By now most Ontario homeowners and borrowers are more than aware of the favourable housing market conditions. For all of 2020 and now as we head towards the end of 2021, real estate in Ontario is still robust and in high demand. With limited inventory and plenty of buyers interested in getting into the soaring housing market, it is a good time to know what to not to do when you have your heart set on a particular property.
Equally important is being equipped with the knowledge of what things you should be avoiding when you would like to sell your property for top dollar. If you are equipped with the knowledge of some of the pitfalls and stumbling blocks when putting your house on the market, you will be prepared to see top offers come in on your property.
Houses are selling quite quickly and homeowners are seeing substantial equity gains as housing continues to appreciate throughout the Province and in particular in key urban areas such as Toronto and the surrounding GTA.
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The traditional mortgage or home selling process is not a good fit for everyone, and can feel overwhelming. You can contact us for a no cost consultation, and we can outline your options.
According to the Toronto, October Housing report, the average price of a single detached three-bedroom property remains at a remarkably high $1.1 million. This number represents an increase of 9.6% since September and a quarterly increase of 8.2%. The year-over-year increase is also impressive and represents a change northward of 9.3%.
For most people, getting a realtor is the best option and will result in the largest profit from the sale. For less typical circumstances, usually where the sale must be completed quickly or showing the property is difficult, a cash home buyer might be a better choice.
Understand when it is best to get a realtor
Yes, you may feel that you have read up on all that is needed to put your house on the market. You have done your homework, looked at similar properties in the area, and even put in some much-needed renovations to ensure your house is ready for showing to potential buyers. Think again! A real estate agent has years of specialized experience in the housing market. More importantly, a realtor has access to a database that will provide information and statistics that someone outside the industry will not be able to access. A realtor also has the skills to help negotiate an offer once one or more offers come in on your property. A realtor will also be able to recognize when a good offer has come in and ensure that all the boxes are ticked when finalizing the offer.
Avoid setting an unrealistic price
The appreciation has been astonishing over the last year and a half, however, there are limits when setting a realistic price. Even if a property in your area has sold for a certain price, your property may not be able to match this price if there are inherent problems or renovations are not on the same par as your neighbor’s property that sold recently. Having an appraisal and a realtor assess your property against other comparables will ensure that you do not set an unrealistic price for your property.
Avoid trying to sell your property during the winter months
There are peak times to sell your home in the real estate game. These times remain fairly consistent even in a robust real estate market. Houses tend to see more potential buyers in the Spring and Summer months. The demand for properties goes down as we move into the cold winter months. Although there will still be interested buyers, the number of buyers and therefore the ceiling for the number of offers will be significantly less than if you were to wait to list your property in the peak selling warmer months.
Avoid the mistake of not having the proper insurance
It is imperative that you can prove that you have all the appropriate insurance coverage in place when you are trying to sell your property. This will avoid the potential of being held liable for something during the selling process. This is another area where hiring a realtor will make all the difference.
Avoid the mistake of Lacking Professional Photography
You are selling your property and therefore you need to ensure that it is shown the best possible light. You need to attract buyers enough to want to make an appointment to see your house. The only way to do this is to invest in a photographer that is able to show off your house and feature it in a way to attract interested homebuyers online.
What is the process for selling a house?
So you have probably gathered that there are steps involved in order to properly sell your house. If you are interested in a professional process that results in a top-dollar offer that goes through, the steps are the following
- Hire a realtor
- Have an appraisal of your property
- Ensure your realtor uses a top-notch photographer to showcase your home
- Make sure your realtor shows you the comparable in your area
- Make any fix ups that your realtor suggests
- Ensure your insurance coverage is in place
- Sit back and let your realtor sort through the offers
Another option- selling your home to an interest homebuyer for cash
If you are looking to sell your house, condo, or summer cottage quickly because of immediate financial concerns there is another option available for existing Ontario homeowners. This option will avoid the need to put in repairs and or renovations to your property and will save the time and cost involved by hiring a realtor to sell your home.
There are well-established Ontario homebuyers who will buy your house or condo for cash and will sell it in the current condition it is in. There will be a market discount to cover the homebuyer’s costs and these homebuyers will usually choose to buy your home as an investment property or rental property.
This option would be worth looking into if time is an issue and an Ontario homeowner needs access to funds for immediate financial concerns.
Need Advice on Your Sale?
You may have more questions on the entire process and how much money a cash buyer may offer. You can contact our team directly and we’ll do our best to answer your questions.
Regardless of your motivations for selling, you will be off to a great start if you try to avoid these common mistakes and trust the advice of your realtor. It is after all a seller’s market right now so make sure you can truly take advantage of some welcome offers on your cherished home.