Top 6 Things You Need to Know Before Selling Your Home in 2022
The Greater Toronto Area real estate market, and in particular Toronto, Durham, and York are busy right now. The pandemic has allowed people to rethink their lifestyles and look for more space. Technology has shown that many jobs can be done remotely, which opens up the potential for people to live further from their work. All these affect real estate sales, so if you are planning to sell your home in 2022, here's what you need to know.
1. Find A Good Real Estate Agent To Market Your Home
A lot of property research is done online these days, so having a best-in-class real estate company to market your home is vital. They should take high-definition professional photos, immersive 3D virtual tours, floor plans to create an understanding of floor plan flow, have a system to deal with inquiries, and manage the selling process for you. They should have access to marketing tools that will get your home seen by thousands of people. Real estate agents, if requested, will also accompany viewers to your home, which gives you additional security and selling power.
Today's home-selling process requires a real estate marketer who utilizes an ACTIVE approach to bringing more potential buyers to discover, see, and view your property. With online research most prevalent today it is critical that your home shows extremely well online, create the demand to come and view it in person, and evocate enough emotion once inside to want a potential buyer to come forward and present an offer to you.
2. Prices Are Rising, But There's a Catch
If you are selling your home, the good news is that real estate prices are rising, and there is demand for homes with more space, such as an office or outdoor usable space. The downside to this is that if you are buying a home, you may not be able to afford what you could five years ago as the price has increased significantly. That's why it's very important to think things through and budget beforehand so you can work out whether this is the right time to sell.
3. Be Prepared for a Fast Sale
The demand for homes means that houses can sell faster than you think, so work with your agent to plan for what you will do if you do get a quick sale. You need to ensure all your documentation is up to date so it does not delay the selling process. Think through various scenarios such as putting your belongings into storage temporarily, renting a property while you research an area, or starting to look for your dream home. If you get a good offer, it would be a shame to decline it because you don't have a plan of where to go.
4. People Want Space
The pandemic has seen people confined to their homes, leading to a craving for more space. An important thing to do if you are selling is to radically declutter your home so it looks spacious, and anyone viewing it can see the potential for living space. If necessary, put some belongings into temporary storage to make your home clutter-free. Trends on a home buyer's wish list include open plan living and an office area. You don't need to do all that to your house, of course, but let a buyer visualize the potential. They can't do that if the place is cluttered.
5. Clean Areas Are Vital
COVID-19 also taught us the importance of keeping things clean. People looking at real estate today are looking for tidy homes with clean surfaces that can be wiped down easily. Give your home a deep clean after your declutter to look fresh and appealing. When your real estate agent markets your home, a clean space is more appealing to people. Keep your counters clutter-free and try to avoid the cute accent accessories...an expresso machine is awesome though it takes up a great deal of counter space.
People are also looking to avoid extensive renovations right now, so making sure your property is up to date with maintenance and warranties is essential. You don't have to do a complete renovation if you are selling. Just tidying the place and keeping it clutter-free makes a big difference.
One easy and affordable update that you can do (or hire a professional trade) is to freshly paint a home. If cost is a factor then try a lessor cost of simply painting the trim in the house. This will make the walls pop and provide a feeling of being freshly painted.
6. Millennials Are Buying Homes
One of the trends affecting the real estate market is that Millennials are increasingly looking at buying homes. They do most of their research online and are not only looking for bigger and more up-market homes but want sustainability too. If you have irrigation systems or garden space where food can be grown, these trends appeal to millennials.
Millennials have outgrown the condominium lifestyle and are looking to upsize into homes that provide feature, function, design, and sustainability.
Have Housing Prices Peaked?
During the height of the pandemic, house prices rose significantly, and the trend appears to be continuing. While they are still high, there are indications that this has slowed. Once were listings generated multiple offers seeing double-digit competition, many home buyers are becoming fatigued and more selective about which home they will decide to move forward with a competing offer. It is worth working with your real estate agent to market at the best price and be aware of the local trends if you are selling. Knowing your niche market and trends will be a key to selling in 2022.
Interest rates remain low but could increase as a consequence of the financial recovery post-COVID pandemic, so getting the timing of your sale right is vital, and that's where a discussion with a real estate will set you on the right track.
There is always a lot to do when selling your home.
Being aware of the current trends is vital so you can prepare your house to attract new owners. Let me review the modern selling process handle for you!