Selling Your Ontario Property? What's Required in a Balanced Market
After a long seller's market period in Ontario real estate, conditions have quickly become more balanced. Instead of having minimal negotiating power due to a lack of available properties, buyers are now sufficiently confident to walk away when their bids are rejected. The days when the seller has the upper hand would seem to be over, for the time being, at least.
This new balance is something that both buyers and sellers in Ontario, Canada, need to take into account to get the best possible purchase or selling price. In this article, we look at things from the seller's perspective, detailing what you can do to get your Ontario property sold for a price you're happy with now that the goalposts have moved.
What's Meant By a Balanced Real Estate Market?
In Ontario, for a balanced real estate market to exist, there must be 4-6 months of inventory (MOI) in terms of properties up for sale on the market. This means that if people suddenly stopped putting new homes up for sale, it would take roughly 4-6 months for all of them to be sold.
In these conditions, when inventory is not restricted, properties sell relatively close to the asking price. Conversely, when inventory is limited - as is the case in a seller's market - homes sell faster and often above the asking price, with the following factors having an influence:
- Mortgage rate interest
- Number of new homes being constructed
- Immigration & employment levels
- Rates of inflation
The 'balanced' part of the term refers to the fact that supply and demand are equal, meaning buyers are more relaxed because of the increase in opportunity. When homes aren't being bought as quickly, buyers can take a little more time to consider things, with sellers having to do more to get the sale they're looking for.
How to Make Sure You Stand Out!
When prices remain steady, and there are lots of properties available on the market, buyers can afford to be more discerning. As such, sellers need to ensure their home stands out from the competition, but how do you do that? Keep reading to find out.
Great Photos/Videos Get You Showings
If you want to sell your home, you need people to book a showing. To get those, your property needs to look great online first, which is why getting high-quality images and videos is such a good idea. First impressions last, as they say, and if you present a great one online, your chances of them visiting you in person significantly increase.
Professional Home Staging Matters
When a potential buyer enters your home, you have just 6 seconds to make a great impression. That's because this is the average time it takes for people to decide, meaning your property needs to look its absolute best. There's a fine art to the process too, so it's best to get the professionals involved.
As the stats show, homes that have been professionally staged spend around 83% less time on the market than those that haven't.
Touches That Linger in the Mind
In a balanced market, some buyers may visit you numerous times to help them make their ultimate decision. The competition is likely to be fierce, so it's about getting buyers to fall in love with your property by adding touches that will remain in their minds long after they've left.
Whether it's a high-gloss feature book to take away or aromatherapy oils to soothe the senses, do what you can to be remembered for all the right reasons.
Great Marketing Sells Properties
One aspect you don't want to scrimp on when looking to sell your home in these conditions is marketing. You might have the most spacious, feature-laden home in town, but people need to know about it to be interested in it. Because of this, you need to ensure your advertising is on point.
Whether talking about online video tours, social media posts or physical For Sale signage, you need to do everything you can to get seen by buyers with serious intent.
Get Some Help With Negotiation
Making wise decisions when it comes to the offer you accept relies upon knowing what a reasonable price looks like. With more choice, buyers are much more empowered to negotiate - something that few are truly comfortable with when talking about an asset this big. This is why we'd recommend turning to a real estate pro for assistance.
Getting a reasonable price is the aim of the game, and a local REALTOR® expert will be able to help you get it rather than making rash decisions based on a hunch.
Our Experienced Team of REALTORS® Can Get You The Sale You Need
Our agents understand what a significant decision buying or selling a home can be, and our experts are on hand to help you get the sale you're looking for. If you're currently finding it challenging to attract viewings, perhaps consider listing your property with us and allowing us to demonstrate our expertise and know-how in Canadian real estate.
To learn more about us and how we do things, take a few moments to browse our website, where you'll see more interesting and helpful blogs like this one. Alternatively, enter contact one of our real estate agents for an informal chat about how we can help you get your property sold for the best possible price.
