A buyer’s market occurs when there are more homes on the market than potential buyers. With a surplus of homes to choose from, prices tend to decrease as buyers can afford to become pickier. Home buyers have more leverage with negotiations and price reductions because they can tell the seller that they will look elsewhere, possibly leaving that home to sit unsold for quite some time.
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According to recently released data from the Canadian Real Estate Association, Ontario is currently in a buyer’s market with a 34% Sales-to-New-Listings Ratio (SNLR) in September 2023. If you are currently trying to sell your home in a buyer’s market, here are three suggestions so you can successfully sell your home:
Curb Appeal
Improving the exterior of your home can truly make or break the property because it is the first look at the house from prospective buyers. Here are some improvements to enhance your curb appeal:
Go green by adding fresh greenery to spruce up the entrance of your home. Buyers want a home that looks full of life. Try incorporating roses, Hydrangeas, front door urns and annuals to give your home a lively feel to prospective buyers.
Take care of your lawn by mowing regularly, watering your lawn with about 1 to 1.5 inches of water a week, feeding your lawn with compost and aerating your lawn, especially in the fall.
Make the door pop by going with a bold colour that solidifies the welcoming entrance of your home. This usually costs less than $100 and is a fun DIY project!
Light up the entrance with a modern front door light or try adding solar-powered lanterns to enhance the welcoming walkway and make your home look inviting to potential buyers.
Inspection Report
The use of a house inspector is usually done when you are buying a home, but to gain a competitive advantage when selling your home you can hire one to inspect the home and have it ready for buyers. Here are the reasons why this is important to do:
Getting ahead of repairs is one of the reasons you want an inspection before listing your property. This is helpful to fix anything that is urgent before your home goes on sale. Doing this takes one more thing off the buyer’s plate and may sway them to choose your home because it shows that you have a credible property. You can also rest assured that the buyer will not stumble upon an issue with the property that you didn’t know about if you already have the inspection cleared.
Interior Upgrades
In a buyer’s market, when there is an ample supply of homes to choose from, it is important to make your house visually stand out. Home buyers are able to be pickier in a buyer’s market which may lead to your home being passed up on if it is outdated or run down. Here are some interior updates to consider:
Try a new color. Paint enhances the look of a home for a very low cost. It makes the property look brighter and more welcoming. Try some neutral colours that can reflect the natural light such as grey and beige.
Replace outdated parts of your home. This is usually more expensive and includes the flooring, doors, windows and appliances. Because buyers have more options, an outdated property will have to be priced very low compared to more modern homes. Try to find neutral floor colours that compliment your home such as grey or a light oak.
Brighten your rooms. Lighting is also a big factor when viewing a home. Correct lighting makes your home look brighter and bigger. Try to find modern styles of lighting such as pot lighting and stick with what’s trendy. Right now many people are opting for lighting in simple shapes that are made of brass and black metal.
Are you looking to enter the market this winter? Give us a call today! One of the experienced real estate agents at Zoocasa will be more than happy to help you through the exciting home-buying process!
