Selling Your Home in a Competitive Market

Selling a home can be a challenging process in any market, let alone a competitive one. With so many properties up for sale, it is essential to take strategic steps to ensure that your home appeals to as many potential buyers as possible. In this blog, we will discuss several tips for selling your home in a competitive market.

Enhance your curb appeal.

In a competitive market, you want to avoid blending in with your competition. Maximizing your curb appeal is a great way of bringing attention to your home.

Curb appeal is the overall aesthetic of a property’s exterior when viewed from the street. This includes the home itself, along with any landscaping, decor or other outdoor features. It’s often the first impression that potential buyers will have of your property, making it an important factor to consider when you’re marketing your home.

An essential aspect of curb appeal is maintaining the exterior of your home. This can include anything from the color and style of the siding or brick to the condition of the roof and gutters. If the exterior of your home has been showing some wear and tear, consider making the necessary repairs to give it a fresh look. Repaint or power wash the exterior, fix any cracks in the foundation and replace any outdated windows or doors.

One of the easiest and most cost-effective ways to improve your home’s exterior appearance is by sprucing up your landscaping. This can include planting new grass, flowers, trees, shrubs, trimming back your greenery and adding mulch to your garden beds. A well-maintained, visually appealing landscape can make your home more inviting and attractive to buyers, both online and in-person.

Work with an experienced REALTOR®.

While some homeowners may consider selling their home on their own, a skilled REALTOR® can provide valuable insights, expertise and resources that can make the selling process smoother and more successful. Working with a knowledgeable REALTOR® not only gives you access to their strengths, but the strengths of those in their network. This can include:

• Home Inspectors
• Mortgage Brokers
• Financial Advisors
• Home Stagers
• Builders & Contractors
• Cleaning Services
• Photographers
• Pest Control

Use professional photography.

Most browsing in today’s day and age is done through online listings, making photography an incredibly important part of the selling process. A picture is worth a thousand words, and this couldn’t be more true for something as integral to your life as your home.

Potential buyers want to see clear, well-lit and detailed images of a property before deciding whether or not to schedule a showing or visit it in person. High-quality photography can help to immerse buyers, creating an emotional connection before they step foot on your property. The right pictures can do justice to the best features of your property and highlight its unique selling points. For example, if a home has a stunning view or a beautifully landscaped yard, high-quality photography can help to capture these features and make them stand out to potential buyers. This can be a great way to stand out among your competition.

Not only that, professional photographers are often well-equipped with advanced technology. They can use high-end editing software to help adjust the lighting and colour of their photos to accurately match the look and feel of your spaces. Some may offer the use of drones to take incredible aerial shots of your home, which are otherwise impossible with a normal camera.

Be flexible with your showing schedule.

It’s crucial to be as accommodating as possible with your showing schedule, as you never know what opportunities you may be missing out on. Through doing so, you can increase the chances of finding the right buyer quickly, and at the best possible price.

Being flexible with the showing schedule can also help to build a positive relationship with buyers and their agents. By actively responding to their requests and making the process as easy as possible, a seller can demonstrate that they are motivated to sell and willing to work with potential buyers to find the best solution for everyone involved. This is especially important in a competitive market, as it could give you the edge over a seller who is not as eager.

Questions?

Selling a home can be a challenging task, especially in a competitive market where there are many other properties for buyers to choose from. However, by taking the right steps and working with experienced professionals, you can increase your chances of selling your home quickly and at a fair price. If you have any further questions about selling your home in a competitive market, don’t hesitate to reach out and ask. We have an experienced team ready to meet your every need.

The Role of Technology in Real Estate

As technology continues to advance at an unprecedented pace, it has become increasingly important for those in real estate to keep up with the latest innovations that affect the industry. However, familiarizing yourself with the ever-changing landscape of real estate technology can often be a challenge, even for the most tech-savvy of individuals. 

By working with a trusted brokerage like Royal LePage Team Realty, you’ll be able to make the most of the opportunities available to you, allowing you to succeed with confidence and ease. After getting to know you and the situation that you’re in, our knowledgeable agents can identify the most promising tools and applications for your specific needs. Our industry experience and expansive professional network can provide you with a wealth of resources, allowing you to streamline your process and achieve your goals, no matter if you’re a buyer or a seller.

Promotion / Awareness

In the age of the internet, digital promotion is a must. On the one hand, sellers can rest assured that their home is being promoted to as wide an audience as possible.

