https://www.youtube.com/watch?v=EGTsBgJKADw&feature=youtu.be We hope you guys really liked that video, or at the very least stood close to the flames trying to get warm this winter. Those flames will not make you warm, but they should excite you, the same way a parent tells their kids today they are going to the toy store. The real estate market this Winter is Hot! If you are one of the many people who is thinking of selling a home this year, 2020 or sometimes soon, do not wait and get it on the market asap for record potential selling prices. With record low inventory on the market, hundreds of buyers are waiting by their doors, check their phones hourly for new homes to come out. The sheer thirst for a good home is so large that when it comes out, everyone and their uncle wants to buy it.
Ask yourself this, do you like money? How about A LOT of Money? If the answer is yes then you are going to make a mountain of Money is you sell your home this year. Do it, Asap, HOWEVER you have to sell it while this sellers markets lasts. My prediction is it will stay for the first few months of the year, currently active, but its just a prediction and impossible to tell when it will end. It will at some point suddenly. If I was selling a house I would get it ready to sell as soon as possible, while the market is starving for homes and cash out like you never imagined. Here are some tips to do to do just that, enjoy!
I am writing this to you on January 3rd 2020, and as the days go on it will get much colder before it get warmer. There will be more snowy days, long nights as the winter far from over. I can guess the bulk of you guys are thinking that selling a home is best in the Spring like May, June, envisioning warm weather and longer days better suited for higher sale prices. Traditionally you would be correct, however today, you are not. If you want to sell your home WHEN to make the most amount of money, you have to do that when your product is in such high demand that its flying off the shelf, just like today. Homes are being sold very quickly, often going for multiple offers. There are such slim pickings right now that buyers are waiting for any reasonable home in their budget to come out like hawks and if they find it, they will try to do anything to get it, often OUTSPEND the next person to get it, before its gone otherwise knowing they have to dreadfully slowly wait for another one. What happened during the last sellers market in 2017? Prices skyrocketed as inventory was super low and demand very high. Each house that went for sale had many bidders on it, often I remember 10 offers on a home being common, sometimes more, a lot more. Homes were selling for hundreds of thousands of dollars over asking. $100,000 over asking was common. Prices shot up about 33% in the span of a few short months from December to April. What happened after that? Sometime that end of April 2017, the sellers market DIED. The momentum changed and buyer stopped all of a sudden. They were exhausted after trying to buy a house for months always under competition, constantly losing and finally got fed up. Any seller who waited until May to put their house on the market MISSED the Sellers Market and lost their chance to sell for Thousands more. What is the point of all of this? Is that right now is a SELLERS MARKET, so do not wait for that to change. In December 2019, I saw a $399,000, plain not renovated bungalow go for sale, in Kitchener. I had a very good offer on the property, but they received 32 offers….. DO NOT WAIT.
How much work do you have to do to your home to make the most amount of money? If you are selling during a sellers market, the answer is very little, its going to sell anyways! This is why this is the best time to sell, you do not have to worry that your basement is not finished or that your kitchen could use nicer cabinets. When you have a solid house, it hits MLS (Multiple listing service), countless buyers will flock towards it, someone will buy it. Not only that, but since there is no competition you are going to have an abnormally, record amount of people viewing the house and ultimate the house will have many offers and sell for thousands over asking. Have you agent help you so you can get to as many offers as possible and use keep this rules in mind.
A. Do not consider any lengthy renovations for the house, time is your enemy. You need to get that house on the market as soon as possible. I do think its worth painting though, which is not too expensive and these days professionals will paint the whole house in a couple days. Typically it takes me 48 hours to get a house on the market, so an extra 2 days is fine.
B. Do not stage the home unless necessary, just DECLUTTER and clean. We all have too many things, however we live one way while we have to sell another. Declutting is king, which should not take too long for the average family. Clearing extra stuff from our walls, shelves and put them in boxes, most people can do this over the weekend. Besides, you are planning to move, and once the extra stuff is in boxes put away that is going to help you later! Pro tip: put the extra stuff in your garage if you have one. Just stack it in a way that buyers can see the height and length and your set.
C. Clean, Clean, Clean. Professional cleans can go in and do wonders to your corners, windows and all parts of your home especially with all the extra space sans the extra stuff already in boxes in a half a day tops.
Now your house is clean, well spaced out and ready to sell for a record amount all while you minimized your cost. Let’s make Money!
Are these my 3 favorite days of the week? I certainly don’t mind a Wednesday or Thursday, feels like you are creeping close to the weekend! However, those days are the title of the third tip because you should list your home in the middle of the week on either Tuesday, Wednesday or Thursday. The point of these dates is to strategically create the maximum exposure for the home. Most people in general know that homes come out during the week and we keep that consistent.
Once we establish which of these days we are listing the house on the market we want to establish a date to collect offers, 7 days from the date of listing aka 1 week called an offer date. One good week is a perfect amount of time for every buyer to come see the home, which includes two full days on the weekend, allows buyers with work, schedule conflicts, out of towners to be aware of the home and make sure they have time to see it. Having an open house or two on the weekend would be great. If is not always necessary, but some people just love coming to an open house, or want to use the opportunity to see the house again. At the end of the day the more exposure to the property the better. Other then that sit back, relax, let you realtor do the rest of the work and watch those offers start flying in.
The 2020 Sellers Market is here in various cities accros the GTA and Greater Horseshoe region. Read and reread these rules. Follow them with a T and go make a lot of money while you can!