A Toronto home is not merely a shelter or vehicle for investment, for many owners it is where their fondest memories were born, this causes owners to form strong emotional bonds with their home. This is why a house sale is not like other deals. Typically feelings and emotions cause anxiety to run high for the seller.
To help alleviate some of the anxiety it is important to walk into the process with as much information as possible. Outlined below are some of the typical miss steps Toronto home sellers will make and what can be done to avoid these pitfalls.
Sometimes price tag is set too high
The worst possible mistake a home owner makes is forcing their Toronto real estate agent to price their home above fair market value. If the price is set too high there is a strong chance that buyers will simply overlook it. In fact often what happens is that by pricing a house too high the seller helps to sell comparable properties because it makes them look like a much better deal. Pricing is a careful balancing act because if it is priced too low, there is the possibility of leaving money on the table.
Figuring out the fair market value of a Toronto home is the job of the real estate agent. A good agent will be able to do their homework and figure out what the fair market value it. Typically the best indicator is comparable properties that sold in the neighbourhood in the recent past.
Price reductions are a dangerous and slippery slope. Often if a price is set too high and subsequently reduced, it has to be dropped below fair market value to spur new interest in the property.
How to display a house for sale
It is essential to put your strongest foot forward when selling your home. This means it should be neat and clean for all open houses and showings. If the house is dirty and cluttered many Toronto buyers will not be able to see past it to the underlying features of the home. It is imperative that your home makes the best first impression it can. You want buyers to be able to clearly see the features of the home and be able to picture living there.
Some homes may require some minor repairs to look presentable. Proper maintenance and timely repair goes a long way when it comes time to show your Toronto home. Be careful with careless maintenance and repair as it may provoke suspicion about the underlying fundamentals of a house.
A home needs to be well decorated and clean to show well. Often for showings it is best to redecorate a home to make it as neutral as possible. You want the buyers to walk in and be able to see themselves living there. This can’t happen if the decorating is counter to their personal style. In this circumstance some buyers can’t see past the decorating. Home stagers are a great resources to help in this department. A little investment upfront in this department can pay off in spades.
Bad marketing can spoil a great home
Pictures are a vitally important tool for advertising a home. They form the foundation of any and all marketing elements. A professional photographer should be hired to ensure a property is presented in the best possible light.
Many buyers will spend countless hours reviewing listings online. Often they will look at the price first then the photos. Based on how the home is presented in those pictures they will decide to view it or not.
Hiring an unproven listing agent may cost you dearly
Hiring a Toronto real estate agent is essential to maximizing the price you get for your home while selling it in the least amount of time. The typical agent will have been involved in more real estate transactions in the past 6 months than the typical buyer/seller will have been in their entire life. A good agent will charge you the same as a bad agent. So why not take some time upfront to research and interview agents to ensure you get the best possible representation.
A bad agent will not only cost you money but they will also make it a much more stressful process. A good agent will inspire confidence in their ability, which will help to reassure you through the entire transaction. A poor agent will do the complete opposite. It can be extremely stressful being involved in one the largest financial transactions of your life and feeling like you have poor representation.
