Selling your home in Toronto can challenging. You also want to ensure that you’re not underselling your property, but also avoid unrealistic pricing that could push people away. This is where understanding the market and having a reliable real estate agent comes in handy. You need to narrow down the strategy and prevent situations that could keep your house on the market too long and result in having to do price reductions. Here are some things to keep in mind while pricing your home.
One of the mistakes that many Toronto residents make when they try to sell their home is they shoot too high with their prices. What you want to do is to stay realistic. Pricing your home according to its condition is the right thing to do, and it will make a huge difference. Understand your home’s condition and then choose its price accordingly. That’s what will make the process simpler and easier.
Think about the neighborhood
It’s important to think about the neighborhood that you’re selling in. Some neighborhoods are in very high demand, others less so – this all affects the price you set. Once you know that, you will have a good understanding of how much you can ask for. Furthermore, it’s worth exploring how much similar properties in your area are going for, and price accordingly. You won’t sell your townhome for $1.3M when the neighbour next door is asking $750k.
Visit other homes
Browsing the Toronto real estate market and visiting other homes in your area is a great way to figure out a price for your own property. While there, you also want to check some of the historical sales for properties within your area. This will make it easier to identify the right price.
Staging is important, because it can increase the home price exponentially. What you will notice is that for the most part, staging can bring in a lot of potential and a very good value for money. It can be tricky to set up, sure, but in the end the return can be incredible every time. And that’s what really makes it stand out. It always helps to bring in a professional stager when you’re selling too.
Are you in a rush?
If you already acquired a new home and need funds now, then you probably also must sell your property quickly. But if you want to sell the property and only buy another one after that, you can be firmer with your prices. In general, if you’re under pressure to sell fast, that will affect your pricing approach.
BONUS: Don’t pass on offers too often
What you want to do is to study every offer carefully, and not blindly pass on offers that don’t quite meet your expectations. Generally, if a house stays on the market for a long time, that’s a red flag. Potential buyers will see this as ‘there’s something wrong’ and just wait for you to lower the price (or discard interest completely) and that’s to your disadvantage in the end.
There are multiple things to consider when you want to sell your property in Toronto. It can be difficult at first, but with the right preparation you can make it work. Selling your property in Toronto doesn’t have to be hard. Just avoid any rush, plan your strategy, and use these tips when it comes time to sell.