• Through the MLS® system, your home is exposed to a large number of buyers browsing online.

• Team Realty’s websites, a resource to showcase our client’s listings and any scheduled open houses, in addition to introducing our team of professional real estate agents.

• REALTOR® social media platforms are great for promoting listings and virtual tours.

• Many individual REALTORS® also have websites for promotion of their listings.

On the other hand, it helps buyers find a home that truly checks all of their boxes. Buyers no longer have to wonder if they’re looking at the best option available. Because of the above-mentioned services, it’s much easier than it’s ever been to find a home that meets their short and long-term goals. Through the MLS® system, buyers can filter results by location, price, beds, baths and many other features.

Staging / Showing

The process of staging and showing a home has also become more essential. This was especially true throughout the global pandemic, as many REALTORS® have adapted their practices to include virtual tours and showings, allowing buyers to experience another home from the comfort of their current one. Digitally or virtually staging a home, without materially altering the main components or the perspective of any given room, can be a useful tool for presenting a vacant home online.

Professional photography has always been an effective tool for promotion, and this is especially true now. With advanced technology like 3D cameras and the use of drones, professionals can take incredible shots of the home and property from angles otherwise impossible with a regular camera.

Data Gathering / Analytics

Another strength of digital promotion is that it is often trackable, allowing sellers and their REALTORS® to document any successes or shortcomings the listing may have across various platforms. Many platforms allow us to see how many people have looked at a listing, as well as information on how other competitors in your area may be doing.

Here’s what data analytics may reveal, depending upon the site:

• Number of Views

• Time on Page

• Bounce Rate (How many people left quickly after viewing the listing)

• Location of Visitors and where they originated from

• Conversion Rate (How many took action after viewing the listing)

Documents

There are now many technology services being used by our team of real estate professionals, such as DocuSign, that allow for legal/financial documents to be completed online. This allows:

• The ability to review and sign documents from where and when it is convenient for you.

• Any easy way to organize and access your important files.

• Cloud-based technology which keeps your documents backed up, preventing loss.

• Less of an environmental impact.

Networking

We have access to a vast network of experienced professionals from a wide variety of industries — a network that technology has only strengthened. This makes it easier to help you every step of the way. If you would like to streamline your real estate process as much as possible while also finding the best results, don’t hesitate to reach out. We’ll be glad to answer any questions you may have.

Preparing Your Home for a Spring Sale

As a homeowner and future seller, it’s important to be aware that the real estate market will fluctuate with the changing seasons. The springtime is typically regarded as the most ideal time for buyers to begin their search due to a variety of factors, such as weather conditions, the school year cycle and the number of homes available. If you’re planning on listing this spring, you’ll need to ensure that your home will stand out and attract more potential buyers, no matter how competitive the market is. To do this, there are a few important actions that need to be taken — well before the snow melts.

Fresh Coat of Paint

There are quite a few touch-ups and repairs that can help your home go the distance in terms of curb appeal and overall attractiveness to potential buyers. For starters, you should consider applying a fresh coat of paint. This not only pertains to the walls and ceilings inside of your home, but the windows, doors, sheds, fences and any other large surfaces found outside. It may not be immediately visible to the naked eye, but the effects of time can wear away at the brightness and boldness of your chosen colours, taking away from your home’s appeal, and ultimately its value.

You don’t always need a drastic change in paint colour, but sometimes one is recommended if your current colours aren’t buyer-friendly. Remember that since your goal is to sell, you should typically paint your home something more neutral, like a white or a cream colour. This way, it’s easier for potential buyers to view the home for what it is, without any bias if they don’t like your stylistic choices.

Upgrade Energy Efficiency

When it comes to the value of your home, energy-efficiency is a significant factor in this day and age. Buyers are more financially and ecologically conscious than ever before, leading to an increase in demand for homes that check off these boxes. Energy efficiency isn’t strictly about appliances, either. This has to do with your home’s ability to keep itself warm in the colder months and maintain healthy airflow in the hotter ones — without running an expensive power bill. Keep your HVAC appliances well-serviced, but also make sure to patch any gaps in your insulation and seal any cracks around your windows and doors where heat may escape.

