When a homeowner puts their property on the market, whether it’s a condo or a single-family home, everyone involved hope for a quick and lucrative sale.
And yet, some properties attract more buyers than others. So, which variables influence the speed and straightforwardness of a sale? Here are seven to consider.
1. The Location: A Key Aspect
Location is one of the first things buyers look at. A home in a desirable neighbourhood, near schools, stores and public transit will sell more easily.
- Conversely, a property in an isolated or less attractive area will take longer to find a buyer.
2. The Home’s General Condition
A well-maintained house fills buyers with confidence. A roof in good shape, properly functioning plumbing and a fresh coat of paint can make all the difference.
§ In contrast, the idea of having to undertake major renovations may frighten potential buyers and impede the sales process. While the listing price should reflect the property’s condition, a home in need of repairs will nonetheless attract fewer prospective buyers since most people tend to prefer turnkey real estate.
3. The Listing Price
Ask for too much and you will deter buyers, ask for too little and it may raise questions about the home’s condition. Getting your property professionally evaluated or researching comparables in your sector is essential to determine a realistic listing price.
It’s important to stick to the market average when looking at comparables.
4. Presentation and Market Appeal
Firsts impressions matter!
A clean, nicely decorated and depersonalized house will attract more buyers. Remember to remove personal belongings from sight, such as family photos, shoes in the entryway, and schoolbooks on furniture. Create as neutral a space as possible. And declutter, of course!
Home staging can also prove an effective strategy when it comes to showcasing your property’s features and maximizing its sales potential. Your broker can advise you on this topic.
5. Real Estate Market Conditions
The real estate market fluctuates. During periods of strong demand, houses sell faster. January, February and March are actually conducive to rapid sales since people generally sign lease agreements at this time of the year.
- § However, if the market slows or if interest rates spike, it may be more difficult to obtain a quick sale. Knowing your local market will allow you to adjust your strategy. Again, your broker has the expertise to guide you.
6. Scarcity
Certain properties sell fast because they’re rarer in a given market. For example, one-bedroom condos disappear quickly in municipalities where mostly two-bedroom condos are for sale.
- And yet, scarcity isn’t always a sign of desirability. Very large homes, multigenerational properties and atypical condos require more time to find an interested buyer.
7. The Neighbourhood’s Reputation
What people say about the neighbourhood or municipality, notably on social media, can also play a role. A string of crimes or a reputation for being noisy, for example, can negatively impact the odds of an easy sale. Still, one shouldn’t believe everything one hears or reads!
In summary, if your house or condo meets several of these criteria, your chances of selling it quickly are good. If not, perhaps you can make some improvements to increase its market appeal!