It may be a buyer’s market, but that doesn’t mean you can’t accomplish a great home sale. In fact, there are plenty of sellers who are finding success in light of current trends – it just takes the right approach.
When you boil it down, buyers are looking for one thing – their dream home. When they find it, they’ll be willing to make a strong offer. All you need to do is show buyers why your house is perfect for them.
If you’re looking to sell your home soon, you’ll want to keep reading! In this ultimate guide, we’ll go over everything you can do to get a great result in a buyer’s market. Let’s get started.
Jump to Section
- What Makes a Buyer’s Market?
- What Matters Most When Selling Your Home
- Will it take a Long Time to Sell My Home?
- How to Sell Your Condo in a Buyer’s Market
- How to Sell Your House in a Buyer’s Market
- Know Where You’re Headed Next
What Makes a Buyer’s Market?
Real estate trends closely follow supply and demand. In a buyer’s market, there will be lots of homes for sale, but fewer people who are actually looking to purchase. In this type of market, sellers are often forced to be more competitive, which can give buyers certain advantages. However, it doesn’t mean that sellers can’t find success in a buyer’s market either.
Hoping to make the most of your upcoming home sale? Check out these other blogs for even more helpful advice.
- How to Get Your South Etobicoke Home Ready For Sale
- How to Get Ready For a Move in the New Year
- How to Sell Your Home if You Can’t Afford it Anymore
What Matters Most When Selling Your Home
Selling your home comes with a lot of big decisions, and the most important of all is the real estate agent you choose to work with. This is especially true in a market where buyers have the upper hand.
Your Realtor is essentially the pilot of your home sale. On top of guiding you through the complicated listing and closing processes, it’s their job to help you get the best result possible. Without the right approach from the right agent, you could wind up selling your home for less than it’s worth, have it spend weeks or months on the market, or not be able to sell it at all.
Here’s where things get tricky: there are currently more than 70,000 Realtors working in Toronto. However, only a small percentage of them have the skills, experience, and resources to ensure you get the best possible result as a seller. So, rather than just hiring the first agent you find online, you’ll want to do some research to find the right one for you.
Pro tip: In Toronto, real estate trends look different in every neighbourhood. With that in mind, you’ll want an agent who has a strong track record of selling homes in and around your community.
Will it take a Long Time to Sell My Home?
It’s no secret that Toronto real estate isn’t as red hot as it once was. Of course, there are still plenty of sales happening, but homes spend a little more time on the market (on average) than they used to – and that’s okay.
As a real estate agent, one question I’m hearing a lot these days is “How long will it take to sell my house?” As you might expect, there’s no universal answer to this type of question.
At the end of the day, every transaction is unique. However, if your goal is to sell your home as quickly as possible, there are lots of things you can do to boost your odds of a smooth, successful sale.
How to Sell Your Condo in a Buyer’s Market
Condos are different from houses in more ways than one – especially when it comes to selling. Right now, Toronto’s condo market is even tougher for sellers than the detached and semi-detached side of things. However, that doesn’t mean that getting a good result is impossible.
Against the odds: Find out how I recently sold a condo in just 8 days in a historically tough market.
Standing Out in a Crowded Market
Standing out from other listings is one of the unique challenges of selling a condo. When there are dozens to hundreds of for-sale units just like yours (some even in the same building) on the market, convincing buyers to choose your condo over the rest is easier said than done.
That said, there are a few things you can do to make your condo more appealing than the average unit. For example, following through with a full decluttering process, making repairs, adding a few value-adding upgrades to your unit, and even having it professionally staged, can help you be distinct.
Be Smart About Pricing
Another major part of getting buyers’ attention is pricing. If you want to attract strong offers, you’ll need to pick a well-thought-out asking price.
Pricing on the low end could mean money left on the table. However, pricing your condo too high could turn away buyers who might otherwise be interested. If lots of potential buyers pass over your listing, it could wind up sitting on the market without any offers for weeks or even months.
