Toronto’s real estate market has seen a recent slowing in home sales. We have seen a slight let off of the gas peddle. Some homes are not selling for as high a value as earlier in the year. We can say that the number of showings has slowed down considerably, there are few offers, and many real estate agents don’t know what to do with this marketplace. There are some key elements to execute to sell effectively and for the highest price in a slowing Toronto housing market.
Pricing Strategy
Every Realtor that has joined the Toronto Regional Real Estate Board in the last ten years assumes that it is easy to sell a home. Well, it isn’t easy for those agents anymore. Those agents who have not experienced a slower marketplace do not realize the necessary steps to price a home correctly. They cannot price low, hold back on offers and expect ten offers to roll in a week later. Nope. This is the hard part, and they actually need to know what the home is worth and price it strategically to ensure no money is left on the table. Let us tell you that this is not a pricing strategy that should be taken lightly. We must know the value and price of the house in a manner that attracts the right buyers and does not miss the market entirely, leaving the house to languish on the market and not sell. It’s too stressful for the seller, and far too much of the seller’s money is on the line.
Marketing Strategy
Marketing strategy always matters. However, in a shifting, slowing marketplace, it matters more. It is essential to know where your buyers are, who they are (demographics), and how they like to be communicated to. Missing the mark here is a waste of money and will lead to less money in the seller’s pockets.
➤ Every good investment needs a well-planned strategy. Start preparing with:
Nuisances Matter
Buyers will look at your home under a microscope in a slower marketplace. Knowing the recent sales and currently available homes for sale matter more than ever. During a hot real estate market, buyers and agents alike overlook key aspects and nuances regarding homes, condos and neighbourhoods. When the market shifts, everything matters. Location matters more, the quality of the house matters, the style matters more, and the pricing matters more. Understanding what separates your home from the competition is vital. Capitalizing on this difference is essential. Just because a house down the street sold in 3 days does not mean that your’s will. A great real estate agent will be able to describe how to make the most of what your home and location have to offer.
Offers Anytime
We have entered into a slow real estate market, which means “offers anytime” are common. Yes, buyers, this means you will likely be able to negotiate and maybe be alone at the table with an offer (no competition or fewer competitive buyer offers.) This is a nicer way to purchase a home. The key for home sellers here is that they have priced the property correctly and have a strategy to ensure they make the most on their investment return. Pricing and go-to-market strategy are closely linked here.
Staging
Stage. That’s it. Period. You must stage. You cannot afford to gamble on whether the buyer will like your home over another one. If two houses or condos are identical, the one that is staged well will sell faster and for more money. It’s that simple. Humans are visual, and they want to see how they can live. It’s hard for most people to imagine what their home could look like. Showing them how it looks at its best today goes a long day.
A shifting or slowing market is nothing to worry about if you have an experienced team to guide you. Other aspects of whether to buy or sell first are essential, and we talk to our clients in great detail about what would be best for their needs.
Key Point:
If you have owned your home for years, you have even less to be concerned about. You will have made money on your home. Slight fluctuations here and there in the real estate market happen regularly. It’s all navigatable with the right real estate team serving your needs.
