| Selling

Nothing is more stressful for sellers than listing in a saturated market. High inventories mean higher competition in a market where buyers are slim pickings. This means lower prices, fewer offers, and zero negotiating power for the average seller. Not a pretty picture.

But fear not weary sellers! There are ways to make your home stand out even when inventory is seeing record highs. Here’s how to get that home sold with our pro tips on how to succeed in a high inventory market!

Rely on the Insights of the Best Toronto Real Estate Team

Sorry, we’re not trying to blow our own horns here. We’re stating a simple fact: experienced real estate agents know the market. We watch inventory trends and know when listings are on the rise allowing us to advise you on the best strategy to sell your home for top dollar — and fast.

We track and analyze all kinds of stats including the number of new listings, how long homes sit on the market, average selling prices versus asking prices, and what areas are seeing higher sales and demand. Even when there’s no getting away from a buyer’s market with sky-high inventories, we’ll take the necessary steps to make your home irresistible to buyers.

The way you prepare for your sale will also help you stand out from the crowd. Learn more in the related reading below:

Listen to Your Agent’s Advice!

Sometimes your real estate team comes across as kind of naggy, making endless recommendations to get your home ready for sale. This can be hard to swallow which can make you kind of block out good advice because you stubbornly believe that your striking lavender paint in your foyer is trendy and appealing. The thing is staging is not an insult to your good taste. Instead, it’s the process of setting a neutral tone that appeals to the average buyer.

We understand that although you’ve decided to sell, you likely still have an emotional attachment to your home. In fact, we’ve come across many a homeowner who has fallen out of love with their home, only to find that old flame stirring once the decluttering and staging sets in.

Luckily, the best way to crush those old emotions is to listen to your agent’s advice. Trust us, once all your personal touches are gone it will no longer feel like home, ultimately making it easier for you to move on.

Target the Ideal Buyer

Because we mentioned the “average buyer,” you might be under the impression that your ideal target buyer is any buyer. But you’d be wrong! The thing is each neighbourhood has a specific kind of buyer so you need to appeal to that specific “target” audience. This is important in a high inventory market for three reasons:

1. Staging

Targeting allows us to stage your home to appeal to what your neighbourhood’s specific buyers want.

In an area like the Fashion District for example, we’re typically looking at singles or couples sans the kids. They’re attracted to the nightlife and downtown convenience of the area, so we’ll stage your home to appeal to them.

So, say your second bedroom is now a nursery and you’re selling because your Fashion District condo no longer suits the needs of your growing family. We would stage that room as something like an office, guest room, or even a glitzy “dressing” room to appeal to the average buyer in the area. This simple transformation makes your home stand out compared to all the other ho hum condos or rowhouses in the area, helping you sell faster, often at a higher price.

2. Photography

Targeted photos allow you to catch the eye of buyers overwhelmed by hundreds of listings.

Professional photography shows off your perfectly staged home. We choose the best picture of the lot with your target buyer in mind as the one-chance image to entice your buyer to click and immerse themselves in a virtual tour that ensures they’ll arrange a visit.

3. Marketing

Slapping up ads willy nilly across the internet attracts the wrong buyers.
As part of a targeted marketing strategy, we consider the right marketing and social media channels where your ideal buyer is most likely to see our ads. This is essential to attract the right buyers most likely to put in an offer.

So, you see, understanding the target buyer allows us to a) set the stage to appeal to them, b) create photos that entice them and c) target them using the proper channels to attract the right kind of buyer. Brilliant!

Price Right on the Nose!

The last piece of the high inventory selling puzzle is price. No matter how beautifully staged your home is or how targeted your marketing is, pricing your home too high means your home will automatically be passed over.
Buyers working with the best real estate agents in Toronto have an expert in their ear advising them how low they can go in a highly competitive market. These buyers are price savvy and won’t click even the most stunning home image if the home is overpriced.

In a saturated market, buyers need to widdle down their choices, and price plays a major role in the elimination process. They want homes that check the most things on their wants and needs list that come the closest to their budget.

When tons of inventory is on the market, not only do buyers have the pick of the litter, but they can sometimes find they can afford to shop in more expensive areas thanks to negotiating power. This can leave listings in traditionally higher-demand, more affordable neighbourhoods sitting on the market longer. Not the greatest scenario.

Although it’s difficult to agree to list at a price that sounds much lower than you feel your home is worth, an experienced real estate agent never messes around with prices. We use our stats to tell us what the current market says your home is worth and how much higher or lower houses sell for compared to their asking price to hit the price right on the nose.

So, when it comes to price, your real estate agent knows how to draw more buyers to the negotiation table.

Aligning yourself with the right professional is arguably the most critical aspect of a successful sale. The posts below will help you make an informed decision:

Round Up

That’s it. Four important aspects of standing out in a high inventory market are:

  1. Hire the best real estate team in Toronto,
  2. Listen to their advice to prep and stage your home,
  3. Use a targeted marketing strategy and,
  4. Price your home right.

Considering a sale? Call The Christine Cowern Team at 416.291.7372 or email us at hello@christinecowern.com with any questions or to set up a call. We’d love to work with you!