Selling in a slow market? Yes, that’s still happening, even though our May figures were 27% below the 11 year average for sales volume, in part due to waning investor sentiment. A slow month or not, the usual factors are still very much in play in Kitchener, Waterloo and Cambridge: marriages and divorces, downsizing, moving nearer to family, and of course, climbing the property ladder.
With a balanced 4.0 months of inventory currently available across Waterloo Region, homes are still trading hands every single day and executing a successful sale follows a relatively straightforward path. If you are thinking of selling right now, here is the playbook you need to follow..
Control What You Can (Presentation is Everything)
Sellers, you need to get your property looking as good as you possibly can. In a slow market you’re competing against months of inventory on our local MLS.
Start by getting your home clean and spotless. Fix all those little things that have been on the to-do list for years. In some cases, painting and even relatively low-cost measures like new flooring or fresh landscaping might be necessary. An ideal presentation can require professional staging.
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Once these tasks are checked off you’ll want a very competent AV person to shoot stills and video. I like the camera so I’ll usually include a narrated video with yours truly introducing the property. These days a 3d rendering such as Matterport or iGUIDE is a given for larger or prestigious properties. Drones are great as well, but aren’t quite as important as the other media types.
Price It Right (Data Doesn’t Lie)
Now that your home is shipshape where do you price it? Do you have a price in mind? Is it accurate or way off the mark? Having this conversation with my sellers I really do try be as objective as possible. Data doesn’t really lie, does it? Using it to support a case for a particular price point removes much of the subjective feelings sellers often have about their homes.
One thing I’ve observed over a decade in the business is the fact that over-pricing kills activity quicker than you can blink. Buyers these days are cautious and well informed and have a far bit of selection to choose from. If your agent is good and thinks you should be priced lower that what you’d like he should provide lots of comparables for you to look at to help inform the process.
The Bottom Line
Ultimately, your home is a commodity (even though you love it) that will be actively compared with others on the local market. It isn’t personal, it’s just business.
It isn’t rocket science, either. If your home looks average, it will get an average price. And if you over-price you’re dead. But pricing it right, the better you can make your home look relative to its peers, the more money buyers will ultimately be willing to pay you!
Want to know what your home is worth in today’s Waterloo Region market?
Markets change, but strategy wins. Let’s sit down, look at the local data together, and build a plan to get your home sold. Contact me today for a complimentary market evaluation.
