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Michelle Kam Provides Tips for Selling Your Home in Toronto

Written by Sumeet Manhas Posted On Wednesday, 17 March 2021 22:21
Michelle Kam Provides Tips for Selling Your Home in Toronto

The residential real estate market in Toronto has been extremely hot over the past few years. Homes are selling quickly, and prices are up. The market continues to expand, and this could be a great time to sell your home if you want to buy something bigger or move to another area within the Toronto metro.

Michelle Kam, an experienced Realtor in Toronto, explains current trends in the Toronto real estate market, as well as the other factors that you should consider when putting your home on the market.

Understanding Market Conditions

If you want to sell your home in Toronto, you should first take the time to understand the market. This can give you a good idea of what you should expect regarding the selling price and the length of time it takes to sell and close on your home. 

Looking For Bigger Homes

Overall, people in Toronto are looking for bigger homes outside the 416 area code. Condos have dropped slightly within the 416 area code, but only by 4.7 percent since 2019.

Housing Prices

House prices have skyrocketed considerably in Toronto. For example, the median price for a detached home in the 416 area code has risen to an astonishing $1,475,000 or 42 percent since 2019. The median price for the same in the 905 area code rose 58.5 percent to $1,176,000.

Time on the Market

Time on the market is also on the decline. In 2019, homes were generally on the market for 29 days. In 2020, this decreased to 24 days or 17.2 percent below the previous year.

Surprisingly, the real estate market has remained highly active even though the global pandemic has had indelible effects on the economy as a whole. This could be because people who have not experienced damaging financial effects are looking for larger homes in better neighbourhoods.

Tips for Selling Your Home

Now that you have seen the amazing state of the Toronto real estate market, you may be eager to list your home and experience the benefits for yourself. Listing a home on the market is a process that should not be taken lightly, and a qualified Realtor like Michelle Kam should be consulted first.

Preparing Your Home

It is a great idea to put time and money into upgrades that can give you the most “bang for your buck.” Without spending a lot of money upfront, you can enhance your home’s saleability and possibly raise the asking price.

The following home updates will have an impact on your selling price and the overall length of time your home spends on the market:

• Paint: Simply adding a fresh coat of paint can help the home look fresher and less worn. Use simple, light colours like white and beige so that the new homeowners will paint over them easily if they so choose. Avoid trendy choices like wallpaper.
• Update the Front Door: Homes look great with freshly painted front doors. If your door is worn and paint will not improve it, try buying an all-new steel door.
• Update the Bathroom: Even a small amount of work in the bathroom can pay off. For a simple project, you can do in one day, consider caulking the tub or changing the showerhead. It is not much more difficult to replace the vanity or replace the faucet. Updated hardware like pull handles and towel bars can also help create a fresh look. Whatever you do, don’t make a luxury bathroom just to sell your home. You can get a lot out of minor changes when it comes to the selling price.
• Energy Efficiency: Making small changes to increase the home’s energy efficiency can be a great way to attract buyers. Adding new insulation or replacing old, inefficient appliances can reduce the buyer’s electric and gas bills and make the home more attractive.

Staging Your Home

The services of a professional stager cannot be overlooked when putting a home on the market. A stager will help you decide which of your possessions should be packed away and stored to make the home appealing to a wide variety of buyers. Personal items like family photos need to be taken down, as well as controversial artwork. Completely remove the clutter.

It can also be helpful to have your home professionally cleaned before any showings. People are more likely to spend money on a home when they see that it has been well-maintained both inside and out.

Work Closely With Your Realtor

If something is not working for you, talk to your realtor and determine whether you can make a change. Realtors are experts at setting prices where they should get the most attention on the market, but they should not drop the price so much that you miss out on making a profit on the sale. This is especially important in a market as hot as the Toronto market is today.

Selling Your Home

The process of selling your home and buying another can be extremely stressful. Working with a realtor, home stager, and other professionals makes the process easier and makes it more likely that you will achieve a higher sales price. Toronto residents should keep a close eye on the market for any signs of a bubble and adjust their strategy accordingly. Michelle Kam and other qualified Realtors can help you gain the best footing in the market. 

 

Sumeet is a professional writer who loves to research unique topics and express his thoughts by content writing.
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