Selling Your Home In A Buyer's Market For The Highest Price
What' the difference between a Seller's market and a Buyer's market?
To put it simply, it means one party has an advantage over the other. To determine whether we are in a Buyer's or Seller's market, the anlaytics are based on the absorption rate. In a buyer's market, you will find sales are slower, and prices are edging a bit lower. In a seller's market, you will have quicker sales, and prices could be rising.
How do you figure out the absorption rate for your specific home?
The absorption rate is calculated based on the number of months it takes to sell the existing inventory similar to your home in your area. We would look at the sales data from the last 3 months, as well as further back from 4-6 months and 7-12 months to compare the difference.
What are the Benefits of Selling in a Buyer's Market?
If you are a home seller, you are probably wondering if the recent Toronto Real Estate Market correction meant you have missed the ideal window to sell your home for top dollars. You might have read a real estate article recently in the Toronto Star "Lull in Toronto’s housing gives buyers the upper hand" where Zoocasa's latest analytics showed a shift in the market dynamics from a seller's market to a buyer's market compared to 2017. The number of neighbourhoods which were seller's markets in 2017 have dropped by 17% this year. However, neighbourhoods such as Leslieville, Riverdale and High Park are still in high demand from buyers looking to puchase in those areas, where demand still exceeds supply as a seller's market and selling prices are .
There are many benefits for move-up home sellers to make the most of a Buyer's market if you plan to purchase another home in a sell-and-buy scenario especially if you already have some equity in your current home. You should sell your current home first before buying your next as it will take you longer to sell than finding your next home in a Buyer's market. Less competition in a Buyer's market could also mean you will be paying less of a premium when purchasing a more expensive home in a Seller's market.
If you are looking to sell in a buyer's market, make sure you price it right!
Just because you have to sell your home in a Buyer's market, that doesn't mean the selling price of your home will be compromised. Do the proper prep work and hire an experienced real estate agent to help you sell your home at the highest price possible.
Even though interest rates are on the rise, overall interest rates are still historically very low. There are still buyers out there looking to buy. Have a realistic idea what your house is worth in the current market and price it right. If you keep lowering the price, you will be in a weaker position to sell at an optimal price when a buyer comes with an offer and less net proceeds. At the end of the day, it's a willing buyer who will determine how much your house is worth. It is important that you keep in the know what's going on in the market place if you are planning to sell. Don't try to chase the market! If your house is not selling, that means the market is rejecting the price. Price it right the first time!
How to boost the selling price of your home in a Buyer's market?
The first impression takes less than 15 seconds when a potential buyer views your home. The property has to look exceptional compared to other homes on the market. Curb appeal, the condition of the home and how well it shows and photographs during the marketing process are ever so important. You should hire a realtor who has innovative marketing strategies for different market demands. Every home is different, and a creative marketing approach will help attract the right buyers to sell in the shortest time at optimal price.
How will your realtor market your home?
There are so many details that go into the process of selling your home, not only preparing and staging your home for sale to ensure it looks its best, but also from marketing and positioning your home to capture the right buyers. Every real estate agent has their own style of working. Feel free to contact me to find out my listing services for home sellers and my strategies for selling your particular home.