Look at any real estate headline over the past year or two, and you’ll see the same story. The market is moving at a breathtaking pace, and it’s good news across the board for sellers.
We are in one of the strongest seller’s markets the country has ever seen, and houses are selling fast, often over asking and without any conditions.
How long does it take to sell a home?
It depends on the market in your specific location, but the simple answer is not long.
The market is very unbalanced right now, with far more hopeful buyers than available properties for sale. Three short years ago, in 2019, a house in Canada spent an average of 36 days on the market. Fast forward to 2022, where many houses sometimes sell within days of hitting the market. Many buyers are trying to get ahead of the competition by submitting preemptive offers far above the listing price.
Are you ready to sell and want to do everything you can to maximize the value of your home? Here are some crucial but often overlooked ways to make your house appeal to buyers:
- Top Landscaping Tips to Help Sell Your Home
- Six Ways to Increase the Natural Light in Your Home
- How Sellers Can Make the Most of a Hot Market
Just How Strong is This Seller’s Market?
A typical market means there are enough homes available for sale to satisfy the demand for about five months.
In the last year, the Canadian supply has been hovering around two months. And in some of the most competitive markets, we have seen as little as two weeks’ worth of inventory. Low interest rates fueled the demand even more as the lower cost of borrowing made it easier to afford a house even as prices increased.
With the market moving as fast as it is, it may be better to ask, “How long do you want to take to sell your house?” If you want a fast sale, you’re in a good position even if you don’t want to take much time to prepare. You can list on the MLS, and eager buyers will find you. The market is so competitive that even as-is homes tend to sell quickly.
However, even though the market favours sellers, careful preparation can still help you get more for your home.
The extra time is well worth it to get the most possible from the sale. One of the critical elements to maximizing your earnings is to get your timing right.
Does a Fast Sale Really Matter?
Why do so many people believe the speed of sale is such an important metric? In most markets, it’s a bad sign if a property lingers too long. Fair or not, potential buyers will start to wonder if something is wrong with the property. It’s the same principle as when you see an empty restaurant during the dinner rush. It’s human nature to pass it by in favour of a restaurant where people are lined up out the door.
However, a fast sale isn’t everything. Spending a few more days on the market can get you more exposure and attract more potential buyers. As the demand for your home increases, so will its selling price.
How to Ensure Your Sale is a Success
Set an appropriate price
The Bank of Canada has recently increased the interest rate, which has caused a slight shift in the market. This change makes it tricky to decide how to set your price. It’s important not to list too high or too low, but to find the sweet spot that will attract the most qualified buyers. How do you know where to start? A comprehensive home evaluation will help you decide.
Want to know more about home evaluations and how to set the right price? Check out these other posts below:
Make minor home improvements to increase its value
The better your house looks as potential buyers walk through, the more successful your sale will be. A thorough cleaning is the easiest way to get your home into shape. Afterward, consider hiring professional painters and making other small repairs to modernize your home.
Market your house effectively
In such an aggressive market, listing on the MLS may be all you need to attract attention. However, the more people you reach, the more likely you will sell fast and command a higher price. An effective marketing strategy will give you the best possible exposure to help maximize your sale.
Work with a real estate agent
Having a professional by your side removes most of the stress and hard work of selling your home. They’ll guide you step by step through the entire process to ensure your sale is successful. In addition, an experienced, local real estate agent has a wealth of resources and marketing systems behind them. As a result, you’ll almost always earn more money from your property than you will when selling on your own.
How do you find the right real estate agent for you? You can start with these
7 Questions to Ask Before Hiring an Agent to Sell Your Home.
