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ANSWER: Property sale is mostly a function of supply and demand, as well as other economic factors. Generally the real estate market tends to pick up in the early spring season. During the summer months, the market usually slows – the end of July and the month of August are often the slowest times for real estate sales. This is partially due to the fact that many prospective home buyers and REALTORS® take vacations during mid-summer.
After the summer slowdown, sales activity tends to pick up for a second, although slightly less vigorous, season of high home sales that usually lasts into November. The market then slows again as buyers, sellers and real estate agents turn their attention to winter and the holiday season.
ANSWER: The two most important factors are the price and condition of the home being sold. The first step is to price it properly. Then, go through the house to see if there are any defects that can be repaired. A crucial third factor is exposure, as it is important that your listed home gets the attention it deserves through open houses, broker open houses, advertising, visible signage and listing on the local Multiple Listing Service®, as well as the internet. Choose an experienced, professional and knowledgeable GTA-based REALTOR® who you believe will get the job done – not the one who recommends the highest price or the lowest commission rate in an attempt to get your business.
There are two methods that many home owners use to determine the value of a greater Toronto home: appraisal, and comparative market analysis.
Appraisals cost an average of about $300 for a single family home, but the price of an appraisal will be higher for multi-family residential properties. Appraisers review numerous factors and contextualize that information based on recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage and amenities such as garages, number of baths, etc.
A comparative market analysis, on the other hand, is an informal estimate of market value performed by a REALTOR®. It is based on recent sales and also available listings that will compete with your property – especially properties that are similar in size, style and location.
These are just a handful of the great questions that we as Toronto real estate agents hear every single day from prospective home sellers in the GTA. If you are looking to sell your Toronto area home, you probably have even more questions about the process – it’s best to get in touch with a real estate professional sooner rather than later. To speak directly with the experienced sales representatives and brokers at Living Realty Inc., please visit one of our offices or CLICK HERE to contact us online.
The way you live in a home and the way you sell a house are two different things. One valuable strategy for getting your home sale-ready is to firstly put some time and effort into "de-cluttering" tables, counter tops, walls and rooms. Next, clean all of the rooms, furnishings, floors, walls and ceilings – you want to make them appear attractive for potential buyers. Remember – it is especially important that the bathroom and kitchen are spotless! You will also want to organize your closets and make sure the basic appliances and light fixtures work (and have no burnt out light bulbs), while being sure to fix leaky faucets and other such minor items.
The second most important thing to consider is "curb appeal." People driving by a property will judge it from the outside appearance and make a decision – at that moment – on whether or not they want to see the inside. You’ll have a better chance of attracting home buyers if you sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean any debris from your yard.
Completing key home repairs before selling your Toronto area home may allow you to get higher property offers from potential home buyers. Buyers often include a conditional "inspection clause" in the purchase contract which allows them to back out if numerous defects are found. Once the problems are noted, buyers can attempt to negotiate repairs or lowering the price with the seller. Any known problems that are not repaired must be revealed as a material defect. You are not obligated to repair a known problem – only to reveal it – but the house should be appropriately priced given that the defect exists.
The property price and condition are the two most important factors in selling any home. If a home is not getting the activity it needs in order to sell, it is probably because that home is overpriced for the market. The first step is to lower the price. Then, a smart home seller would go through the house and see if there are cosmetic defects that may have been missed and can be repaired. The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, an effective listing on the Multiple Listing Service®, and on the internet.