Today, Toronto’s ever nuanced housing market is in a unique position. No longer the high octane seller’s market of years past, but not an outright buyer’s market either. These conditions, paired with misaligned expectations, are the reason why some houses are selling, and others are not.
Right now, effectively priced homes in Toronto are selling in three to four weeks on average. Not only that, but buyers are still paying sellers’ full asking price (or slightly above) in many high-demand neighbourhoods.
If your property has been on the market for weeks or months without garnering strong offers, you likely need to adjust your selling strategy. This could mean changing your asking price.
Curious about your home’s market value? Schedule a complementary evaluation with our team.
Listening to the Market
Preparing your property for sale takes time and effort, and you may feel a sense of relief once it’s officially listed. However, the process does not end when the ‘for sale’ sign goes up. As a seller, it is imperative to monitor and digest how buyers are responding to your home.
For example, if you receive little to no showing requests in the first few weeks, this tells you that buyers aren’t resonating with some part of your home’s presentation. This could be any number of variables, including price. The same idea is true if you attract a number of showings but no strong offers.
Adaptivity is a crucial aspect of a successful home sale. Particularly in today’s market. Unpacking buyer behaviours and following your agent’s advice can help you determine when change is needed.
Searching for more home selling insights? Explore these related readings.
- What Not to Fix When Selling Your House
- Will I Pay Capital Gains Tax on My Home?
- Why Verifying Your Home Buyer is Important
How Long Should You Wait Before Lowering Your Asking Price?
Like many other important details of your selling strategy, there’s no universal answer for when you should reduce your asking price. However, contemporary market data can serve as a helpful reference point for this decision.
In the context of today’s market, the majority of properly priced homes in Toronto will sell within their first month of listing. Usually around week three or four, to be specific. Of course, there are exceptions to this trend, and expectations can also vary based on neighbourhood or property-specific factors.
If your house has been on the market for one month (or more) without many showings or serious offers, it’s time to revisit your asking price.
Don’t Allow Emotion to Get in the Way of a Smooth Sale
Selling a home can be emotionally taxing. Although many feelings are worth embracing, others can be indirectly detrimental to your sale.
Some sellers feel strongly about their home’s value, even when the market disagrees. This dissonance can cause listings to become stagnant.
To you, your home is more than merely a property. Even if you’re not an overly sentimental person, these emotions can inflate your opinion or expectations in terms of its value. Buyers, on the other hand, will be more objective and budget-conscious.
When it comes to pricing, it’s best to trust your agent (and the market), rather than allowing your emotions to dictate strategy.
Changing More Than Just Your Asking Price
Asking price is an influential variable in any sale, but it’s not the only element that can make or break buyer interest. Depending on the circumstances, you may need to make different adjustments or overhaul your selling plan altogether.
For example, if your house has not been properly cleaned, decluttered, or repaired, buyers will inevitably favour better-presenting inventory. Alternatively, if your house looks immaculate and is well-priced but fails to attract showing requests, there could be problems with how your home is marketed.
If you are working with an inexperienced or low-performing real estate agent, your home’s market performance could be drastically affected. In this scenario, it’s best to find a knowledgeable, top-producing real estate agent who can get your sale back on the right track.
Explore these related blog posts for more guidance on selling a home in Toronto.
- Where to Start When Selling a House
- How to Stage Your Home For Sale
- Selling a Tenanted Property: What You Should Know
Make the Most of Your Home Sale
If you’re searching for a real estate team that can provide you with exceptional results and a seamless experience from start to finish, look no further than Christensen Group Real Estate.
Representing sellers in West Toronto for over 40 years and consistently producing in the top 1% of TRREB agents, our selling systems (which include data-backed pricing strategies) are second to none. Get in touch today to discuss your goals.
Our unbeatable selling strategies are backed by decades of local market experience. To begin your journey to a lucrative home sale, call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