The use of smart devices, such as smart thermostats, can also help minimize excess energy use. They can be easily customized and pre-programmed to suit your needs, and some can even detect the temperature in your home to optimize power usage accordingly. Through Enbridge, detached, duplex and row townhouse homeowners who heat their home with natural gas may qualify for a $75 discount on the purchase of a smart thermostat. This can help you save now, and in the long run.

Renovations

Renovations can play a large part in the sale of your home. Yes, it’s true that any medium or large-scale renovations require a significant budget — but strategic upgrades can prove to be extremely rewarding as they often provide a healthy return on investment. If your budget is relatively low, consider one of these low-cost, high impact home upgrades.

Kitchens and bathrooms can be a great focal point for your upgrades, as they provide you with many different angles of approach. These spaces are used regularly, providing both visual appeal and functional value to the household. Replacing your appliances can be a great place to start, as they come in great variety and different levels of performance to suit the look, feel and budget you’re aiming for. If you’re going the full distance and remodeling the whole room from scratch, remember to leave some extra wiggle room in your budget for any unforeseen circumstances.

Finishing your basement can also be a great direction for your renovation budget. A finished basement can take on many different functions, such as a home gym, home theatre, home bar or games room. The possibilities are endless, but please note that finished basements will often carry the best return on investment if they’re designed for miscellaneous use. This way, the basement will still look visually appealing, but the purpose of the space will be up to the buyer’s discretion.

Make sure not to go too far with renovations though, as you could risk too much of a visual mismatch between the interior and exterior of your home, or one between rooms. This can lower the value, ultimately reversing any effort you’d put in.

Landscaping & Gardening

Proper landscaping and gardening are effective ways to boost your curb appeal and give a strong first-impression. Not only that, but well-kept outdoor spaces often imply that the home is also in equally good condition. This is incredibly helpful when potential buyers are doing their initial online searches, as it will catch their eye, likely putting you high up on their list of places to visit. A nice-looking property can also pique the curiosity of those passing by, leading to an increase in listing traffic and sometimes more offers coming your way.

• Dethatch your lawns. This involves raking away any dead grass, allowing your grass to absorb sunlight and other critical nutrients for its growth and overall health.
• Aerate your lawn. Aerators are often available for rent or offered as a service by most landscaping companies, depending on what works best for you.
• Consider applying fertilizer. Fertilizer can improve the strength and fullness of your lawn, allowing it to resist the elements better.
• Plan colour coordinated garden spaces in both your front and back yards. Make use of both annuals and perennials to create some diversity. This can help tie your property together visually.

Contact a Skilled Agent

It’s always good to contact a skilled REALTOR® well in advance, as there are many best practices and fine details that need to be addressed ahead of time. In addition to helping recommend which items you should address prior to listing, Royal LePagers have access to an extensive network of experienced professionals from a wide variety of industries (legal, financial, construction, inspection, etc.) to help you close on a successful sale. Don’t hesitate to contact us with any questions you may have.

How does location influence desirability and value?

Location, location, location. You’ve heard it a thousand times when it comes to real estate, and you likely understand what it means. But which aspects of your location are of most influence when it comes to determining the desirability of your property and ultimately affecting its value? In this blog, we’ll take a closer look at which factors play the largest roles in raising or lowering your home value.

Education

The most pressing questions on the minds of young families surround the future and wellbeing of their children. Quality education checks both of these boxes, drastically influencing their decision making. If your home is close to a school with a positive reputation, this can influence  the value of your property upward for those buyers. (Here is a site where you can search for nearby schools.) This is even more the case if your home is within walking distance of the school, as their children won’t have to endure long bus rides. On the flip side, if your home is far from quality education, this can push families away.

Development

If the neighbourhood or community in which you live is currently expanding outward, this can increase the value of your property. People see this as a way to “buy low”, as the value will generally increase as the area develops. As more shops, schools, recreation facilities and other locations open nearby, it becomes a more desirable place to live. Many properties in the downtown core were first purchased for a mere fraction of what they’re worth now, and the same applies to anywhere else.

Businesses, Services, Amenities

Nearby businesses, services and other amenities are a factor in determining property value. Not only is it a matter of convenience, but long commutes and burning gas can add up in a hurry. Similarly, lack of access to public transit can be a dealbreaker, especially if you’re dealing with younger buyers who would prefer to save each dollar they can by taking the bus, train, etcetera.

