Tips for Selling Your Toronto Home

by JRO on November 16, 2013

  • Sumo

Looking to sell your property in Toronto? Residential homeowners in this largest of Canadian cities may feel some apprehension about putting their houses on the market, but there’s no reason to fret. Toronto enjoys some of the mildest weather in all of Canada, according to the City of Toronto. You’ll find temps between 60 and 80 degrees Fahrenheit throughout spring and summer, with a winter climate that’s not too far off from New England’s. But, despite this relatively mild weather, the real estate market is tight in Toronto at the moment. Perhaps you’re looking to move to another city where housing costs aren’t so high, or maybe you’re thinking of retiring and heading south. Whatever your reasons, it’s time to sell your home and you need some advice.

Tight Housing Market

Toronto is currently experiencing a tight housing market. How tight? Well the Huffington Post recently reported that a house the size of a tool shed and measuring just 189 square feet sold for a whopping $165,000. But before you think the owner made out on the deal, think again. This tiny house actually went for 29 percent below asking price.

Market Predictions

Although these extreme high prices have been the norm earlier this year, experts say the market should even out through the winter of 2013/2014. Toronto Star Newspapers says that house sales and prices are predicted to cool down after the summer’s influx of buyers who could easily obtain low mortgage rates from their banks. According to the Star, the Canadian Release Board reports that home sales across Canada (including Toronto) were up more than 18 percent at the beginning of the fall. A report by Reuters points to high consumer debt and slower mortgage growth as factors leading to a slow-down in the Toronto housing market.

Price Appropriately

With a slow-down in the works for Toronto’s home sales, keep this in mind when pricing your house, taking into account the price buyers are willing to pay for the land and home combined. With such high prices being had for tiny homes, it’s only natural to assume you will get more bang for your buck. But that may not always be the case. That’s where the expertise of a real estate agent comes in.

Use an Agent or Sell It Yourself?

Hire a professional with specific experience in showing and selling a home, condo, or townhouse like yours, and one that knows the ins and outs of the Toronto real estate scene. Another option to consider is selling your home on your own. Opting for FSBO (insider lingo for For Sale By Owner) could potentially save you thousands of dollars in commission costs, says MoneySense magazine. In Toronto, the typical commission rate is 5 percent, which you must divide between agents. Tackling the home sale process on your own would save you this extra cost that could be better spent on your new home. The downside to FSBO? You risk having your property sit on the market for months or even years, as you may not have the knowledge of how to accurately price your home and know when to take an offer, plus you won’t have the networking and insider expertise at your disposal like a qualified real estate agent would.

Selling your Toronto home shouldn’t be a harrowing process. As long as you are prepared for the work, from staging your home to handling the nitty gritty contract details, you’ll be in your new home in no time.

Byline

Filbert Wesley writes on real estate, property values, mortgages, property law and other related areas; to learn more about Toronto real estate visit http://www.torontosuites.com/.

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