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9 Secrets to Selling Your House Fast in a Slower Market - Toronto, Mississauga & GTA

Selling a house in a slower real estate market can be difficult. In times like these, it's not enough to simply list your home and wait; you actually have to sell your home.    Times have changed, todays buyers have access to more product, more ways of searching the net for listings and doing their own research.   Buyers want instant information and can get it.   Your realtor should have a mechanism in place to reply to calls and emails quickly.     

In a recent survey the majority of buyers will work with the first realtor they "contact".   No more telephone tag here and leaving voice messages.   Its a matter of immediate contact or they are off to the next realtor who can provide them with the information they demand.  Knowing the importance of these stats our offices have live attendants - no voice mail system, you get a real person on the phone the first time.  No dailing 1 for an operator or 2 to leave a message.

If you are serious about selling - here are a few serious tips to help you increase the changes of a sale.

Real Estate Agents in Mississauga1. Know your Toronto & GTA market
One of the most important things you can do to get your house sold is to learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for.   The market has changed dramatically, compare sales looking at today's values, not last years.  Undervaluing or overvaluing a home can cost you tens of thousands of dollars.

2. Price your home right
With homes sales slowing and prices decreasing, there's little doubt that selling for a good price in today's market is going to be tricky. The Toronto Real Estate Board has reported slower sales and an average drop in sale prices, January of 2009 showed sales slowed in some areas by over 40%.   So if you try to ask as much for your property as your neighbour did a year ago, you're going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren't selling. Chances are those owners priced their homes too high.

If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz.    Prices will eventually rebound, but there is little doubt that it will be a while before we see the increases experienced in the recent past.   Many say it was time for a correction.   You might sell for less today but remember when you buy you will be getting a better price too.  In the long run real estate has always been a winner and in the interim there are some tremendous buys on the market.

And ask your realtor to explain the value of DOM.   Days on Market - by pricing your home too high in the beginning can also affect its eventual selling price.   Buyers are asking how many days a home has been on the market.   If it sat there for 120 days and nobody purchased it - it gives a negative impression.  

Tips on Selling Your Oakville House3. Make your home presentable
Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors preferred), freshen up landscaping, trim trees, clean up clutter and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.

Today's buyers are worried about extra expenses when they move in.   One of the key words we have found in attracting buyers is "move in ready".   It's no secret that buyers are fearful of falling house prices, but just as fearful of having to take out a Home Depot line of credit at a high interest rate to make necessary upgrades and repairs.

We're finding to guarantee a quick sale, we bring in our experts to assist with home staging as part of our service. Your property must make a strong, positive impression. Staging a home is the cheapest way to make a house look different from your competition so it becomes the most memorable one that the buyer saw. 

4. Market your home aggressively
In addition to using the multiple listing service, we advertise aggressively, especially on the net.  We're also sure to include beautiful photos - multiple photos and virtual tours. Each photo should showcase something interesting and unique about the property.

Selling a home in Mississauga5. Be flexible with showings
It only takes one Buyer to get your home sold. Don’t make your Realtor feel as though their request for a showing is an inconvenience.

6. Play up your home’s best features
If you have fireplaces, make sure that you have fires burning so that there is a beautiful warm glow and the sound of crackling. If you have a gourmet cook’s kitchen, have some great-smelling treats baking in the oven. Turn on soothing music. Set all lights and lamps if the home looks dark or feels heavy. Lighting is crucial. Do the same as if you were having a formal dinner party- the house will certainly sparkle. 

7. Offer buyers incentives
A low price may be incentive enough for some buyers, but others might be holding out for something more. This is where creativity can really take over. Perhaps you can throw in a new set of kitchen appliances, a gift certificate for new paint.   What we are doing in this tougher market is advertising our Sutton Member Mortgage Program.   Passing on ultra low mortgage rates as a reward to Sutton clients.    In these times buyers want value.  Would displaying a discounted rate on your lawn sign and advertising help attract buyers - we're leaving that up to our sellers to decide.

sutton mortgage rate

Home Buyers want value!   With our Sutton Mortgage Program we feel we've made one step in the right direction.   But we also train our representatives to know how to take advantage of various government programs offered.   In the recent Canadian Budget first time buyers have several programs available.

8. Offer flexible terms
Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering help with closing costs, or an extended closing date, will go a lot further.

9. The first offer rule
If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. The biggest fish usually bite first, so keep in mind that your first offer will often be your best. 
Lastly, keep a positive attitude!

Selling a house in Toronto Mississauga

If you have been thinking of Selling Your Home - give us a call for a free Opinion of Value and Tips to Sell Your Home in Today's Market Place.

Visit us at www.SuttonRealty.com

416-896-3333      905-896-3333      905-827-6999

Sutton Offices in Toronto and GTA!

Member of the Toronto Real Estate Board, Oakville and Milton District Board, Hamiton and Burlington Real Estate Asssociation.

Hope these tips help.

Posted: Monday, February 23, 2009 12:20 AM by Sutton Realty

Comments

Sell House Quickly said:

What is DOM? That's the first time I hear of this term..

# March 18, 2009 11:47 AM

Sutton Realty said:

DOM is Number of Days a Property has been on the Market before selling.    

# March 25, 2009 11:53 PM
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