, selling a house right now is more difficult than it was just a few months ago. But that’s not to say that you can’t sell your house today and get a great price for it.
There are a variety of reasons why you might be finding it difficult to sell your home right now.
First, the Government of Ontario recently instituted a 15% foreign home buyers’ tax. The tax, which is charged to home buyers who are not Canadian citizens, permanent residents or Canadian corporations, is designed to slow down the unprecedented increases in real estate prices. With the tax in place, many of the buyers it affects might choose to buy a home somewhere else in Canada. That can mean fewer potential buyers for your home.
The recent increase in the Bank of Canada’s key interest rate is another reason why there aren’t as many buyers out there. Higher interest rates can translate into higher mortgage rates. Some buyers are concerned that the increase in rates will make their monthly mortgage payments higher than they can afford.
Finally, there has been a recent increase in the number of homeowners choosing to list their houses for sale. More homes available means fewer potential buyers for each one. As with just about anything else we buy, when the supply of homes goes up at the same time as demand goes down, it can make your home more difficult to sell.
How to Make it Easier to Sell Your Home
One of the problems with the recent red-hot real estate market was that it meant homeowners needed to do little or nothing to their homes to attract lots of buyers and huge offers. Very often, even a ‘fixer-upper’ house in a desirable area got multiple competing offers from buyers who were desperate to move into the community. Things sure have changed, and there are plenty of relatively easy and inexpensive ways for you to make your home look its best and help it stand out in the market. Here are just a few to get you started:
1. Use the Right Pricing Strategy
A few months ago, you really didn’t need much of a pricing strategy. Some Sellers in Toronto even listed their homes at $1 to bring loads of offers to the table!
Today, using the right pricing strategy can be crucial to getting your home sold sooner than later. Right now, many homes are listed at ‘springtime’ (before the market changed) prices, which could be playing a role in why they are not selling. A lot has changed since then and you need to price your home accordingly.
Putting together the right pricing strategy starts with an in-depth analysis of your area, and getting an understanding of ‘the competition’ (any home that’s for sale in your area is competing for the same buyers as you are).
Armed with that information, you can set a price that buyers find appealing, but that also maximizes what you can get for your home right now.
2. Do Quick, Highly Visible Upgrades
It’s well known that giving your walls a fresh coat of paint is one of the best things you can do to help sell your home. But there are lots of other relatively easy and inexpensive upgrades you can do, too. Simply changing the drawer and cabinet handles in your kitchen can freshen up the look of the entire room. You should also shampoo your carpets and curtains, clean the house thoroughly and fix any leaky faucets. Our consultants can help you decide what is (and isn’t) worth doing.
3. Stage Your Home
Many sellers look at staging as an added expense, but it’s one of the best investments you can make it get top dollar for your house. Staging your home doesn’t just make it look nice, it sets it up in a way that makes it easier for buyers to see themselves in the home. Check out our recent article on tips to stage your home.
One of the best ways to make it easier to sell your home and get more attractive offers is to find the right realtor. While everyone else is complaining about how difficult it is to sell, The Stephen Tar Team is continuing to sell homes over asking and in record time. Having a strong negotiator on your side of the table can mean thousands of extra dollars in your pocket.
Whether it’s a Newmarket, Pickering, or Markham home up for sale, if you want to sell your house right now, call The Stephen Tar Team today, we’ll be happy to help.