4 Mistakes Rathwood Sellers Made
Here are the 4 Mistakes Rathwood Sellers Made!
The market is so ‘hot’ but only 80% of the homes actually sold.
Here are the 4 common mistakes people make when selling their Rathwood homes:
Mistake #1: Pricing
Mispricing your home is the biggest mistake one can make when selling your home. Under pricing is less problematic as it will always sell for market value. The danger with overpricing is that when the property is reduced to its market value, the time it has spent on the market will have the property perceived as tainted. As the asking price declines, the home is perceived to be a bargain. Ideally your home should be initially priced at a fair market value range. Pricing your home competitively is what will attract multiple offers.
Mistake #2: Unappealing Home
Overlooking minor defects in your home can cost you a significant chunk of the sales price. 96% of buyers’ agents say staging has a considerable effect on buyers view of home. Professionally staged properties spend 83% less time on the market than non-staged homes. 48% of buyers are willing to offer 1-10% more for a staged home which is a substantial amount for the sale of your home. Put yourself in the buyers’ shoes: What would you like to see if you were them?
Mistake #3: Showings
Selling your home is a stressful time. Trying to live in a model home is almost impossible. Leaving the house every time a buyer wants to see your home is very inconvenient. When you want to sell your home for top dollar, you want to have as many people through the door (and into your home) as possible. Any Realtor can put your listing on the MLS, a good agent will advertise and market your house for sale and a great agent will maximize the reach to bring as many buyers through your house as possible. Every effort you make to help the buyer’s decision process easier, encourages them to be more comfortable with visualizing themselves living there.
Mistake #4: Misrepresentation
Finding the right agent who understands your needs is vital for the selling process. Both your agent and you have to be on the same page from the beginning of this process, knowing when to push the limits and when to hold back on certain decisions. Picking an agent suited to your needs and understands this market will help your experience be smooth and free of regrets. The market has changed and strategies have been evolving with it. Having an agent who is relevant with the current market, understands how to capitalize on multiple offers in an ethical way and treats your house like it is their largest investment; is important so you don’t leave money on the table.
In 1951 Rathburn Rd. E, Steven sold 5 of the 13 listings that sold in 2016, whilst 8 separate agents sold 1 listing each. The average days on market for the other agent’s listings was 12 days, whilst for Steven’s listings the average days on market was only 9 days. In terms of sold prices, the 8 other agents sold for an average of $516,000 while Steven Ho sold his listings on average for $542,000, a difference of $26,000! What would you do with an extra $26,000?
Call me today for a FREE no obligation market evaluation!
How To Stage Your Rathwood Home And Get 10% More Money!
A common mistake sellers make is failing to prepare their Rathwood house for sale!
Put yourself in the shoes of the buyer; Would you be more likely to buy that house if it looked a certain way? What would you like to see in a house if YOU were the buyer? It’s important to think from the viewpoint of the buyer when selling your home, they are your target audience after all.
Did you know that professionally staged properties spend 83% less time on the market than non-staged homes? That’s a significant difference in time! That’s less time you will have to spend worrying about selling your house.
The cherry on top is that 48% of buyers are willing to offer 1-10% more for a staged home! That’s a significant amount higher which could go towards a well deserved vacation, a month at the spa, and maybe even a new car!
Here are some basic staging tips, to cover all areas of your home:
THE APPROACH – Make certain that the first things to come into view (starting from the front door and every room inside) are neat and
THE ENTRY – The front entry area and door should be warm and inviting.
BRIGHTNESS – Keep curtains and drapes open whenever possible to achieve a bright, open effect. Turn on lights and play some soothing music if possible during showings.
THE SURROUNDINGS – Paint trim along doors and walls, take out area rugs
THE FURNISHINGS – A cluttered look makes every room seem smaller than it really is. Remove extra furnishings wherever possible to give your home a clean, simple appearance. Remember, the buyer is trying to visualize how their furniture will fit in the home. Make it as easy as possible.
STORAGE – Maximize the size of your closets by removing excess items and neatly arranging those items that remain.
FIX THE LITTLE THINGS – Loose door knobs, doors that don’t close, screens off the track, cracked window panes, etc are all part of everyday life except when you’re selling your home. For top dollar, it’s smart to fix these items.
KITCHENS AND BATHROOMS – These areas should be clean, clear and spotless.
Call me today for a Free consultation!
Foreign Tax Coming to Toronto?
Remember the foreign buyers tax that was implemented in Vancouver to subdue its crazy real estate market? Well, that tax might be making its way to Ontario, specifically Toronto. Finance minister, Charles Sousa says nothing is off the table regarding the tax, which implies anything is game at this point.
As we all know the scarcity of homes for sale has pushed their prices sky-high, a result of the widening gap between the demand and supply for property. The lack of supply has created an abundance of bidding wars on properties that would typically not get a second glance. By adding this tax it would discourage foreign buyers from further inflating prices of homes that are a hot commodity.
The Toronto Real Estate Board (TREB) is not for this, along with Mayor John Tory. Both think that this will not solve the issue of high prices. TREB president, Larry Cerqua, even goes ahead to appreciate the purchases of foreign home-buyers, stating that it contributes to the growth of Ontario’s economy.
