In 2015, the average price of a detached home in Toronto surpassed the $1 million mark. Now that 2016 is here, many of us are considering selling our homes while the market is still red hot. If Selling your house is on your list of New Year’s resolutions, here is a list of helpful tips that will make the process of selling your home quicker and also less stressful.
Tips for Selling Your House in 2016
1. If the end of your mortgage term is drawing near, consult a mortgage professional about your options. Rates will probably not be this low for some time, so now is the time to seize the opportunity. If you’re in your first year of your term, review your agreement with your lender or financial institution. There might be a hefty payout penalty, so make sure the pros outweigh the cons before making any decisions
2. Are you downsizing? If you plan on using the proceeds of your home’s sale toward a new property, you will need to crunch the numbers and possibly review your budget. If you’re planning on upsizing, prepare for the increase in your mortgage payment. If you’re planning on a mortgage payment increase from $2300 to $2900, try taking an additional $600 a month from your income and put it in a savings account. Do this for three consecutive months and make this account off limits; this is an excellent way to test the waters to see if you’re ready for an increase in your expenses. If you find yourself stressing about the additional cost, you may want to rethink upsizing.
3. How have recent home sales in your neighbourhood been? Market conditions can change in the blink of an eye, so it’s wise to assess comparable homes anywhere between 2-3 months before putting it on the market. If homes sold over asking, find out what features or selling points that home had, and use the same approach when selling yours.
4. Clean and declutter your home a few months before listing. A crowded or cluttered space isn’t very appealing to potential buyers. A large storage room is a great selling feature, but if it’s jammed with things from the late 80’s, buyers won’t be able to assess the actual amount of space available. Sell things you don’t use on Kijiji or donate them to a great cause. The more you give away, the less you will have to pack, move and unpack.
5. Consult a professional home stager. Investing a bit of extra money in home staging can go a long way. Simple things like painting your walls and organizing furniture in a certain way can increase list price significantly, and possible draw multiple offers.
6. Stay focused on your goals. Indecisiveness can impair the selling process, which might cost you time and money in the long run. Get your planning team together and set clear goals and a timeline. Less stress should be on everyone’s New Year’s resolution list for 2016. Happy Selling!