It is a seller’s market here in the Kitchener-Waterloo Region, and with demand showing no sign of slowing down, it will likely stay that way for a while. If you have been trying to buy lately, you’ve likely felt the challenge of buying in this market first-hand. When demand is up and supply is down, the seller is at a distinct advantage when it comes to making a deal. However, you still need to plan your approach carefully when selling your home to ensure you get the result you’d like.
When it becomes routine to see homes selling over the listed price by tens of thousands of dollars, it makes deciding on your price a big point of debate. List it too low to spur competition, and you’ll surely have a high number of people coming through your home for showings, which may not be your ideal objective during a pandemic. Also, you may have many people coming through the home because the list price is within their budget, but they are not able to offer what you are ultimately willing to accept. While you will surely receive many offers, the price may fall short of your expectations and the potential for your home.
On the other hand, if you list too high, you may deter potential legitimate buyers who fear they won’t be able to compete if there are too many offers. How do you find the sweet spot?
As always, the most important place to start is with detailed and current market research. This is where your realtor comes in, helping to determine how competitive your neighbourhood’s real estate sales have been, and what kind of demand you may be able to expect for your home.
Then, you’ll want to consider your own priorities. If you have already purchased your next home, you will have expectations of how much you’d like to get for your current home, and how long you’ll have to get it sold. These factors will play into how you position your home for the market.
As a seller you have a big advantage, but getting the best offer for you and your family relies on more than just the market; you need the right strategy for your situation and the micro-market directly around your property. And, timing is everything! What may have worked last year, last month, or even last week, may not be the way to go for you when the time comes; conditions are dynamic, and being able to best position your home for sale requires a current and adaptable plan.
Ultimately, selling your home is never a one-size-fits-all approach, and you need to be just as intentional in your strategy in these market conditions as you would be in other times.
If you’d like to discuss the best approach to selling your home in this seller’s market, we are happy to help.