Every day, it seems there’s yet another news story about the real estate market. Even though we’ve been hearing about the unprecedented demand for houses in Ontario, that demand isn’t always reflected by market activity. It gets frustrating when you go to all that hard work of getting your house cleaned, painted, and looking spectacular in the hopes of a fast sale, then – crickets!
What happened to all the buyers? If your house seems to be sitting on the market longer than you anticipated, you’re not alone. No matter what information you hear and read, every scenario is different. Some factors are beyond anyone’s control, and not every house sells even in a hot market.
Our best advice is to focus on what you can control and showcase your home’s best features that many buyers are looking for. In this post, we’ll talk about the types of markets, types of buyers, and most importantly – what might make those buyers sit up and take notice.
Are you ready to pull out all the stops to sell your Peterborough home? Our Seller’s Guide will get you on the fast track to success. Download your free copy right here.
The Importance of Having a Plan and Being Flexible
We have worked in the real estate industry since 2003, and in Peterborough since 2018. If there’s one thing we can tell you, it’s that the only thing you can count on is that everything will always change. For example, in 2008, it seemed that the industry was done and over with and that no one would ever be able to sell a house ever again.
Fortunately, the market bounced back relatively quickly in spite of the doom and gloom. Up or down, the market always changes, which is why realistic expectations are essential.
- If you expect your house to sell in 7 days and it takes two months, you’re in for a disappointing experience.
- It’s less painful when you expect to find a buyer in 30 days and it takes 31.
- If you expect to sell in 45 days and sell in two weeks, you’re on top of the world.
It’s a little like going to a restaurant and they tell you it will be a 30 minute wait. You’re ecstatic if they bring you to a table 15 minutes later, but the hunger-inspired rage will kick in if it takes a minute longer than promised.
Teaming up with the right Peterborough real estate agent gives you the best chance at crushing your sale. The posts below will help you find your match:
- What a Concierge Realtor® Can Do to Sell Your Home
- How to Find a Real Estate Agent in Peterborough You Can Trust
- What Is FSBO and Is It Ever a Good Idea?
Three Most Common Scenarios and How to Deal With Them
Understanding the current market will go a long way to letting you know what to expect from your home sale. Since everything can change quickly, you want to be sure you have the most updated data possible. A local real estate agent can help you understand the numbers and what it might mean for your sale. For example:
- If there are a ton of buyers and only a few listings, we can safely say we are in a seller’s market. It’s not unrealistic to expect a fast sale in this situation. There are never any guarantees, but you might even get multiple offers and a higher-than-asked-for price.
- If there are “For Sale” signs as far as the eye can see but buyers are scarce, then we’re in a buyer’s market. You may have to try harder to stand out from competing sellers in your neighbourhood, and finding a buyer might take longer.
A buyer’s market doesn’t necessarily mean that you can’t have a successful sale. It does, however, mean you’ll need to be more assertive when it comes to preparing and promoting your listing. Knowing what you’re up against will help you and your real estate agent put together a winning approach.
What is it about the Peterborough lifestyle that has caught the attention of so many people? The posts below will provide some clues:
- 5 Fun Things To Do In The City Of Peterborough Right Now
- Where Are Peterborough’s Best Eats?
- Is Peterborough Dog Friendly?
Create Your Buyer’s Profile
Though you never know for certain who your buyer will be, a little research can give you some valuable hints. Everyone Is different and wants different things, but even this will depend on the type of buyer. Someone more affluent might have a long list of wants and needs, like a swimming pool, a fully-fenced yard, high-end finishings, and floor-to-ceiling windows. Others might be happy with a few inclusions such as the stainless steel appliances and window coverings.
What a buyer is looking for will also depend on the structure of the property. For example, if you’re selling a small condo, your listing will likely attract more young buyers or downsizers.
A four-bedroom, two-storey house on a half-acre lot is probably not going to get a lot of attention from either first-time buyers or empty- nesters. There may be some exceptions, but you can expect to generate the most interest from families who are looking for a larger home.
Knowing your most likely buyer helps with every aspect of your sale. You’ll have a better idea of what upgrades to make, how much your initial price should be, and where to advertise to get the best exposure.
- First-time buyers are often very cost conscious. On the other hand, they also won’t want to have to make a lot of repairs since they’ve never owned a home before. A few renovations to make your house move-in ready are likely worthwhile, but you can avoid any luxury add-ons and purely cosmetic improvements.
- A buyer with a more significant budget will have a greater appreciation for an immaculate presentation. High-end upgrades are more financially feasible and likely to pay off in this situation. Then again, if your buyer is handy, they may want to make many of these repairs themselves.
First impressions matter when selling your Peterborough home! The posts below will help you make an impact:
- Beyond Staging: Adding the Most Value for the Least Effort
- Need to Sell Your House in Peterborough? Here’s What Buyers Are Looking For
- Selling a House in Peterborough From A to Z
Prepare Your Home Accordingly
Putting the actual repairs and renovations at the bottom of this article may seem counterintuitive. However, there is a method to our madness! The market, the economy, and your personal goals will all affect what upgrades you make and how far you decide to go with your home improvements. But your buyer has concerns and objectives of their own. The bottom line is that you’ll need a plan, and you may need to pivot quickly in the face of rapidly changing conditions.
In a buyer’s market, you have to remember that they have the upper hand. Extensive home preparations can be necessary to give you an edge over competing sellers in your area. However, since the buyer is likely to want to negotiate on price, you’ll also need to be very mindful of how much you invest. Your real estate agent can guide you to the improvements that offer the highest return for the lowest cost. Plus, it helps to know that the buyer will want to make some of the decisions themselves after moving in.
Now, imagine you’re listing your home, and luckily, it turns out to be a fast and furious seller’s market. You might decide to make very few updates – or none at all – and still see your home sell in record time. A few strategic improvements might still mean selling even faster or at a higher price. Only you can decide based on the outcome you want to see, but an experienced real estate agent can help you create a customized and winning strategy.
Are you wondering how to attract a buyer for your home in today’s market? Our Peterborough real estate agents can help you get outstanding results. Connect with us today at 705-243-9797 or email team@jeffandkatie.ca with any questions.
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