Now that Spring is in full swing, home buying and selling is in full bloom!  For the sellers out there, it’s time to talk about what we can do to maximize the sold price when you want to sell your home or investment property.  Now that we are in a very strong seller’s market, it’s really the best time to sell!  The inventory is low and the demand is high especially in desirable areas all across the GTA.  Why wait if you are still sitting on the fence … next year’s market conditions no one knows but there have been some indications that we may be facing a steadier pace than existing.

In my opinion, if you want the best price, it has to show the best.  Unlike commercial investment properties where the investor buyer’s main calculations are based on the return on their money so really, their primary focus is numbers before they proceed with their due diligence.  On the other hand, residential buyers buy on perceived values and personal preferences.  As long as they can qualify for the property, they buy on their instincts and emotions. As sellers, we need to focus on these areas to get your home to its maximum potential price.

Here are some TIPS for you to consider doing:

1. Staging: This is a MUST, I can’t stress enough, especially for higher value properties, because you want to showcase the best features of your home while redirecting buyers’ focus away from any shortcomings your home has (in other words, it hides the imperfections like how women apply make-up, hairdo, and outfit to accentuate their features and hide away their blemishes – as how my wife likes to describe staging). And staging is STILL possible even if you are still living in the home – just requires a little bit more time and work from you.

2. Renovation: For homes that require an updating, the best place to spend your money will be in the kitchen and bathrooms. If you have a little extra, curb appeal and landscaping (front and back yards) can go a long way.

3. Be brave: Don’t be afraid to ask for more.  When it is a strong sellers’ market as we are experiencing in GTA right now, we must take advantage of this market condition and don’t let this opportunity come to waste. Once you missed the boat, you’ll have to start swimming home!  It is alright to ask for a higher asking price or during your negotiation process – of course I’m talking about reasonable higher prices. Buyers, if serious, can surprise you with how much they’re willing to pay for your home!

4. Be smart: If you’re working with an agent, he/she may have a strategy that works great for your home and your neighborhood. Some strategies are worth trying over other ones depending on the home you have and the location.  So be smart with which strategies to use to sell at the highest price possible and the shortest time possible.

5. Be patient: If you don’t get the price you want right away, don’t get discouraged and start lowering your price immediately.  Give the market more time to see how things progress. Any days on the market under 30 days is a very quick sell. Although it may be difficult to just “wait”, know that you will eventually get the sale – you want to wait for the right buyer at the right time.  You can consider lowering your price after the initial 30 days if it is still sitting on the market – although I highly doubt this could happen in this given market and if you have priced it right from the beginning.

When it comes to home selling (or any other types of properties as well), these tips will sure help you achieve your goal!  If you’re considering of selling a property and would like some more advices on renovating and staging, feel free to contact us as we would definitely enjoy assisting you through the entire process!