There are some proactive steps you can take to ensure a smooth and successful process if you want to sell your luxury home in Toronto, whether it’s located in North York, North Toronto, Midtown or Downtown. Susan Macarz can help you build excitement for potential buyers during your home’s viewings, as well as handle initial bids and closing negotiations. When you partner with our highly experienced and reputable real estate broker, you will see the difference between making the sale and losing countless months to frustration. However, there are some definite don’ts that you need to be aware of as a seller in our country’s hottest market. Here are five of the worst selling mistakes that homeowners make when putting their properties up for sale in Toronto:
#1: Overpricing Your House
You might be thinking, “But every house in Toronto is overpriced!” While Toronto’s housing market is the second most expensive in the country, the numbers must still reflect your home’s value. Homeowners—and especially their brokers—will know when you’re asking too much, and they can probably show you comparable properties to prove it.
In order to present a reasonable asking price, it’s important to understand the current market situation. The time when your house first goes on the market is the most critical juncture for the asking price. If you overprice your house, then you may lose the segment of your buying audience that sees your listing during its first few weeks on the market… yes, even in this competitive city.
Many experts recommend that homeowners list at fair market value, or even a bit lower. In the end, this may actually lead to increased profit, as several interested parties may work to outbid one another. In fact, bidding wars are commonplace in Toronto. Regardless of whether or not you’re in an affluent neighbourhood, like Rosedale and Bridle Path, overpricing your house is a sure-fire method to drive potential buyers away from your listing.
#2: Choosing the Wrong Real Estate Agent
Selecting a reputable real estate broker, who has a deep working knowledge of the local housing market and a plethora of marketing resources at his or her disposal, is an absolute must. However, what are the consequences of making a sub-optimal choice?
One possible consequence would be missed opportunities to close sales. Since many sales occur as a two-way negotiation between the seller’s agent and the participating buyer’s agent, contracting with a real estate broker that is not well-liked in the local real estate community can quickly become counterproductive. On the other hand, if your broker does not have the negotiating prowess to get you the best deal possible, then you could be losing money from the partnership.
Susan Macarz has been serving the Toronto real estate market for decades and has been the recipient of many prestigious awards throughout her career, including her 2015 RE/MAX Lifetime Achievement Award and her RE/MAX Hall of Fame Award. Her background in interior design and marketing gives her a unique advantage in the local real estate market for both buyers and sellers. Learn more about Susan.
#3: Not Working with a Real Estate Agent at All
While it’s important to avoid partnering with the wrong broker, refusing to work with a broker at all can be an even bigger mistake. Why? Because you’ll lose access to the wealth of marketing resources, community connections, and selling experience that a good real estate broker can provide. Plus, the money you save by opting to not work with a professional real estate agent might not benefit you in the long run. Without a broker’s expertise to advise against investing in a property with major issues, you might end up facing a heftier financial dilemma than your budget can handle.
Most homeowners are more than happy to enlist the assistance of an agent as they try to sell their home. In fact, the National Association of Realtors (NAR) estimates that 91% of homeowners that sell their home are assisted by a real estate broker.
Above all else, a real estate broker eliminates the hassle, bother, and headache of selling your home. They will draw buyers’ attention to the aquatic amenities in the Harbourfront area or the rich history of the Distillery District; not to mention the gorgeous landscaping of Hoggs Hollow. Before you know it, your home will have sold at a desirable price!
#4: Not Preparing the House for Viewing
Staging your home is an extremely important part of the selling process for a number of reasons. For example, you want to give prospective buyers an opportunity to view the house as it could be after they move in, instead of forcing them to stretch their imagination past walls with old coats of paint, your clutter, and quirky decoration choices.
Additionally, homeowners that insist on staging their house with eccentric style choices risk alienating prospective buyers. It’s important to realize that even if a homeowner thinks that others should subscribe to his or her notions of what is tasteful, that in itself is not a guarantee that others will. Instead, conservative decoration choices are generally best for home viewings.
#5: Not Making Viewings Easy for Prospective Buyers
Working a full-time job or having an agenda chock-full of social engagements does not mean that you should make it difficult for people to come and view your home. Ideally, you should never say “no” when your real estate broker tries to schedule a viewing. Homebuyers are also busy people too, and you may only have one opportunity to sell them on your home before they find something else.
Always making sure your home is available during the day and on both evenings and weekends gives homebuyers the flexibility to choose a time that makes sense for them. Keep in mind that most people want to view homes during the day to get a better look at your house’s exterior.
Don’t Make Selling Mistakes—Hire Susan!
Having an experienced and successful real estate agent by your side throughout the selling process can help you avoid these and other common pitfalls. If you want to quickly sell your luxury home in the Greater Toronto Area and sell it over the asking price, reach out to Susan Macarz today to get the ball rolling. You won’t regret it!