Rising interest rates have cooled buyer demand in a big way. If you’re planning to sell soon, here are a few things to keep in mind:
1. Adjust your expectations.
For most areas, the days of multiple, way-over-asking offers are over. Talk to your agent to determine a price that will work for today’s buyers – and you. Research recent sales in your neighbourhood to arrive at a price buyers may be more willing to pay. Also, be realistic about timing. While certain properties will always be in high demand (the ones with the best views, layouts and locations), the less “special” listings will inevitably take longer to sell.
2. Make your property super-appealing.
Focus on outshining the competition and making buyers fall in love with your property. Professional staging with neutral colours and modern furnishings opens buyers’ eyes to the possibilities of a space.
3. Market the heck out of it.
Do everything you can to get noticed: professionally shot photos, 3D tours, listing videos, direct mail, newsletters to relevant buyers, printed feature sheets and brochures, targeted advertising, social media content and more.
4. Get feedback.
When potential buyers come for viewings but don’t make an offer, ensure your agent contacts them to find out why. It will help you better understand what buyers in your area or price range are looking for.
5. Remember that you’re a buyer, too.
While you may get less for your home than you would have a few months ago when you sell, you’ll also probably pay less for what you buy – and you won’t have to compete with dozens of other buyers and completely destroy your budget to get a place.
6. Don’t immediately reject a lower offer
“Those buyers might just be feeling you out to see if you’ll negotiate,” says Sean Miller, Sales Representative. “It’s your listing agent's job to feel out the other side and see if that offer is a starting number or their best and final. If they’re just throwing numbers around to see if something will stick, that means there may be room for negotiation.”
Visit our new sell page to discover why selling with a Property.ca Inc. agent is a little different than working with ones at other real estate companies.