« U.S. home sales rise in July | Main | Downturn in commercial real estate »
What makes a house sell?
A successful sale requires that you concentrate on six considerations: your asking price, your terms of sale, the condition of your house, its location, its accessibility, and the extent of marketing exposure your house receives. While some of these factors are beyond your control, you can compensate by taking advantage of others (like a new paint job) to make your property as attractive to prospective buyers as possible.
When is the best time to list a house for sale?
The "best" time to list your house is actually as soon as you decide to sell it. If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow or initial interest is low.
Is there any seasonality to the market?
Peak selling seasons vary in different areas, and weather has a lot to do with it. Late spring and early fall are the prime listing seasons in the Toronto area because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.
But keep in mind that there are also more houses on the market during the prime seasons, so you'll have more competition. So while there is seasonality in the real estate market, it's not something that should dominate your decision on when to sell.
What about market conditions — price trends, interest rates, and the economy in general? Should they have any bearing on when I list? Probably not. Even if you're under no pressure to sell, waiting for better market conditions is not likely to increase your profit potential.
So how long should it take to sell?
Average selling times vary from 10 to 90 days, according to market conditions in a particular region or even neighbourhood, But if it hasn't sold within 30 days of being placed on the market at least one of the six considerations: price, terms, condition, location, accessibility or market exposure must be made more attractive to prospective buyers. Selling in any market is easier if you keep time on your side.
What if I can't sell my old house before I have to move?
This situation can arise for any number of reasons. For instance, getting the job promotion you've been waiting for may mean having to relocate very quickly. Another example: you finally find your "dream home," and need to get it under agreement before it sells to another buyer. Whatever the reason, don't panic. You have some viable alternatives to the worrisome possibility of double mortgage payments.
If you don't have to sell in order to buy a new home, consider the advantages and disadvantages of renting your current house. If you're being transferred before you've had a chance to decide on the new house, you may be able to obtain a short-term rental of your own while you're becoming familiar with the new area. Either way, a local real estate professional can usually help, by advising you how much you can expect to pay for rent in your new city, or what you need to charge for your current home to both cover your mortgage payments and take care of other costs you'll entail as a landlord.
Another solution available from some brokers is the guaranteed sale plan which is essentially a written promise to buy your house at a pre-determined price if it doesn't sell by a certain date. The amount of the guaranteed price varies considerably between brokers. It is prudent to have any sale guarantees reviewed by you lawyer prior to signing-on.
August 26, 2008 in Selling Toronto Real Estate | Permalink
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef00e55463b8238833
Listed below are links to weblogs that reference What makes a house sell? :
Comments
Great Blog!!
ECO COMFORT SPRAY FOAM INSULATION
"spraying the Niagara Region, GTA and surrounding areas"
www.ecocomfortinsulation.com
905.680.2270
1.855.680.2270
Posted by: jason Sigurdson | Apr 17, 2011 12:48:02 PM
UNITED KINGDOM
Emigrating? - Worried about repossession, a property chain breaking down or hidden costs involved with traditional selling methods? Maybe estate agents and countless strangers wandering through your property is something you really don't want, sell your house now with Watson Howse Developments click on http://www.fast-house-salenow.co.uk
Posted by: Kenny | Aug 29, 2008 3:19:34 PM
Have anyone seen this site: http://www.dipwa.ca . It's a canadian version of woot.com . Check out
http://en.wikipedia.org/wiki/Woot.com if you haven't already know the magic of woot.
Posted by: BobSin_987 | Aug 27, 2008 5:24:09 PM
Still the problem is very,very high price of houses in GTA ...
Posted by: | Aug 27, 2008 2:02:42 AM
The comments to this entry are closed.
