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The Spring Market is almost here – Why should you list and how?

The spring market is right around the corner, and if you’re thinking of listing your home, right now is the time to get started.

With April, May and June showing the highest historical averages of home sales in the GTA, that is the time to have your listing on the market. But why start now? Because listing your home right is a bit of a science.

TREB Toronto MLS Avg Resale Price 2013-2016

Not only are these months the busiest in Toronto real estate, but they are the spring months where homes command the best price. So if you’re looking to sell your home, now is the time to start.

Here are a few tips of how to get started:

Hire a Great Realtor

Interview several realtors and make sure they’re a good fit with what you’re trying to achieve with the sale of your home. We know a few if you don’t!

A realtor will be able to help you price your home and will be able to see your home as objectively as the buyers in the market: something you ought to consider if you’re looking to command the best price. Realtors will also help connect you with the best professionals in the marketplace to help you get your home market-ready. This doesn’t happen overnight, so start early if you’re looking to sell in the spring.

Get small repairs done around the house

You know the towel bar that fell off the wall a few months ago? Or the ding in the drywall from moving furniture? This is the time to fix all of these things. Larger repairs like a new roof or furnace can be negotiated with the sale price of the home, but smaller repairs can cost very little money and can make or break a sale.

Even if the repairs required on your property are insignificant in cost and effort, home buyers can be distracted from the value and beauty of your home and will focus on the small things – making them negotiate harder on price or walk away all together for a home that is in “move-in condition”.

Paint vibrant rooms in neutral tones

Bright yellow rooms might help you feel alive on dreary days, but when you’re listing your home, you’re trying to appeal to the masses. Many buyers have little vision and cannot picture themselves living in a space that is very customized to the taste of the homeowner. So paint it grey or another neutral tone and help the future buyer of your property feel right at home.

Consider hiring a stager

Stagers can make all the difference when it comes to selling your home. They are well-versed in what people like and how to make your space look as large and versatile as possible. Spending a few hundred dollars on a stager to command a few thousand more on your list price, or to sell your home more quickly, is a wise decision. This is one area where many people are penny-wise and pound foolish, so make your listing stand out and don’t fall into this trap.

Spring cleanup for curb appeal

Some buyers won’t even come into your home for a tour if the outside isn’t appealing to them. As the winter leaves us, make sure your home continues to look its best. This will increase the number of calls your agent gets off the for sale sign as well.

Hire a pressure washing company to wash the exterior of your home and your windows, sweep your driveway and plant a garden when the warmer weather is upon us. If your garage door or front door need a coat of paint, put one on. These are the small details that help future buyers picture their children playing outside and their families coming to visit their new home.

 

Distinctive Advisors is here to help you get the best price for your home in this busy spring market. With tight supply of Toronto homes, this is a great time to list. Contact us today to start getting your home ready for the spring market.

Toronto Real Estate Update – April 2016

At the beginning of 2016, The Toronto Real Estate Board (“TREB”) outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions.

With Toronto recently having been named the best city to live in on a worldwide scale, Toronto is attracting many new residents from around the world, further driving real estate sale volumes and pricing.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB’s MLS® System during March and the first quarter were down compared to the same period in 2015.

The supply of listings continues to aggravate many would-be home buyers. Toronto could have experienced even stronger sales growth if it had not been constrained by supply of listings, especially in the low-rise market segments. Jason Mercer, TREB’s Director of Market Analysis reported recently that the resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year.

What’s going on in the Toronto Condo Market?

With continued price increases in the single-family Toronto real estate housing market, homes are unaffordable for many Toronto families. But many young professionals with smaller families don’t have a surplus of time to commute from the GTA to the downtown employment hub.  This reality is pressuring young families to live and work in downtown Toronto and to consider condo living as a viable option. More condo developers are now creating 2 + Den and 3 bedroom condos as part of their new developments to cater to this market.

What’s going on in the Toronto Housing Market?

With our prevailing and forecasted low Canadian Dollar and mortgage interest rates, coupled with the increased popularity of Toronto on a worldwide scale, the Toronto Housing Market continues to be red hot. Foreign investment is pouring in from Western countries.  As compared to other popular cities around the world, Toronto is still an affordable option for foreign investors and Canada is a safe place for their funds.

What are people looking for?

Location is a big driver for many buyers looking for new property. Homes that are in great, central neighbourhoods with big lots will command top dollar in the coming year, especially ones that have been upgraded to include modern finishes and contain live/work space such as a home office. Homes that have been upgraded well are commanding multiple offers in many areas in central Toronto.

Toronto Housing Market Snapshot

In summary, TREB announced a record-breaking first quarter for home sales in 2016 in the City of Toronto, with home sales up 15.8 per cent from Q1 2015.

In the month of March:

  • Sales were up 16.2 per cent over March 2015
  • Prices were up 12.1 per cent over March 2015
  • Less new listings were available than March 2015

Demand was not an issue, with many eager buyers looking for properties. Even though home sales were strong, they were constricted by limited supply.

GraphicsForAprilMarketUpdate2016ForWeb

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