November 13, 2023
As you prepare to part ways with your Ontario abode in the year 2023, it is vital to embark upon the journey with an astute understanding of the local real estate market. Here are ten critical points to keep in mind:
Partner with a reputable real estate agent who has a wealth of experience and expertise in your local market. A seasoned agent can offer valuable insights and guidance throughout the selling process. MRM, being a full-service real estate firm, will assist you every step of the way, from pricing to beyond closing the sale.
Price your home competitively by conducting thorough research on comparable properties in your area to determine a realistic asking price. Be transparent about the condition of your property with your realtor while they evaluate your property. Disclose any known issues, such as structural problems, water damage, or pest infestations. Failing to disclose such information can result in legal action and financial loss in the long run. You can find out your property's current value through this link.
Make necessary repairs and upgrades before putting your home on the market. This can help increase its value and appeal to potential buyers. It would be worthwhile to invest in a pre-listing home inspection. This can help you identify any potential issues with your property before you put it on the market. Addressing these issues beforehand can prevent surprises during the selling process and increase your property's value. Hire a professional cleaning service for stubborn messes like dirty carpets, windows, and walls. Home buyers will operate out of instinct and if your property doesn’t look inviting, it won’t sell.
Stage your home to showcase its best features. Remove clutter, depersonalize, and add fresh touches to make it inviting. Focus on a style that resonates with a broader demographic. Neutralize any distinct colors on your walls and clear out counters. Potential buyers look for storage space, and cramped cupboards are not it. We would suggest storing or disposing off about half of what you own. This is the time to get a storage space and move any non-essential items there.
Create an effective marketing plan that includes online listings, professional photos, and virtual tours to reach as many potential buyers as possible. MRM has a team of professionals who will produce high-quality images and videos of your property. Our marketing strategy includes print, cable and digital channels to ensure your property gets the visibility it deserves.
Negotiations can be tricky and uncomfortable, especially if there is a disconnect on the perceived value of your property. Your real estate agent can help you navigate offers and counter-offers to ensure you get the best possible price for your home. Buyers may be turned off by an unrealistic asking price, leading to your home sitting on the market for longer than necessary. Don't be afraid to make necessary concessions. This can help speed up the selling process and ensure a successful sale. On the other hand, do not accept offers that are significantly lower than your asking price without proper consideration. It is important to remember that an offer that seems too good to be true may not be financially feasible. Consult with your agent and consider the offer's terms carefully before making a decision.
Be aware of potential legal and financial pitfalls, such as failing to disclose necessary information about your property or accepting an offer that may not be financially feasible. Make sure that all necessary paperwork is completed accurately and in a timely manner. This includes contracts, disclosures, and any other legal documents required for the sale of your property. Failure to complete paperwork correctly can result in delayed or cancelled sales and legal issues.
By staying informed about the local real estate market and adjusting your selling strategy accordingly, you can avoid pitfalls and successfully navigate the selling process in Ontario in 2023. With a trusted real estate agent by your side, you can achieve a seamless and profitable sale.