Real estate market 2019 – It is no secret that in Montreal’s hot real estate market, buyers and sellers alike have already experienced multiple offers and over bidding in specific neighbourhoods; namely West Island, Westmount, Town-of-Mont Royal, Outremont, Notre-Dame-de Grace, Hampstead as well as areas of Laval and the South Shore of Montreal. Despite the low supply of properties for sale and the ever-increasing demand, an overpriced property will still take much longer to sell and will help the competing homes to sell quickly instead of yours!
There is much more involved in selling at top dollar other than the hot real estate market. The successful sale of your home should always involve these 3 things:
Preparation is the initial process which allows a seller to prepare themselves mentally and ultimately prepare their home for a new potential owner. This will take a bit of physical and mental labor, and it is worth it!
Start by removing all extras (clutter, books, and clothes in closets, personal photos, and bulky furniture) in order to “air out” the space. Try to keep décor and colors neutral, with a bit of pop here and there. Make sure your home gets an overall “spring cleaning” so it shines and smells nice from top to bottom. Gather all your important documents and review the history of the improvements and renovations with your realtor.
Next comes the pre-sale building consultation, where you meet with the building inspector who will give your property an overall “checkup”. You may need to make small repairs and touch-ups such as painting or plastering, remove old carpets or you may have a more urgent repair that needs attention. This is a crucial step enabling the seller to declare everything to the next potential buyer. Sellers can also obtain estimates for a major repair, which will help the buyer better assess your home.
Work with a realtor who understands the type of home you have and the target buyer the home will appeal to. This will allow you to fill out the Declaration of the Seller efficiently and prepare your home to sell!
- PRICE PRICE PRICE!
Remember your property is red hot when it first comes out on the market and everyone will want to see it! If no one has shown interest within the first week, then you may have a problem with the price. Make sure you price correctly at the start of the listing, to avoid several drastic price changes. If not, work with your realtor and be proactive with the pricing to always keep the interest of the buyers, which dwindles very quickly!
The price is the number one factor that drives buyers today – they are more knowledgeable than ever before and are economically cautious due to the restrictions of their mortgage pre-approval amount. They can smell an overpriced house a mile away and will steer clear of putting in an offer – they will just sit on the side line and wait it out.
Work with a broker who offers you a plan and strategy on how to get the most money within your timeline. There are different ways of pricing your home smartly to beat out the competition, either slightly under the market value, or as close as possible to it, in order to incite a high number of qualified buyers.
- Promotion & Presentation
Most buyers shop on the internet therefore your home needs to be presented in the best light possible using High Definition quality photos, staging and video. Along with the local website such as Centris.ca here in Quebec, your home can be featured on some other high traffic sites or social media platforms. Ask your broker what they plan to do to promote your property and create a buzz! A combination of on line, some print, open houses and out of the box thinking, will get your property sold.
Presentation is everything when potential buyers come for a visit. So that buyers can picture themselves moving into “their new home” soon, make them feel at home with pleasant fragrances and airy spaces – nothing cluttered.
When you have followed these rules, and time is still ticking, then it is time to review the market again. See what else has sold in your neighbourhood and compare it to your home objectively. This is always easier said than done, so seek the advice of a professional, that’s what we are here for! On a final note, it is important to address your emotions and leave them out of the equation. As a realtor I know buyer’s best and can look at your home from a buyer’s perspective. Offering candid advice to my seller’s help them make the best decisions when selling their home!
Eleni Akrivos is a Chartered real estate broker and President of North East Realties, Real Estate Agency in Montreal. Eleni is a lecturer in the Residential Real Estate Program at College Lasalle and Co-Hosts “The Real Estate Show” on CJAD AM800 radio every Sunday at 1:00pm. To send her questions or comments please write to firstname.lastname@example.org and visit www.northeastrealties.ca for articles and videos.