The past few years, real estate buying frenzy has bid up home prices to eye-popping levels. Now, as mortgage rates have risen, buyer demand has cooled.¹ Home sellers who enter the market today take note.

The reality is, it’s not enough to stick a “for sale” sign in the front lawn and wait for buyers to bang down your door. Here are some crucial steps you can take to set yourself up for success as a home seller in this market:

 

1. Make Strategic Repairs and Improvements

When you sell something, it’s important to consider your customers. And according to a recent survey, 83% of Canadians view “affording necessary renovations” as a major hurdle to buying a home.² If you can present buyers with a move-in-ready option, they will feel more confident in making an offer.

 

2. Declutter and Depersonalize

When buyers look at a home for sale, they’re trying to envision themselves living there. That’s hard to do if it’s chock-full of the current owner’s family photos, children’s artwork, and souvenir collections. Plus, cluttered homes look smaller, and older items can make them feel dated.

Decluttering before you put your home up for sale will help you in the long run—after all, you’ll need to move all your things to your new home eventually. Now is the time to shred, digitize, or organize old documents, donate old clothes, or move bulky furniture into storage. At a minimum, you’ll want to pack away excess items neatly before potential buyers view the home. Remove personal photos and other trinkets to create a blank slate that viewers can imagine decorating with their own prized possessions.

3. Stage Your Home for Success

Just as you take care to dress professionally for a job interview, you should always ensure your home looks its best for potential buyers. Home shoppers today are used to scrolling through Instagram and Pinterest, and they want to see the same wow factor when touring a home.

The process of making your home look its best and appeal to potential buyers is called staging, it can be a game changer. According to the International Association of Home Staging Professionals, an average priced staged home sells 5 to 11 times faster than its unstaged counterpart. And, the majority of staged homes sell for 4% to 20% over list price!⁵

Some sellers hire a professional stager, who may bring in furniture and decor to increase the home’s appeal. Others choose to stage their homes themselves.

For example, in neighbourhoods where many people work from home, it may be effective to stage one room as an office space so potential buyers can envision their day-to-day routine.

 

4. Prep for Each Showing

When your home is on the market, it’s important to ensure that it is always ready for viewers, even on short notice. A missed showing is a missed opportunity to sell your home!

Before your home hits the market, it may be worth hiring professional cleaners to get in all the nooks and crannies. After, try your best to keep things spic and span. Just a few minutes a day wiping down counters, sweeping the floors, and vacuuming can make a big difference.

Also worth noting, most buyers will open cabinets, drawers, and closets— try to make sure everything is as neat and organized in these spaces too. Keep toiletries and small appliances off countertops, and secure valuables and sensitive documents out of sight.

 

5. Price Your Home Correctly From the Start

The temptation to list your home on the high side can be strong, but it’s best to be realistic from the start. Even in a strong market, some homes will sit for months. And the longer a property is listed, the more buyers worry that something is wrong with it.

Of course, you also don’t want to set your price too low and lose out on potential profit. That’s why it’s essential to work with real estate agents (like us!) we know the ins and outs of our local market and what a qualified buyer is willing to pay today.

In a rapidly-evolving market, comparable sales from a few months ago can lag the current market reality.Fortunately, if you’ve owned your home for several years, chances are good it’s worth much more today than you paid for it.

6. Avoid Acting on Emotion

The past few years of over-asking-price offers with few conditions have set certain expectations for many sellers. It’s only natural to feel hurt or even offended if an offer comes in lower than what you think your home is worth.

However, it’s important to keep in mind that the market conditions of the past few years of over-sking-price offers with few condtions were unprecedented, we are now returning to a more typical market. Home sellers who act rationally, rather than emotionally, are going to get the best results.

Remember: You can always counter a low offer. The same goes for repair requests and conditions—everything is negotiable. It’s important to accept  the market is adjusting and flexibility is key. Keep your expectations reasonable and remain open-minded.

 

7. Work With a Local Market Expert

The economics impacting mortgage rates may be national, but real estate markets are hyper-local. That’s why working with a professional agent who understands your neighbourhood’s dynamics is essential. Through our experience, we’ve gathered insights that can help us position your home for success in this market. Plus, we have the resources to connect with qualified buyers searching for a home like yours.

Working with a knowledgeable agent is also the secret to getting as much money as possible for your home. We have access to extensive data on recent sales in your neighbourhood, which we will use to price and promote your property. That’s one reason why homes sold by agents draw much higher prices than those sold by their owners alone.

 

YOUR AGENT AND ADVOCATE

Selling a home in a fast-changing market can be stressful. You’re likely to hear conflicting advice and opinions from friends and neighbours and it can be overwhelming.

The market may be adjusting, but we’re here to help you make the most of it. We’re listing experts in Ottawa, and we know what steps you need to take for a smooth, profitable transaction.

If you’re considering buying or selling a home, we invite you to reach out to schedule a consultation. We’re happy to talk through your specific situation and goals and help you identify your next steps no obligation.

 

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

1. Global News –
   https://globalnews.ca/news/8833692/canada-housing-prices-bidding-offers/
2. Chartered Professional Accountants Canada –
   https://www.cpacanada.ca/en/news/canada/housing-survey
3. RE/MAX Blog –
   https://blog.remax.ca/renovations-that-pay-off-on-resale-according-to-re-max-brokers/
4. Angi –
   https://www.angi.com/articles/smart-landscaping-tips-can-increase-home-value.htm
5. International Association of Home Staging Professionals –
   https://pages.iahsp.com/home-staging-statistics/
6. National Association of Realtors –
   https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#purchased