What must be addressed here is the root of the problem: lack of supply. A tax may solve the issue of demand and further inflation, however would it be beneficial to Ontario’s economy? On the other hand, would this tax provide residents with a competitive edge?
February 2017 Market Watch
In this episode of Market Watch we will be talking about how the month of February played through. The Toronto Real Estate Board (TREB) released their market watch report for last month, and we’re checking in to see how well the year is going.
Sales were leaning towards detached homes, low-rise homes making an appearance after last month’s high-rise boost. However, condominiums still reigned in the double digit growth rates with the interest of first-time buyers. New listings were down by 12.5% last month in comparison to the same time last year. The biggest drop we saw last month is the decrease in the number of active listings in Mississauga, at a staggering 55.56%. Along with that, the number of new listings has reduced by 22%
As shown in the graph above, February has increased steeply in the percentage of sold listings with 81.5%, over a 10% increase from the previous year. The average selling price last month was $875, 983, a substantial 27.7% increase from February of 2016.
For those who are unaware or need a refresher as to what months of inventory are, it refers to the time it would take to sell all current listings with no new listings being added. As seen in the graph above, February of 2017 has dipped low in the graph, showing us that the inventory counts are at an all-time low.
In Mississauga, the average day on market (DOM) has come down to 12 days, while in the City of Toronto the DOM sits at 13 days. Both cities are stocked with 1 month of inventory with both seeing reductions in both DOMs and months of inventory.
As the months pass it may seem like the statistics keep heading in the same direction: higher prices, less listings. For those considering to buy, take a moment to think about your situation with your real estate agent. Are you financially ready to to negotiate against other offers in this market? If not, then stay put. Making a transaction you’re not fully on board with in this market will be an investment you will regret.
This is why it is vital to choose the right agent; For sellers: choose someone who can guide you in the current situation and understands what you’re expecting to get from this transaction. For buyers: find someone who knows when to push and when to hold back in this biased market.
Steven Ho is the ideal realtor for any client, and here’s why: In a townhouse complex, Steven sold 30% of the 9 listings available, whilst 6 separate agents sold the remaining 6 listings. The average DOM for the 6 listings was 14 days, whilst for Steven’s listings the average DOM was only 9 days.
In terms of sold prices, the 6 other agents sold for roughly $489,000 while Steven Ho sold for $533,000, a difference of $44,000! A significant margin that is potentially lost with other realtors which could go to the payment of your next home. Here’s another reason to go with Steven: The other agents sold their listings for 102% of the asking price, which is a fair amount to gain no doubt. However Steven outperformed the other agents once again by selling his listings for 106% of the asking price. An additional 4% on a $500,000 home is $20,000!
People think all agents are the same, but different agents yield different results; picking Steven Ho will help you get the best results.
Source: All statistics are taken from the Toronto Real Estate Board 2017.
Choosing Your Home’s Colour Palette
Choosing a colour palette for your home can be difficult and that’s why we’re here to help! Here are some useful tips and guidelines to keep in mind:
Lighting: Choosing your colour scheme is highly dependent on lighting, both artificial and natural. Natural lighting determines if a room is dim or not during the day. If the sunlight coming through doesn’t fill the room well enough, then picking bright colours to decorate the space is ideal. For wall colour, going with light colours such as white, pastels, or a sunny yellow is the way to go. Using a light hand when painting these walls is key. If the lighting of the room is satisfactory or even overwhelming at times, picking a few dark pieces to absorb that light is a good idea and draws the eye to that fantastic royal blue cushion cover.
Furniture: The colour of your furniture matters when picking a colour scheme. If you have your pieces already, then picking your colours based on your furniture is your only choice. Within the realm of wooden finishes alone there are choices. Darker and medium wooden tones are highlighted by lighter colour palettes, for example: setting a dark mahogany dining table against a white wall. Following this logic, lighter woods would make a statement against darker backdrops. Golden-yellow wood tones are complimented by teals, reds, and greens. If you are looking for a subtle finish for any of these wood types, warm neutral shades would create a harmonious result.
Consistency: Keeping a single hue as a theme which runs throughout each space will unify all the rooms in the house, despite the various shades or colours you may have chosen. Specifically picking a neutral colour scheme with an accent colour, will mean the accent colour would be the thread creating flow throughout the house. Choosing a vibrant colour scheme on the other hand would call for a neutral toned link. Picking one colour and using its various shades throughout the room is another popular theme. If that’s to muted for you consider using contrast.
Contrast: Bringing contrast into your living spaces adds another dimension to the room. It draws the attention to how the colours compliment each other. This is ideal for breaking the space, such as a long monochromatic couch whilst adding colour. Prevent chaos in your colour palette by sticking to one or (maximum) two accent colours which compliment each other. Consult a colour wheel when picking these colours, it makes the process easier and gives you a great visual of all your choices. Placing your contrasting pieces can be bold, such as painting a statement wall, or less stark such as a rug or window coverings.