Let's Be Real, like this Dahlia that I grew and am very proud of, we're not actually in a buyer's market. To some sellers, though, it certainly feels like it, and that's valid, especially if you bought within the last 3-4 years and need to sell now. If that's you, here are a few things to keep in mind:
- Buyers are taking their time, they are being prudent and particular. This is a shift from the untenable market of 2022. Expect longer negotiations, and inspection clauses, expect to be negotiating up to list price.
- To set yourself up for success, make sure to be completely transparent with your agent, if there are issues with the property, they will absolutely be discovered by the potential buyers. It's best to get ahead of any issues by either addressing them, disclosing them (legal requirement if you're aware of them btw), or pricing your home accordingly.
- Know how to make your home shine, your agent will be able to direct you on how to best direct your time, efforts, and funds to bring value to your listing. A fresh coat of paint for example is always a good idea unless... you get your teenager to do it and they spill drops all over the floor.... you paint a dark colour that doesn't work with the lighting in the home.... you start the project yourself thinking you can handle it and then break down in tears the day before the listing goes live. Be realistic with what you can take on, and do the tasks that have the most impact.
- Declutter, depersonalize, but don't empty. If it's possible to leave your living and dinning room furniture, as well as at least one bedroom furnished, then the agent can do a light staging and the home will show at its best. Buyers can envision themselves living there and dream of their life in your listing.
- Clean means clean, not just tidy. I have found in my admittedly short time as a realtor that the term clean is relative. Meaning that just because it's the cleanest it's ever been for you, doesn't mean it will meet the cleanliness standards of others. For this reason, I always recommend that sellers do their best to declutter, tidy and clean, and then hire a professional cleaner ( I know a few great ones). The pros can see past homeowner bias, and they know where to clean to make the listing truly gleam. Think you've done the best job ever? Really? Did you clean the screens on the top floor windows? What about the baseboards in the basement playroom. Can you even reach the cobwebs in your cathedral ceiling? Get a pro to do it well. Just like with listing and selling your house nudge, nudge, get a pro to do it well.
There is pent up buyer demand, and everyone is waiting for the Bank of Canada percentage rate cuts to trickle down to the big lenders, so I am confident when I say that the market will pick up. But, gone are the days where you can list your home in a hurry, and get 10 unconditional offers over asking. Long gone. And let's be honest, that's a good thing for our economy.
I'm always here for some real talk, please reach out if you've got any questions. Stay cool, stay real.
https://youtu.be/6NywCQIb-3Y