MARCH 2013 NEWSLETTER
Spring is on its way! People are in a good mood with the weather warming up and the sun shining. The days are longer and people are more relaxed.
As most people know, spring is good time to sell your home. It’s easier to get around to places. No more snow, no more big puffy jackets and no more cold weather.
What are your plans for this year?
Are you expanding your family? Are you thinking of downsizing?
Do you want to live in a different neighbourhood?
Would you be considering having an investment property?
When was the last time you checked your biggest investment?
Have you thought about how much your home is worth today?
The chart below shows the average home prices in January 2013. This is just the general market situation of Toronto. Your neighbourhood statistics may be different.
When trying to sell your home, it’s important to know the current market situation in general and in your own neighbourhood.
But keep in mind that your home is a bit different from your neighbours so you won’t be able to sell for the exact same price.
Once you put your property for sale, the first 4 week are the best chances for selling your property.
The longer a property stays on the market, the less the seller will end up netting.
Importance of Pricing
As you see the graph about the importance of
pricing, when your home is priced at market value, the percentage of buyers is high.
If you move up the graph, you attract less potential buyers which will reduce your chances of selling.
Activity vs Timing
In the activity versus timing graph, we see that in the first few weeks we get the most activity.
The longer it stays on the market, people will start to wonder if there is something wrong
with the property and they wouldn’t be interested in see it.
The Effects of Over Pricing
Every seller wants to get the most out of their home.
But when you over price your home, there are some consequences.
On the graph to the right, we can see the average percentage difference between
the selling and asking price by the length of time the home was on the market.