We’ve all heard the hype: Canadian real estate is facing the deepest market correction in the last 40 years. But this isn’t the first time that experts have forecast corrections or
Tips for Selling a Home in a Buyers Market
Dated: December 15 2022
In a buyer’s market, getting your property to stand out form the rest will take some creative know-how. A seller’s market occurs when real estate listings outnumber the number of potential purchasers. This means sellers will have to work a little harder to attract offers to their home. Here’s how you can help tip the scales in your favour, and hopefully get that sale contract signed!
When the amount of real-estate inventory matches the number of buyers shopping the market, people tend to be pickier about the price they’re willing to pay. Really hone in on the listing price you’re comfortable with — if you want to sell quickly, consider listing it on the lower side.
Never underestimate the power of a well-manicured lawn and pretty flower boxes to grab the attention of potential buyers. Make sure the front of your house is looking its best — you never get a second chance to make a first impression. Buyers often drive around their preferred neighbourhoods window shopping, so give them show-stopping curb appeal they can’t ignore.
If you’re selling your current home while concurrently buying a new property, you may want to reconsider. In a balanced market, counting on a predetermined selling price to finance the purchase of your new house might not work. Holding off buying a new home until the current one is sold will give you a clearer picture of your purchasing power.
While hiring a house inspector is usually done by buyers making an offer, get ahead of the game and hire one as a seller. Having that report available for potential purchasers takes one task off their plate and that might swing the scales. Include the name of the inspection company and inspection date in the listing description, and even on the “For Sale” sign on your front lawn.
When the home inspector is on your property, ask them to highlight what they think are the top five repairs needed. Before even listing your home, consider hiring a contractor to take care of these problem areas. In a balanced market, the prospect of even minor renovations could scare off buyers, so nip those fears in the bud.
Nothing puts off potential buyers like a home they can’t even see thanks to stacks of papers, overflowing cupboards and messy countertops. Go through each room and pack up 50 per cent of the “stuff” — then store, donate or trash it. When people walk into their potential dream home, they want to see large, airy rooms not shelves packed with personal knickknacks.
Millennials make up the largest cohort of buyers in Canada right now so 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 house will sell faster than one without.
In a balanced market, it’s all about making your property stand out in a sea of comparable properties. Offering something more creative than just your regular financial incentives, such as prepaying taxes or title-transfer costs, should do the trick. A year’s worth of landscaping services or paying homeowners’ association dues are just two examples of outside-the-box incentives.
Being a life-long resident of Guelph attending Elementary, Secondary and Post-Secondary schools here, he has a vast knowledge of the City and the Surrounding Communities. Now raising his young family ....
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