If you’ve been driving around your neighbourhood, you’ve probably noticed something: there are more “For Sale” signs than “Sold” signs. It’s no secret—homes are taking longer to sell, and not all of them are finding buyers. No one wants to go through the hassle of prepping a home only for it to sit on the market indefinitely. So, let’s explore the four critical steps you must follow to ensure your home sells and sells quickly.
Pricing your home right is more of an art than a science, especially in today’s fluctuating market. Back in 2021, homes flew off the shelves with multiple offers, often selling for well over the asking price. Fast forward to today, and things have slowed down. With so many homes available and fewer buyers, pricing your home competitively is crucial.
If your home is even slightly overpriced, it might get some showings but no offers. Buyers are spoiled for choice and choose the home that offers the best value. In this market, it’s all about being one of the best-priced homes to ensure you’re the one that sells.
So how do you know the price? If it’s too high, it won’t sell, or it’s too low, and you’ve left money on the table. With low current sales, it can be challenging to find a similar one in your neighbourhood. You often have to expand your search to other communities, not-so-recent sales, or different types of homes within your neighbourhood. Then, you have to adjust the numbers for the various characteristics, which takes a bit of science and art. It is very important to look at the active listing and consider the days they have been on the market. You want to be one of the homes with the best value for the price.
One of the most common mistakes is not adjusting the price quickly enough if you’re not getting any bites. If your home isn’t generating interest, it’s time to rethink the price before it becomes a stale listing.
Your home’s first impression will be online, so it needs to shine. Here are a few key areas to focus on:
Decluttering and Cleaning: You don’t have to break the bank here. A clutter-free home appears larger and better maintained. This makes it easier for buyers to imagine themselves living there. Floors, countertops, and closets should be cleared out. You’re going to pack up eventually—why not start now? An immaculate home signals to buyers that it’s been well cared for.
Painting & Repairs: Neutral colours are your best friend here. Consider repainting your walls with neutral, warm tones if they are bold or outdated. Light greys are fading out of style; greige or soft beige is the way to go. And if you’re not a painting pro, hire someone. A poor paint job can be a big turnoff. Remember to fix minor issues like scuffed walls, broken light switches, or deteriorating caulking.
Staging: Staging isn’t just about making your home look good—it’s about making it feel like home to as many buyers as possible. A well-staged home can look larger and more inviting. Avoid virtual staging if possible, as it can lead to disappointment when the real thing doesn’t match up. However, virtual staging can be helpful if tenants occupy your home or a room is used for an unconventional purpose.
If you’re up for more significant updates, consider sprucing up your landscaping or updating your front door and garage. The exterior is the first thing buyers notice when they pull up to your home, and it sets the tone for how they’ll perceive the care and maintenance of the entire property. Replacing worn carpets with hardwood or updating the kitchen and bathrooms can offer a substantial return on investment. However, always consult a realtor or stager before making significant changes to ensure they align with what today’s buyers seek.
Listing your home on MLS is just the beginning. You must think outside the box to attract buyers, especially in a slower market. Targeted ads on social media can reach buyers who might not be actively looking or are considering other areas. Tailor these ads to your most likely buyer—young professionals, families, or investors. Creative short videos can be a fantastic way to capture potential buyer’s interest, but their impact will be limited without a proper budget to target the right audience. The more eyeballs you get on your listing, the more showings you’ll have, often leading to quicker and better offers.
Make sure you understand the specifics of the marketing campaign your realtor is planning.
Ask them:
In a market with an abundance of homes, buyers have options. Several other homes might be on their list, even if they love your home. Negotiation starts long before an offer is made—right when the buyer books a showing. The more the potential buyer knows about your home’s unique and positive features and neighbourhood beforehand, the more likely they will make an offer.
A lot of this selling happens between the listing agent and the buyer’s agent. A skilled realtor who knows how to present your home as the best option for their client can be the key to sealing the deal. How do you know if a realtor is a good negotiator? They do a lot of business.
Don’t underestimate the power of a strong negotiator in today’s market.
Selling your home in today’s market might feel daunting.
Still, you can turn a challenging market to your advantage by following these four steps—pricing right, preparing meticulously, maximising exposure, and negotiating effectively.
Whether you’re selling your first or fifth home, these strategies will help ensure a successful sale.
