When selling your home, what’s the first thing most people notice? If it’s your first time or the first time in a long time, you may experience a serious case of the butterflies.
Listing your house for sale is a big decision. It’s the grand finale of one chapter in your life as you embark on a whole new adventure. Even without factoring in the complexities of the fast-moving real estate market, selling your home can put you on an emotional rollercoaster.
What you need is a plan to help you stay organized and prevent you from feeling overwhelmed. In this post, we’ll give you a detailed overview of what you might expect when selling your house in today’s market.
Welcome to the Fast Moving World of Real Estate
Understanding “today’s market” is the first step in your journey, but describing what that looks like is challenging. While you can review the latest real estate stats online, they might already be outdated by the time you see them. The market moves fast, especially when buyer demand starts to heat up. To top it all off, conditions can vary by city and even by neighbourhood! How can anyone keep up? Remember that the market will generally boil down to one of three scenarios:
A balanced market: This means buyers and sellers are fairly evenly matched. The buyers are searching and have some options, but must still act quickly when they find that perfect listing. Sellers are also in a good position, especially with a strategic marketing plan.
A buyer’s market: In this scenario, buyers have most of the bargaining power. Sellers often have to make concessions to stand out. More people are selling than searching, which means you must be patient and thorough. And that marketing strategy that was so helpful during a balanced market becomes absolutely critical when conditions are no longer in your favour.
A seller’s market: Buyers are scrambling, but there are too few houses available to meet the insatiable demand. Selling under these conditions is ideal, and you may even get over your asking price if your listing goes into multiple offers. But here’s the thing: Even though your sale is almost certain, you don’t want to get complacent. A solid strategy can still help you maximize your selling price to empower you to make your next move.
Expert guidance is a must if you want to achieve the best possible results with the least amount of stress when selling your home. Here are some articles to help find the right real estate team:
- Fact Vs Fiction About Working With A Real Estate Agent
- What’s in Your Listing Agreement?
- Our Full-Service Real Estate Team’s Guide to Marketing Your Home
What if the Market Isn’t in My Favour?
What happens if you want to sell but it’s a buyer’s or balanced market? Should you put your plans on hold and wait for a better time? That is precisely what many people do in challenging situations. But here’s a fact that may surprise you. The market is always in your favour in one way or another. How can this be?
Let’s imagine the absolute worst-case scenario you can be in as a seller. Buyers are scarce, and those that are searching have a bounty of options available to them. Your house takes much longer to sell than you anticipated. You lower your price, and no one bites. You lower your price again. Still nothing. You make every concession you can think of, and finally your house sells! The only problem is you earned much less than you initially hoped for.
As a seller, this sounds like a nightmare. How on earth can any of this actually be good news? The good part comes when your sale is over. Now you are the buyer in a market where you have the negotiating power, with plenty of options to choose from and at a much lower price than you thought possible. The adage “there is always a silver lining” is true in this case!
The Market Is in My Favour! Now What?
There are some benefits to selling in a buyer’s market. Of course, you can’t discount the advantages of working in a market that is on your side. And with growing demand and current housing shortages, conditions are likely to favour sellers for the foreseeable future. What does selling in a hot market look like?
You list your house for sale, and buyers show interest almost immediately. The demand snowballs from this point on. The more interest your listing generates, the more offers you receive. Your house sells fast and for significantly more than your asking price. The good news is that the hard work of keeping your home meticulously clean and show-ready is over.
However, now it’s time to reenter the market as a buyer. Buying during a busy market can seem challenging, but getting outstanding results from your sale puts you in a strong position. From there, your real estate agent can help you uncover hard-to-find listings and negotiate the best terms for you.
If the market is exceptionally competitive and prices are rising fast, they may even recommend securing a new place even before your current home sells. In that case, you stand to gain even more equity during the short time that you carry two properties.
When deciding when to list your home, you should always base your decision on your own goals and wishes rather than trying to time the market just right. No matter what happens, there will always be hidden opportunities available for those who are ready to make their move. An experienced local real estate agent can help you spot and capitalize on them.
When selling your house, preparation is half the battle. The following resources will help keep you on the right track:
- What’s Your House Really Worth?
- Minor Upgrades, Maximum Results
- Worth It or Not? What Renovations Really Help When Selling Your Home
How to Prepare for a Successful Home Sale
Regardless of the market, there are many steps you can take to achieve the best possible results. At the very least, you’ll want to clean and declutter your house thoroughly so buyers won’t have any distractions.
In addition, a few minor updates may have a modest investment but will pay off greatly once your transaction closes. Here are a few upgrades to consider:
- Add fresh paint throughout your home.
- Have carpets professionally cleaned.
- Apply new silicone around sinks, shower stalls and bathtubs.
- Install attractive new kitchen backsplash. Peel and stick tiles are easy to install and can have a dramatic impact.
- Consider smart technology to appeal to young buyers, such as smart thermostats and doorbells.
Did you know that all Woolcott clients get complimentary staging included in their services? Find out more about our process right here.
What Is Staging and Should You Invest in It?
Staging is the art of designing your home for maximum appeal to buyers. And according to the Real Estate Staging Association, it can help you earn more and sell your house faster.
Staging begins with depersonalizing your space so that those visiting can imagine themselves and their families living in your home. A few tasteful decor items and a well-organized layout complete the effect and help to create a lasting impression on potential buyers. The end result is often an easier sale than you dreamed of while earning the highest amount the market will allow.
Are you ready to enjoy a seamless sale with outstanding results? We are here to guide you every step of the way. Reach out today with any questions you have, or call 905-332-9223 to connect with our office.
