Tips To Sell your Home In Vancouver & Toronto
The Canadian real estate business has taken a centerstage in the recent past due to increased marketability of the products and services offered. Selling of homes has gained immense popularity since such transactions attract handsome prices. Homes in Vancouver and Toronto are often been looked at as ideal real estate acquisitions for both residents and non-residents in Canada. However, in the past 12 months the stories have become increasingly negative. This has helped some home buyers, especially those searching for lower price points like condos in east vancouver, and surprisingly still affordable, apartments in north vancouver.
The booming Toronto and out of control Vancouver real estate prices can partly be attributed to the friendly immigration laws that encourage droves of foreigners into the country. Recently, with the introduction of the Canadian mortgage stress test in 2018 and newly added real estate taxes, prices in Vancouver and Toronto have been falling. While some high end real estate in Vancouver has fallen by 20% or more in prices, other products like east vancouver condos have stayed relatively stable. There are clear challenges experienced for Canadian home sellers - in high end areas like north vancouver, apartment prices have fallen almost 10% from the peak in April 2018 for instance. In this post, we shall offer some tips to mitigate the 2019 market woes and help you sell your home or condo in Vancouver and Toronto Canada.
An Outlook Of The Real Estate Industry In Canada?
The Canadian real estate has seen tremendous growth over the recent past, remarkably with its emphasis on fostering affordable prices for would-be home buyers. The purchasing and selling of property in Canada involves legal transfer of ownership of property from the seller to the potential buyer. Generally, individuals prefer disposing of their homes via agent services to transacting on their own. The move is geared towards avoiding the various inconveniences that may arise during the acquisition of the said property by the customer.
The outlook for real estate in BC by CREA is that, following an overall 24.2 per cent annual decline in home sales across B.C. in 2018, resale transactions would drop in the province by a further 5.2 per cent in 2019.
Why Pricing Your Home Correctly Is So Critical
In real estate, the concept of “price sells” holds supreme. Therefore, the very first strategy before selling your home in Canada is pricing it correctly. The most ideal time of selling your property in Vancouver or Toronto and taking advantage of good pricing is usually within the initial four weeks, just after the house is made available in the market. Buyers frequent the market perusing through the current market listings while trying to search for the most suitable house to purchase.
Choosing a good initial house pricing is paramount, as it has the capacity to entice a higher number of willing buyers who have the capability to give a price sufficient to compensate for the value the house is worth. Furthermore, such buyers can make a quick decision to accomplish the business deal within the stipulated timeline, thus allowing the owner to take advantage of the market forces. Cases of under-pricing may result in a swamp of potential buyers who may offer very low prices that culminates in significant fortune losses to the seller.
Also, stating very high prices discourages potential business parties from placing bids due to inability to afford the terms. The house could be delayed in the market and that elicits a negative signal to other buyers. At this point, even if the initial price is reduced, many potential buyers could have opted for other better options thus rendering the seller narrow chances of capitalizing on the market value.
How to Determine the Value of Your Home
Thorough research and wide experience on the house property market in Canada is pivotal in determining the correct house value evaluation. Experienced and trustworthy real estate agents are vital assets in the process since they can make the right estimates.
However, the seller can conduct a personal evaluation by considering the state of the house and the services available with respect to similar houses available in the Canadian market. Also, before investing in property in Canada, it is important to remember that taking stock of the current trends in the real estate market is indispensable too.
The seller compares the house with similar properties that are being sold or those that have been sold previously and then strikes a balance. The comparison is based on the features available in the property such as the bathroom, the bedroom, backyard and the balcony. Other factors worth considering are the location as well as the size and the age of the house.
The nature of the interiors and the exteriors of the house are very vital metrics too. You may also need to recapitulate the prices of previous sales, consider the magnitude of local taxes and calculate the cost of maintenance incurred. When you have the average figures, you can now compare them against those of respective homes located in other similar areas and their prices.
Putting an exaggerated price for a house on sale discourages potential buyers from conducting an inspection of your property. That is for the simple reason that buyers might be able to access better alternatives offering a similar utility elsewhere. Overpricing gives a competitive edge to the other similar properties which make them sell faster than it could have been.
Buyers who agree on exorbitant housing prices find it challenging to foot the bills given that they cannot get the funding from credit facilities because of low appraisal with a high contract value. In addition, the house would begin to depreciate due to prolonged stay in the market as the potential buyers tend to sense foul play.
Declutter Your Home
Always ensure that all the non-essential commodities are eliminated from your house. The move helps to add value to the house since buyers have divergent tastes, fashions, and preferences. A mindset shift is vital in as far as coming to terms with parting with the “unnecessary goods” is concerned.
This is because there are items in our houses to which we attach great sentimental value, and losing them may prove to be a toll order. All in all, the items in your house have the capacity to give the first positive or negative impression to the customer. Pay little care to the effect of ridding yourself of such possessions as much as you need to sell the property.
Spend Money On the Kitchen And Bathrooms First
The bathroom and the kitchen should be renovated into state-of-the-art status in order to arrest the attention of the buyer and thus sell the house on time.
However, when renovating these two areas, ensure you are not so detailed as buyers have different preferences.
Home Staging Tips- Using Your Own Furniture and Hiring Out
Home staging is a crucial phase in offering your house for sale. It is important to use such items that will add some curb appeal to the house. You can arrange for scheduled presentations depending on the demand of the house as evidenced in the response you receive from its listings.
Using your own furniture is a great way of arranging for a home staging but if you believe those furniture will not bring about the desired effect, you might as well hire out.
Essentially, home staging activities include but not limited to the following;
>Cleaning the room sparkling clean,
>Rearranging the room,
>Obtaining some vases with blooming and fresh ornamentals,
>Acquiring a rich mixture of house painting,
>Organizing for a master bedroom exuding a gender-neutral appearance,
>Putting in place easy-to-read room labels, and
>Buying brand new, velvety doormats that give an exquisite welcoming effect to visitors.
Selling your House in Vancouver and Toronto the proper way
It is important to remember that the kind of a real estate agent involved determines how fast you can sell your property in Canada, and the profit margins realized from the transaction.
This is why home sellers are advised to exercise judiciousness in order to avoid unnecessary property losses and hence make a fortune from their sales.