Not a week goes by that I don't get asked the question “How many days does it take to sell a home?” It’s okay. I understand that home sellers are anxious to know how long their homes will be on the market, what’s the average number of days, and if there is anything they can do to speed up the process.
The number of days a home or condo stays on the market depends on several factors:
c. condition of the home
d. current market conditions, and
e. time of the year.
For the Crestwood-Springfarm-Yorkhill area, 104 homes were sold between April to June 2019. The average price was $824,000. 56% of those homes were condos. They averaged around $600,000, and took approximately 31 days to sell.
The average sales price of detached homes was $1,314,000. It took an average of 19 days to sell a typical detached home.
How does the Crestwood-Springfarm-Yorkhill market look now? For the second quarter of 2019, the number of sales compared to the number of listings is right at 50%. This number shows that it is a neutral market, great news for both homebuyers and sellers.
When Should I Sell My Home
The best time to sell your home is when you’re ready to sell it. Selling a home is not as easy as placing a For Sale sign in your front yard. These days, selling a home means getting it ready to sell, marketing it right, using professional photographs, and hiring the help of the best real estate agent.
Listed below are five signs that tell you it’s a good time to sell.
Your home has equity. You want to have enough equity in your home to pay off the mortgage and the costs of selling. If you don't have enough equity, it might be better to wait until your home increases in value.
You have enough money in the bank. Selling a home has expenses. If you want your home to look its best, you may want to have some repairs and/or maintenance done and to clear out rooms and rearrange the furniture.You need more space. If your family is growing and your current home is already too small to provide the comfort and convenience you’re looking for, it is time to sell.
You’re looking for a lower-maintenance living. Owning a single-detached family home has a lot of maintenance.
You have a long list of things to take care of, for example:
- general maintenance
- shoveling snow
All these are part of home ownership and they can be tiring and time-consuming. Maybe you are tired of it all. Maybe you want a maintenance-free lifestyle with a condominium.
How to Get Your Home Ready to Sell
Are you excited about preparing your home for the market? Or do you dread the day when you have to spend days cleaning up?
Most homeowners have mixed feelings about this step in the home selling process. Many look forward to it, knowing the outcome is a brighter and cleaner home. You just can’t help but feel a little anxious about all the stuff you may need to throw out or give away. After all, our home is a sum total of what we put in it, and all those little knickknacks grow on us.
Here are some things to do to get your home ready:
Work on your must-repair list. First, make sure to take care of any small maintenance issues in the house, a leaky faucet, and more.
These issues may be insignificant and you barely notice them, but buyers will definitely spot them. Those small maintenance issues can easily pile up. You don’t want to give potential homebuyers a reason not to buy your home.
Decluttering. If you’ve lived in a home for years, it’s easy to accumulate stuff. Now that you’re planning to sell it is time to start organizing. Figure out which one to dispose, which ones to donate, and ones to keep.
Remove all the bulky items inside your home. Sure, oversized couches are comfortable and cozy, but it many cases, it does not match the size of the home. You are better off using regular size sofa to make your rooms look larger.
Cleaning. This task is labor intensive. Cleaning is a task many people avoid. However, when you want your home to sell fast, you need to clean everything. Buyers also check areas which you don’t usually clean, so make sure to clean everything.
Making your home spotless is not easy, but it will not cost you anything. Go ahead, clean everything including door handles, under the sink, behind the cupboards, and even the garage.
Repaint your walls in neutral colors. When you’ve finished decluttering and organizing your belongings, you’ll notice two things:
First, the wall decor that you’ve moved or put into storage leaves a distinct mark on the wall.
Second, you’ll clearly see which parts of the home have faded wall paint.
You can fix this by repainting the walls with a neutral color. You may think “A neutral color is so bland and does not have personality”.
This may not be your personal preference, but you have to remember that it’s not going to be your home anymore. It will be the buyer’s home.
Presenting a home with a freshly painted neutral tone allows buyers to visualize the place as their own, and neutral tones look make the room look bigger and brighter than your favorite vivid red.
Go simple on the decor. The key to keeping a house “sale-ready” is to keep the decor minimal. Think basic, think essential.
Pick one “tastefully done” painting to hang on the wall. If you don’t have a painting, leave the wall blank, but set up a vase full of flowers to break the monotony of the blank wall. Furnish the various living spaces with only what is needed.
Boost your curb appeal. Don’t just focus on the interior. The curb appeal matters, especially since it is the first thing a potential homebuyer will see. First impressions count, so you need to maximize your home’s curb appeal.
Price it to the market. As a seller, you want a return on the investment you've used in buying and improving the house. It can be very tempting to raise your price, but if you want to get it sold, it should be priced according to what the market determines.
In this day and age where home information can be easily accessed online, buyers can see your home’s previous selling price and know if you’ve priced it over market value.
In a slow moving area, be prepared to drop the price a little to move your home faster. This serves as an incentive to home buyers who previously did not show interest because the home’s value is over their pre-approved amount.
Hire the right local real estate agent. There are real estate agents and there are professional, competent, hard-working real estate agents.
You want to find someone who is active, someone who has sold houses recently in the past six months, someone who has an excellent track record in selling homes in your area, like me, Sol Kahane.
For my track record, you can check out this page: https://springfarm-yorkhill-homes-for-sale.com/testimonials.html
Do you have any questions about the real estate market in the Crestwood-Springfarm-Yorkhill area? For your real estate needs, call me, Sol Kahane, at 416-576-6656.