Toronto real estate is hot right now. Properties are moving fast, and for more money. Having said that, there are some key points to keep in mind to ensure your home is priced correctly to capture the attention of first time home buyers and real estate investors:
- Work with a Realtor: This is our #1 piece of advice. Successful licensed realtors (like us!) really can guide you to the correct price. We have been in the business for years, know the area, know the market, and have access to a lot of historical data.
- Approach the Price Impartially: Easier said than done. But, ultimately, you must. This is a high-value sale, and you want to get it right. Remember, the value of your home is what people are prepared to pay, not what your heart tells you it’s worth.
- Don’t Over-Price: We totally understand the desire to leave “room for negotiation”. It is critical, however, to not go over-board here. If you price your home too high, your target buyers will be scared off or won’t even notice your property, as it will be out of their search parameters. • Look at Comparables: Here’s where that successful licensed realtor (like us!) comes in handy. Realtors have access to comparable listings. We can show you what is currently on the market in your area, and what has recently sold. This gives you a very healthy guide to what buyers in the area are prepared to pay.
- Dropping the Price can be Lucrative: Adjusting sale prices is common. Sometimes the first asking price doesn’t hit the nail on the head, and that’s okay. The market fluctuates. If there seems to be a steady stream of viewings yet no offers, then price might just be the issue. If price truly is the sticky point, an adjustment might just capture the attention of previous interested parties and could even garner some competitive bids.
- Keep in Mind Closing Costs: As the seller, you are responsible for all real estate commissions (standard is 5% total… 2.5% to the listing agent, 2.5% to the cooperating agent). Your legal fees, mortgage discharge fees (if applicable), and even a pre-listing inspection will also be your responsibility. Don’t forget to budget for these fees.
Ultimately, we strongly recommend working with a licensed realtor, such as ourselves. We know the market and all the paperwork. We can guide you in determining a successful asking price to ensure your home sale is successful.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!