It has been an unpredictable year for the real estate market. Ever since the Bank of Canada began raising the interest rates, many homeowners have felt uncertain about their future plans. Even Collingwood, one of the most desirable places to live and visit, has seen housing prices affected. Like so many other places in Ontario, values have dropped from their unprecedented highs last winter.
As a homeowner, you may feel disheartened or anxious about this news. What happens if you need to sell your home in the next few months? Will the market still be on your side, or will you take a hit as conditions continue to fluctuate? The times may be changing, but as you’ll soon see, you have plenty of opportunities even in this changing market.
That’s why we’ve put together this “Ask Us Anything” guide for sellers in Collingwood. Here are the answers to some of the most pressing questions homeowners are asking:
Should I Sell Now or Wait?
As fantastic as it would be to always get your timing perfect and sell at the very top of the market, it isn’t always possible. Housing prices are far too unpredictable for it to work out this way by design. However, you can still make the most of the situation, regardless of the market.
Oddly enough, selling for top dollar isn’t always the advantage most people believe it is. Why? Selling is easy when demand is record-high, but consider what happens next. Now, you must reenter the market as a buyer. If values are still growing, you’ll also have to pay top dollar for your new home.
If you sell when the market is slow, you’ll get the hard part out of the way first. Even if your final price was less than you’d hoped, there is encouraging news. When you’re ready to buy, your new house will also cost you less. Think of how relative the market is, and you’ll enjoy much more peace of mind about the timing. Now, you no longer need to worry about outside factors beyond your control. Instead, you can take action when the time suits your needs.
Want to know more about the current real estate market in Collingwood? The following resources will help:
- What Collingwood Real Estate Offers Compared to Toronto
- Is Now the Time to Buy an Investment Property in Collingwood?
- How The Last Interest Rate Hike Might Affect Collingwood
How Much Is My Home Worth?
This question is top of mind for most homeowners. Everyone wants to obtain the highest possible amount when selling a home. It’s not a matter of greed. For most people, their house is their most valuable asset, and many are counting on its value to provide financial stability. So asking how much your house is worth is a fair question. However, there are too many factors to consider for there to be an easy answer.
Should you decide to list your home, your real estate agent will perform a CMA (Comparative Market Analysis) to determine a fair estimate in the current market. Here are a few factors to consider:
- The size of your home
- When it was built
- Has it been updated and well-maintained?
- The number of bedrooms and bathrooms
- Your location
- How much are similar houses selling for in your area
A CMA is a very detailed process that will give you an accurate estimate of your listing price. It’s a critical step because the right price will allow you to earn the highest amount while attracting the most qualified buyers.
What Can I Do to Get the Best Outcome?
No one can predict the market with absolute certainty. However, there are many steps you can take to maximize your sale at any time. The best way to start is by preparing your home to look its best to appeal to buyers logically and emotionally.
You want potential buyers to fall in love with your home the instant they pull up in the driveway. It doesn’t mean you have to gut your home or undergo a massive overhaul. Often, it’s the little things that make all the difference. The following checklist can help you sell your house faster, often for more money, regardless of the market.
- Increase your outside curb appeal by maintaining the lawn and keeping the entranceway clean and inviting.
- Scrub your house clean from top to bottom and eliminate all unnecessary clutter.
- Invest in a fresh coat of neutral-coloured paint throughout to make your home appear brighter and more spacious.
- Replace all dark curtains with soft sheers that cut glare while still allowing the light to shine through.
Why choose Collingwood for your new home? Let us count the reasons:
- Is Collingwood a Good Place to Retire?
- Kids For Collingwood: They Love It Here!
- 5 Reasons to Move to Collingwood
Should I Use a Real Estate Agent?
How hard can selling a house be? It can be tempting to just put up a “For Sale” sign and see what happens. If your house sells without an agent, you won’t have to pay a commission. But is forgoing the services of a local expert really worth it? Keep in mind that real estate agents typically bring in much more on an average sale than an FSBO (For Sale By Owner) listing.
Imagine that, after navigating the maze of knowing what renovations to make, how to price your home, and negotiating with potential buyers, you manage to sell your home for $500,000. You save the commission that you would have paid to an agent, which at 5% works out to $25,000.
But working with a real estate agent doesn’t just save you a lot of hassle and make your life easier. A trained professional could add as much as 25% to your final selling price.
That same property would earn $625,000, or $593,750 once you subtract the 5% commission. By the time all is said and done, you’d have almost $100,000 more than if you handled the transaction on your own.
How Long Will it Take?
One of the first things everyone wants to know is, how long will it take to sell a house? Once again, the answer depends on many factors. Some are within your control, like setting a fair but competitive price for the market. And, of course, you can prepare your home to make it as appealing as possible to potential buyers.
Other factors are outside your control, such as whether it’s a seller’s or buyer’s market and how many competing listings there are. In early 2022, many properties sold within days of being listed. Now, with many buyers still hesitating due to interest rates and market uncertainty, houses are taking longer to sell.
You will always get the best possible results by following all the steps and working with a real estate agent who has succeeded in all types of markets.
Are you ready to take the next step in selling your Collingwood home? Our team of local experts is standing by to help. Contact us today at service@KeleherCo.ca or call 705-532-9999 to schedule a quick conversation where we answer your questions in depth with no obligation.
