Getting the right information is the first step when you’re looking to sell your house quickly for a good price. That usually means understanding the real estate trends. The average sold price in Toronto for February of 2023 was $1.1 million.
Understanding The Real Estate Trends
In the last 28 days, there were 4,344 new listings. That’s a significant number whether you’re looking to sell a condo or cottage quickly. The median days on the market for a property was 21 days as of February 27th, 2023. These trends are specific to Toronto, but the general idea applies to Oshawa, Pickering, Ajax, and Richmond Hill too.
These statistics and others are important if you’re looking to sell a home fast for a good price. For example, those numbers point to a monthly bump of 12.3%. Unfortunately, they also spell out a drop of 10.2% YOY.
Statistics like the ones above are a good starting point when you’re looking to sell a house or other type of property quickly. However, you need more information to make a good choice.
Understanding The Market Cycles When You Want To Sell A Property Fast.
Selling a condo, cottage, or another type of property quickly means taking advantage of the market cycles. Basically, there are four of them you need to be aware of. Each of these provides insights on the best time to hold on to or buy and sell real estate.
- The Recovery Phase. The real estate market has followed the economy to the bottom of a cycle and a recession. During this phase, houses become more affordable than during a peak economic time.
- The Expansion Phase. As the economy starts to improve, both rental rates and property values begin to increase.
- Hyper Supply. This occurs when there are more properties than buyers. This situation can be caused by too much expansion and development. The last time it happened was during the pandemic in 2020. Buyers had their choice during this time, and it wasn’t a good scenario if you were looking to sell quickly.
- The Recession Phase. During this phase of the real estate cycle, supply far exceeds demand. This is another scenario where attempts to sell a cottage or other property won’t net you the most money.
Of course, selling a house quickly means timing the sale for the correct market cycle. However, if you have a little extra time, a renovation can help.
The Best Renovations When You’re Looking To Sell A House Quickly
When you’re looking to sell a condo or cottage fast for a good price, the right renovation can make a big difference. For example:
- According to hgtv.com, converting an attic into a bedroom has a resale value of almost 94%. The return on that investment is even better if you can use your existing HVAC system.
- The same website also suggests a minor kitchen remodel has a recoup rate of 98.5%. This renovation can include laminate countertops, new fixtures and a sink and refacing drawers and cabinets.
- Exterior improvements can also make a difference. These can include smaller renovations like an updated front door and vinyl siding. The average return here is 95.5%
Once you understand the trends, market cycles, and best renovations, you’re ready to make another decision.
Options to Sell A House Fast For A Good Price
There are several different choices you have as a homeowner if you’re looking to sell your property quickly.
Employ A Real Estate Agent
This is a common route for several reasons, including the fact these professionals look after the marketing of your home. These are also the experts that have the knowledge to determine a fair market price.
These professionals can also help you with the legalities involved. The agreement you sign with the real estate agent details several things, including the commission they get.
Maybe you’re trying to sell a condo or cottage. Regardless of the type of property you want to put on the market, there are some other choices.
For Sale By Owner (FSBO)
Independently-minded people will want to sell their property without any outside help.
There’s no commission to pay and no real estate agent to work with the FSBO route. Still, there are some different responsibilities these people need to consider.
Like the fact that the person looking to sell quickly by themselves needs to do all the marketing. Most people selling a property have limited contacts in the real estate world. That can make getting the word out challenging. That means they need to work harder to expose the property to a large number of buyers.
The last option for selling a house quickly for a reasonable price is also the most direct.
The Cash Home Buyer
This option makes the most sense for a specific group of homeowners. A cash home buyer is an individual or corporation that buys homes at below market value. The goal is to resell them or rent them out.
At the top of the list of advantages to this model is the fact you can get a no-obligation quote and as little as 24 hours. However, there are other good reasons to choose this option.
- There’s no commission to pay since there’s no real estate agent to deal with. The process is more direct, and that’s perfect if you’re trying to sell quickly for a good price.
- A more traditional sale can get derailed easily. There’s always the risk with a conventional sale of a buyer backing out at the last minute. A cash home buyer has the money on hand to close the deal.
These buyers also purchase the home or house in an As-Is condition. There’s no need to come up with the money for expensive renovations or repairs. In the end, finding one of these companies that buy houses for cash checks quite a few boxes.
At the Mortgage Broker Store, we buy houses for cash. Let us help you if you’re looking to sell a home fast for a good price. We offer expert advice and free quotes. Email ron@mortgagebrokerstore.com or call 416-499-2122.
