What Do You Need to Know to Sell for Top Dollar?
Here’s what you need to know to sell in a strong seller’s market.
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In this strong seller’s market, there are a few misconceptions you need to be aware of if you want to sell quickly and for top dollar.
The first is that your home’s condition doesn’t matter—you can just put it on the market and it’ll sell for top dollar. The truth is that in my experience, your home’s condition matters a lot, and it will drive the price. When my team and I work with a seller client, we like to diagnose the property, identify things that need to be repaired, stage it, etc. When clients agree to go through these steps, I’ve calculated that their homes sell for 2% to 3% more. They also attract more buyers and get more offers.
The second is that you can’t price your home too high. The reality is that you absolutely can. I’ve seen properties sit on the market for 30, 40, or even 50 days that had to be relisted and sold at lower prices. It goes back to that old adage: Everybody wants what everybody else wants. If you list an attractive price that generates a lot of energy and prompts a lot of people to look at your property, those same people are more likely to move forward and submit an offer.
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In my experience, your home’s condition matters a lot, and it will drive the price.
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The third is that you don’t need a Realtor to sell your home. I’m biased on this one, but selling your home on your own—i.e., FSBO (for sale by owner)—is a big mistake. First of all, pricing correctly is very difficult. Also, most houses in our area in central Toronto are selling for over asking price, which means their agents are setting up bidding wars. You can do this yourself, but if you get five or six offers, do you know how to negotiate with the buyers’ agents so that they eventually offer their highest prices? A buyer won’t offer their highest price first. The best way to handle this situation is to hire someone who does it every week.
Now, if you plan on buying another home, should you sell first or buy your next home first? In this market, I would consider buying first because that will be the more difficult transaction (unless you’re selling in the $4 to $6 million range). If you’re selling in the $1 to $3 million range, your home will probably be snatched up within seven or eight days. Finding your next home will be hard, so try doing that first.
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’d love to help you.