Parks, Trails

Close proximity to vast outdoor spaces can heavily influence a buyer’s decision. Spaces like these are valuable to those with children, or pets who require frequent exercise. They’re also an ideal spot to meet others in the area with similar interests, growing their social network once they’ve moved in. Parks and walking trails can also function as the perfect recreational space for the buyer if they have an interest in running, hiking, biking or any other outdoor activities.

Noise, Light Pollution

As they expand, noise and light pollution are unfortunately increasingly common in well-developed areas. In a world as loud, busy and chaotic as the 21st century, a sense of peace and escape from the noise and commotion is incredibly desirable for some buyers. If your home is in a suburban or rural location with little to none of either kind of pollution, this is a key feature worth promoting.

Any questions?

If you have any further questions, or would like your home appraised for its value, don’t hesitate to reach out. We have an experienced, qualified team with a network of industry professionals to help you sell your home, or find the next one.

Should you redo your floors?

Floors have a dramatic effect on your home’s decor. If you think about it, they’re some of the largest surfaces inside of your home – meaning they take up quite a lot of the space, visually. Your floors serve a functional purpose too, meaning they may have taken quite a beating over the years. Scuff marks and scratches will slowly start to eat away at the surface as time passes. 

They can be a great place to focus your home upgrades, no matter if you’re looking to transform a room, or the whole level. But what will be the budget? What options do you have in terms of material and style, and what are the pros and cons of each? In this blog, we’ll cover maintenance options, as well as a few different ways you can redo your floors.

Hardwood

Hardwood floors are incredibly popular from both a functional and stylistic perspective. 

Hardwood is often quite durable and low maintenance. It’s a long-lasting option that’s easy to clean, making it a great choice for any household – especially families with children who may cause a mess from time to time. It can also carry great resale value, seeing as it’s generally the most desired finish for buyers. This is compared to something like carpet or tile that may cost time and money to remove.

Hardwood is incredibly versatile in terms of style. The wide variety and different finishes available allow your hardwood floor to fit with almost any decor you would like. In future endeavors, it will allow you to change things up without having to make costly alterations to your floor in order to match. Be aware that not all hardwood floors are the same; some are solid wood and others are pre-engineered wood. Learn the difference prior to setting out on a project of refinishing because the process may be quite different.

Tile

Tile floors are generally found in the bathrooms and kitchens. This is because of their water resistance and durability. But this doesn’t mean you can’t put tile floors in the other spaces of your home. Tiles can come in a wide variety of shapes, sizes and styles, allowing you to match a room’s decor with a unique pattern or colour scheme that you feel suits it best. They’re generally very affordable, bearing in mind that it would also depend on quality and availability. 

Like hardwood, this can boost your resale value, since they can generally be labeled as an “upgrade” due to their functional use. They’re also generally made from natural, eco-friendly materials, giving you some added peace of mind.

Concrete

Concrete floors are the ultimate candidate for low maintenance, durability and resistance. It’s a great option for open spaces, especially rooms with lots of running water like kitchens and bathrooms. Like tile, concrete floors can come in a wide variety of style and patterns, allowing you to take them in any direction you’d like.

Do keep in mind that concrete floors are prone to developing cracks with changing temperature, which is especially relevant in our diverse climate. They’re also incredibly hard, which may not be friendly to young children or seniors, or for standing upon for long periods of time.

Marble

Marble floors are incredibly stunning, there’s no doubt about that. They create a sense of luxury and elegance, perfect for large spaces. In terms of functionality, marble carries many of the same benefits and drawbacks as concrete – durable, but incredibly hard. Marble floors are also often very expensive, requiring a high or flexible budget.

Cork

If it fits your budget, cork flooring is chosen when searching for a comfortable flooring alternative, or for its hypoallergenic and eco-friendly characteristics; however achieving these will come at a cost. It is often more expensive that other flooring materials.

Carpet

Carpet floors are a great option for the communal living spaces of the home, like the living room. If you’re looking to create a soft surface or a cozy atmosphere, carpet can be a great choice. Carpeting can also be applied to stairs, which can be helpful as a sort of safety feature if you have any little ones or seniors around regularly.

Do bear in mind however that buyers are not currently keen on carpet floors. If you’re looking to sell, consider removing them and replacing them with something more versatile, like hardwood for example.

Any questions?

If you’re making upgrades to sell, don’t hesitate to reach out with any questions you may have. We have countless agents with expansive networks to help you streamline your process.