5 Tips to Ensure Success When Selling Your Home in a Soft Housing Market
It’s on the news everyday. The sky is falling and housing prices continue to sag. But remember, no matter how downbeat the reports, the doomsayers love to exaggerate even farther.
This January my office has had several homes sold at the full asking price or above. There are buyers out there and they will buy your home if you make all the right moves.
So here are the tips…
1. Dress for success.
It was important when the market was hot. Today it’s crucial. Get rid of all clutter to make your home more spacious and highlight its best features. Get tips and ideas from your real estate agent or a professional stager. Rent storage if necessary to hold your excess possessions. This is a great time to get rid of some your excess stuff.
2. Price it to sell, not to sit.
Buyers have sharpened their pencils (I almost said swords) and expect great value. Don’t turn them off by “trying it at a higher price” for now. It may appear counter-intuitive, but asking for the highest price in today’s market may have the opposite result. Today’s buyers have done their homework before they venture out to see your home. If you are too ambitious in your pricing, they will not come back.
3. Give it maximum exposure.
If your home is not listed through the Multiple Listing Service, you are missing as many as 98% of all buyers. The MLS is the most powerful way of exposing your home to buyers all over the world. Do not fall into the temptation of having a “secret listing” by saying to your agent … “when you have a buyer for my house, show them through.”
4. Offer buyer financing.
In a soft market you may want to sweeten the pot by offering a small Vendor Take Back mortgage. Or you may offer to pay part or all of the buyer’s mounting Land Transfer Tax for the city of Toronto.
5. Look at all offers.
When the market is soft, you need an extra dose of patience. Don’t be insulted by an initial low offer. Take all offers seriously. Make a counter offer and try to entice the buyer back to the table. If they are from out of town, remind them that Toronto is considered the second most liveable city in the Americas.