Video Marketing: My Secret Weapon
Marketing is an essential aspect of selling a condo, especially when the market is slow. This is another reason why you’ll want to choose your real estate agent carefully.
As an agent myself, I’m a big believer in the power of video when it comes to marketing. With video, it’s much easier to showcase everything a condo has to offer, including the building’s special features and amenities. You really get a feel for the space in a way that regular photos can’t quite capture.
Selling your condo? Check out these blogs for more advice.
- How to Sell Your Condo Fast
- Everything to Know About Selling Your Condo in Humber Bay Shores
- 5 Signs It’s Time to Sell Your Etobicoke Condo
How to Sell Your House in a Buyer’s Market
Even in a buyer’s market, a great home can attract strong offers – sometimes even above the asking price. All it takes is planning, preparation, and of course, the right real estate agent by your side.
Real results: Find out how I recently sold a detached house for 97% of the list price in buyer’s market conditions.
Sprucing Things Up
Right now, buyers have a lot to choose from – and most of them are looking for a home that’s turnkey and move-in ready. So, before you list, you’ll want to put in the work to get your home looking the best it can.
Step one in getting your home market-ready is to declutter and deep clean. You’ll want to get rid of any unused or bulky items that may be crowding up your home. Not only will this make each room feel more spacious, but it also creates a fresh canvas for staging later on.
If your home has any visible issues, you’ll want to address them before you sell. Keep in mind that even minor problems like a leaky faucet or burnt-out light bulb could be a deal breaker for some buyers. While major renovations may not be necessary, low-cost fixes or improvements such as fresh paint can make a world of difference.
Make it Easy for Buyers
In today’s market, buyers won’t consider an offer until they’ve seen your house in person. So, the easier you can make it for them to do that, the better.
As buyers start requesting showings, try to be as accommodating as possible. While it’s not always convenient to be out of the house on short notice, this type of flexibility can play a big role in your success.
Keeping your home clean and buyer-ready at all times can make this step easier. You never know, your agent may get a last-minute showing request while you’re at work, and you won’t have time to rush home and tidy beforehand.
Pay Attention
When your house is on the market, you can’t just sit back and wait for offers to roll in. Instead, you need to pay attention to how buyers are responding to the listing, and be ready to make adjustments if needed. Otherwise, your home can start to feel stale.
Have Patience
When it comes to selling your home in a buyer’s market, having a little patience can go a long way. It’s perfectly normal to feel nervous or anxious if your home hasn’t received any offers within the first one or two weeks, but that doesn’t mean you need to drastically drop your price right away.
Yes, sometimes it’s a good idea to re-list at a lower price. However, patience can also pay off in certain circumstances. For instance, some house hunters wait until a property is on the market for 3 weeks before they submit an offer. Keeping your home listed can tell this type of buyer that you’re open to negotiating.
Know Where You’re Headed Next
Getting ready to sell your home can be a busy time, but it’s important not to forget about the other side of your move – finding your next place. On the surface, buying and selling are two totally different processes. However, they impact one another more than you might think.
Should I Buy or Sell First?
Buying in a buyer’s market comes with a lot of perks, but just like selling, you need to think strategically if you want to get a good result. Given the current landscape of Toronto real estate, I almost always recommend selling before you buy. This is the best way to avoid certain financial risks, but it does come with special considerations too.
For example, once your current home is sold, you’ll have a limited amount of time to find a new place, make an offer, and close the deal before the incoming buyer takes possession. If you’re not prepared for the buying process (i.e. you don’t know your budget or what you’re even looking for in a new home), things can get stressful in a hurry.
Ready to Sell Your Etobicoke Home?
If you’re looking for an experienced and local real estate agent to help you sell your home, allow me to introduce myself. Hi, I’m Melissa!
I’ve been helping people just like you sell their homes in Etobicoke and throughout Toronto for more than 20 years. No matter your reasons for selling, I can help you maximize your sale. When you’re ready to start your next chapter, I’ll be ready to help.
Selling your Etobicoke home? I can help! Call or text me at 647-239-7587 or email melissa@southetobicoke.com to get started.
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