Selling a Home in Toronto can be a difficult and long process if not tackled correctly right from the outset. As a seasoned Realtor, I might have a biased opinion as to how it should be done. Now with that out of way here is my professional opinion.
Spring is the best time to sell a house regardless of the local market conditions, inventory seams to always spike in the early months of spring. Why you may ask? Because a large pool of buyers are actively searching for a home in these months as they like to be settled in prior or during the summer. In the event that your home had been on the open market through the holiday season and is now languishing, here is a tip- Remove it from the market and let it settle for a bit, allow it to cool down for a few weeks before putting it back up. A large pool of prospective buyers will not look at the home if it shows that it has been on the market for several months.
When selling, it is vital that you choose the right Realtor to represent the sale, it is essential that the person you hire is not only competent but has a strategy and marketing plan that is tailor made for your situation and the home’s condition. My advice; interview at least 4-6 Realtors before signing anything. After all we are talking about one of the, if not the biggest investment in your portfolio, you owe it to yourself to make the right decision.
A key component to selling is price; I can’t stress enough the importance of pricing the property according to market conditions. If you choose to over price your home, the odds of selling it for top dollar decrease with each day it’s listed.
Prior to listing the home there are things that should be done in order to make the house presentable, such as clean, clean and clean some more, repair any defects that the home may have. These are just a few of the many things that need to be done. Home staging is a great way to really spruce things up! Home staging is not for everyone as it can become quite costly, but it doesn’t hurt to have a designer come in and consult you. Another great trick is to invest in a complete home inspection, so the buyer does not need to order its own, which in turn will allow the buyer to act quicker and be more comfortable.
I also want to touch upon the open house myth, and how great they can be! Oh Yeah, they can be great if you’re the Realtor! Yes, the Realtor and only the Realtor benefit most if not always from open houses. Let me explain the secret of open houses and why Realtors are adamant about them, and why the word open house is always included in a listing presentation. Open houses are mainly used by Realtors to generate leads from your home! Yes, they use your home to meet other buyers so they can solicit their business to sell them someone else’s home. I can also tell you this, I have been selling Homes in Toronto for then 17 years and I have done my fair share of open houses,I can honestly say that I have never sold one because of the open house sign, I can also tell you that i have sold many homes to buyers that have walked in off the street to visit my open house. As a coach and mentor, I always teach junior Agents that open houses are a must when they initially start out in the business; it’s a simple and cost effective way to meet motivated buyers. In fact I instruct them to send letters to all the top producing agents in the city asking if they can conduct their open house for the upcoming weekend. If an agent walks into your home and suggests that an open house is needed, then that should end the interview on the spot.
There are many things that should be thought through, for e.g...Are you going to buy or sell first? This is a very important question you need to ask yourself as this choice can greatly affect your motivation on the sell side which in turn might cost you money. But that is a different topic for a different day.
If you would like to meet for a free no obligation consultation, then please feel free to contact me at 416 -769-1616.
Please feel free to comment and share your experiences when selling a home.