2016 was a sellers’ market, with home prices and sales reaching new records.
According to The Real Estate Board (TREB), property sales have declined in the greater Toronto Area by 40.4 percent on a year-over-year basis, with properties selling at 7 percent lower than they did before April this year.
The good news is that it’s not all bad. Even with the slight dip in prices, properties are valued at 15 percent higher than they were in 2016. This means you can still make a tidy profit from selling your GTA real estate property. You just need to know how to go about it.
1. Stage the Home or Property
Staging is often meant to showcase a property in the best light. But an often understated benefit is its tendency to help to intend buyers imagine themselves in the home and property.
People like to see what a property looks like when it’s lived in, and staging helps them see that. As a result, staged homes tend to sell faster with many selling in an average of 22 days.
Compared to the average of 125 days that unstaged homes stay on the market, that is a huge improvement. You can either choose to stage the home yourself, or hire a home stager to take care of that for you –we do recommend the latter.
2. Invest in Small Upgrades
It’s easy to see the need in spending some money upgrading certain high-end features of the home, tear down walls and do a major remodeling, but you may not have the time or the upfront budget. Instead, spend your money on small upgrades like refacing or repairing the cupboards, getting new stainless steel appliances, upgrading your bathroom fixtures, installing new lighting and shower curtains, and placing some hand towels in the bathroom. These may look like small changes, but they go a long way in transforming how your home looks, resulting in more interest and reducing a buyer’s reasons not to buy.
3. Absolutely Get a Realtor
You will make the home sales process easier by hiring a realtor to handle your transaction. Realtors already have the prospects, are great at marketing properties, understand the market, have the right expertise for property valuation, ensure your property is priced right and can fast track the documentation needed to close the sale.
They’ll also provide advice on the necessary steps required for a maximum bottom line, so hiring a realtor can make the sales process seamless and stress-free.
If you’re looking to sell your home quicker, and with very little stress, check out the agent section of our website, where you will find many seasoned and successful professionals who can help you sell your home fast.