Every spring, the housing market starts heating up in the month of March and it is time to ‘MARCH into this month with a STRONG VISION and PURPOSE. If you’re looking to sell, it will be very important to plan your listing process and prep your home to get the best price. I have included some tips and tricks to get your home market ready.
My team and I work diligently to prepare your home in the best way possible in order to get your home sold and at a good price. If it’s staging that needs to be done we help you find the right person for your needs. If it’s a coat of paint that needs to be put on, we recommend excellent painters. If it’s de-cluttering that you want to complete, we have wonderful connections to assist you with emptying the house so that it looks more spacious.
If you’re buying, you need to be prepared to move quickly. This is the most important advice I can give you this season as we move into what is being called the roaring ’20’s. It will be very important to have easy access to your deposit. So, if it is in a TFSA, GIC or RRSP make sure that the deposit money is in your chequing account and easily accessible is before you even look at one home. The other piece of advice I have for you is to go and see a Mortgage Specialist and obtain an “up-to-date” mortgage pre-approval. This way you know how much you can spend and won’t be looking a homes that are above your budget.
Average selling prices reached a new January high of $839,363, rising 12.3%. Last January price growth registered 1.5%. This is the fastest rate of price increase since May 2017 and the second straight month prices were 9% higher than their previous January high in 2017 ($768,427), the current stats are signalling a strong seller’s market to start the year and projecting upward price pressure as we move into the spring.
Toronto Home Buyers Spooked by Bid $1,000,000 Above Asking
Has a herd mentality taken hold of buyers in the Toronto-area real estate market of early 2020? Jeffrey Wagman of Forest Hill Real Estate Inc. fears it has. Mr. Wagman points to one sale in Roncesvalles Village that produced an eye-popping $1 million premium to the asking price. Agents are still buzzing about the deal and Mr. Wagman expects the news will make the rounds at the gym and during dinner parties. “I’ll tell you what really worries me – that downsizers and young families are hitting the highway and driving till they can afford something.
On the Subject of Staging and Marketing
Based on statistics from NAR (the National Association of Realtors) 77% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. The most common rooms that were stage included the living room (93%), the kitchen (84%), master bedroom (78%), and the dining room (72%). In a survey of over 4200 homes, 85% of the staged homes sold for 6-25% more than the unstaged homes. High-end photography and marketing materials are also an important factor in the listing process. Most buyers are looking for properties online making the photos your most valuable tool in attracting buyers. 92% of Canadians are aware of REALTOR.CA, according to Nanos research study conducted on Canadians who are in the market for a new home.
Here are some helpful tips to help update your space. DE-CLUTTER…Refresh your home with a fresh coat of paint. Simply White is a great warm white to help create a clean consistent visual to help enhance your staging. If you have old, out-dated tiles in your kitchen or bathroom, it is a good idea to update with something clean and timeless like a white square or subway tile. One light fixture can also change the entire feel of a room. If you have older floors, it is a good idea to sand, polish or re-paint. If you’re not able to make a large investment, just paint. Painting your home can make a huge difference.
Indoor plants not only make your living space more inviting an luxurious, they also make your home’s air healthier. If you set your foliage plant back a few feet from a south-facing window, you will be putting your plant in an ideal position. If you have west- or east-facing windows, then ensure that your foliage plant remains out of the midday sun, or when there are times of direct sunlight in the room. Here is a little inspiration to help you green your space.
For more information on selling and buying housed or condos, please contact Gillian Tenneson, Full-Time Real Estate Professional.