Keep in mind that in a typical real estate market, when lots of home are listed for sale, the normal selling time is 60 – 90 Days. In Ontario (specially in the GTA Market), supply and demand have been in favor of sellers becasue of low supply. Homes have been selling fast sometimes within days at most few weeks or less and for over asking price many times. The real estate market in Toronto has seen rising prices since 1997. Other than a slight softening during 2008, the market has been consistently rising.
Rising interest rates, high inflation, gas prices have had a real impact on the market slow down. Here is an article that describes this.
Below are a few tips to help Home Sellers to get their home SOLD!
- Understand the local market and your competition
- Make sure home is ready to be shown at all times (consider using a professional home stager who can help show off the best features of every room in your house)
- Be accommodating to real estate agent’s/buyer’s schedules (think of every showing as the one that could get you the sale)
- Be flexible with your terms (offer an extended closing date or lower your asking price)
- Be patient (and stay positive)
- If you get an offer early on, give it serious consideration because a better offer may not come along
