by Nutan Brown
on Friday, April 2nd, 2021 at 8:43am.
Selling your home will likely be the largest financial transaction of your life. To help you improve your chances of cashing out big, here are 3 tips to help you get the maximum price for your home.
Understand The Market
Supply and demand is a basic rule of economics, and the housing market is no different. When there are more homes on the market than buyers, it usually brings the price down. Alternatively, if there are more buyers than homes, prices go up. The current Toronto market is considered a seller's market, since there are more buyers than homes. But that doesn't mean it won't change over time. Keeping an eye on the market and supply vs. demand will help you determine an appropriate price for your home.
If you overprice your home, then you risk having to drop the price. Over time, buyers can become skeptical of homes where the list price is continually declining. This could suggest that there is something wrong with the home and limit your negotiating power because buyers might perceive the trend as a sign that your home should be discounted. Before listing your home, find comparable properties in your neighbourhood and see how much they sold for. This will give you a good starting point when pricing your home.
Choose The Right Time
You can’t always predict which way the housing market will lean, but you can improve your chances of getting maximum value by choosing when to sell your home. Spring generally brings more buyers because many people want to move during the warmer months when their kids are out of school. But this isn’t a one-size-fits-all solution. Depending on the market conditions and your specific circumstances, it might be better to sell at a different time. Hiring an experienced real estate agent is the best way to ensure you list at the right time.