What makes a home sell?
Our entire book could be devoted to answering this question. Hopefully the ‘getting your home ready for the market’ tips and articles you’ve read before this help to answer some of that question.
But to be as concise as possible, a successful sale requires that you concentrate on five considerations: your price, terms, home condition, location, and market exposure.
Since you can’t control all of them, you may have to overcompensate in one or more areas to offset a competitive disadvantage in another.
When is the best time to list a home for sale?
Best time… as soon as you decide to sell it. If you want to get the best price for your home, the key is to give yourself as much time as possible to sell it. More time means that more potential buyers will probably see the home.
This should result in more or better offers. It also gives you time to consider more options if the market is slow or initial interest is low.
Is there any seasonality to the market?
Peak selling seasons vary from year to year in Toronto and weather sometimes has a lot to do with it.
For example, spring and early fall are the prime listing seasons because homes tend to “show” better in those months than they do in the heat of summer or the cold of winter. People like to do their real estate shopping when the weather is pleasant!
But keep in mind that there are also more homes on the market during the prime seasons, so you’ll have more competition. So, while there is seasonality to the real estate market, it’s not something that should dominate your decision about when to sell your home.
As well, there have been years in Toronto when summer home sales have been robust and the spring or fall selling season was slow.
What about market conditions - price trends, interest rates, and the economy in general? Should they have any bearing on when I list?
Absolutely, but it should be only one part of your decision-making process. It’s usually quite difficult to predict what’s going to happen in the near or more distant future… even economists who are supposed to understand better than the rest of us are often prone to poor analysis.
Even if you’re under no pressure to sell your home, waiting for better market conditions is not likely to increase your profit potential. Condominiums will sell in any kind of market, provided it’s effectively marketed and fairly priced.
What should govern your decision more is:
• Your family’s needs
• Do you have enough space for your growing family?
• Is affordability an issue or not?
• The positive or negative cash flow monthly if you own an income property
How long will it take to sell my home?
Average listing times vary from 2 to 45 days, according to market conditions in a particular neighbourhood, type of property and price range. Ask us what the current Toronto Real Estate Board days-on-market (DOM) average on the market is before you sell.
As well, price, terms, condition, location and suite exposure play an even greater role. Selling in any market is easier if you keep time on your side.
Most professionals will tell you that allowing yourself at least 60 to 90 days of listing and closing time will put you in a position to get a better return from their marketing efforts.
What’s happening RIGHT NOW in Toronto’s market?
It's definitely slower overall than it has been for several years. However average sale prices are still increasing, albeit at a much slower rate than prior to 2018.
Since each TREB district has different stats and different rates of appreciation this is a question better answered in person when we meet for a Seller Consultation.
We do send out a monthly email newsletter which closely monitors market conditions.
Subscribe for free at LivingInToronto.com/Newsletter-Signup/.
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If you are going to sell your suite in the next 1 to 9 months, what you do right now can make a difference of thousands of dollars in your sale price, and there are some simple things you can do forthwith to make sure you get "Top-Dollar" when you do sell.
HERE ARE 3 FREE SERVICES YOU MAY WANT TO TAKE ADVANTAGE OF RIGHT NOW
First, is our FREE "Pin-Point Price" Analysis, where I can take a closer in-person look at your condo and prepare a very specific price for your suite. This price will be much more precise than the general range that you can get automatically from the site - and we guarantee in writing to sell your condo at the "Pin-Point Price" or higher in less than 32-days.
Second, is our FREE "Room-By-Room Review", where I do a 20-minute walk-thru and make specific recommendations about which fix-ups or improvements you should (and should not) do to prepare your suite for sale. I will point out the lowest cost, highest return improvements you can make to help sell your condominium quickly and for more money.
Third, if you would like, I will include your condo in our "Silent Market" of condominiums that are not yet on the market. Because we generate so much buyer interest from our website, Facebook and Google advertising and other proactive marketing, we may be able to find a buyer for your condo without even putting it on the market… saving you both time and money.
These 3 services are FREE. The Room-By-Room Review takes about an 20 minutes, and we can arrange a time during the day or evening, whenever is most convenient for you.