Home Buying and Selling Tips in 2021
Tags: BUYING A HOME, SELLING A HOME, VAUGHAN REALTOR, VAUGHAN HOMES, MAPLE HOMES
Is 2021 the right time to sell and or buy a home? There is no doubt that it is currently a great time to sell as we are in a seller’s market. However, the right time ultimately depends on your personal circumstances such as your personal life circumstances, timing, and your finances.
It is no secret that the housing market has remained very strong during the pandemic due to pent-up demand for housing and the record low-interest rates and will most likely remain very strong for some time particularly now that immigration has opened up. There have been a record number of buyers actively searching for a home. Great, right? Well, the issue is that there are more buyers looking for a home than homes for sale which can make buying a home a bit of a challenge.
One of the key factors in getting you moving quickly is working with a Realtor that you trust to handle the sale and purchase of your homes, helping you prepping your home well, and guiding you on your home selling and buying journey. Even in a seller’s market selling a home quickly and for top dollar takes more than placing a sign on the lawn and listing it on MLS Realtor.
Thinking of Selling Your Home?
Here are reasons to seriously consider selling your home this year.
1. You Have More Time
The pandemic has changed the way we work and live. For those that are not essential workers, you have a little more time on your hands as you are now working from home and do not have to spend time commuting to and from work. The pandemic has shifted the way we work and live and our homes have become a whole lot more important in the 18 months. The good news is that since we are not commuting we have a little more time to do things around the house and prepare our homes for sale. Plus the pandemic may have made you and your family realize that you have outgrown your home.
2. It’s a Seller’s Market
The pandemic has definitely surprised everyone with how strong the real estate market has remained during these uncertain times. The housing market has boomed into a very strong seller’s market which is great news if you are thinking of selling. Partially because there was pent-up demand prior to the pandemic but also the record low interest means that home buyers can now afford to buy more homes. In addition, the pandemic has definitely brought to light for many that they need more homes to be able to work, study and live comfortably at home.
The other interesting shift is that many people have decided to move outside the major metropolitan cities as a result suburban and smaller cities and towns such as Barrie, Guelph, Waterloo, etc have experienced unprecedented demand for housing. The desire to own a home in either quieter suburban or smaller cities or towns has been a real motivator in 2021. With the housing boom, desirable turn-key homes are getting snatched up very quickly and quite often receiving multiple offers quite often above the asking price which is amazing if you are selling.
While the housing market is subject to change right now is a great time to sell yours.
How to Prepare Your Home to Sell
So you have decided to sell your home. Now what?
While there are house selling tips that are particular to the housing market in 2021, there are a number of tips that apply no matter when you are preparing to sell your home. Whether this is your first time selling your home or you have sold a number of homes before here are some tips:
1. Working with a Real Estate Agent you Trust
Don’t think of selling your home without a Realtor right now. Yes, you may be able to sell your home on your own is NOT the right time to try it. There are tons of reasons but do you really want to manage the 30 showings? There is a strong chance you will receive multiple offers on your home are you prepared to manage this? Do you understand what a contingency on the appraisal is and why you may or may not be agreeable to one? Maybe not, but your Realtor does. A real estate agent will guide and hold your hand through the entire selling process.
It doesn’t matter when you decide to sell your home, it is key that you find a great Realtor that can support and guide you through the selling process can make are the difference in making the selling process easy for you and the buyers. A real estate agent can dramatically reduce the stress of negotiation and save you tons of time.
An experienced realtor will ensure that your home gets maximum exposure. Selling a home takes more than just placing a sign on your lawn and listing it on MLS. Your realtor should have an aggressive marketing strategy that includes exposing your home to buyers that are actively looking to buy and to potential buyers that aren’t really looking but see your home through the aggressive targetted marketing and decide to buy because they fall in love with your home. So professional photography, videography, and social media, and traditional mailer marketing are key in maximizing visibility to your home. Which can mean a quick sale and possibly a higher sales price!
2. Start Your Search For Your Next Home
In a seller’s market, it is important to not wait until your home sells but to start your search for your next dream home soon too. You don’t want to only focus on selling your home fast to then end up not having a home to go to next.
3. Start Decluttering Early
Are you aware that a decluttered home feels bigger and more spacious? Most people underestimate how long it takes to declutter a home which includes closets, cupboards, basement, and garage. Giving yourself enough time to declutter can make a huge difference in how stressed and tired you feel when it comes time to sell your home.
4. Make Repairs
Most buyers want to purchase a turn-key property and making repairs and touch-ups prior to listing your home for sale can have a huge impact. So fixing little cracks, dents, and even painting can truly change the game and make your home look move-in ready.
5. Stage and Clean
Staging is your friend when preparing a home for sale. The pretty homes always win no matter what type of market we are in. The appearance of a house directly impacts the amount of time it takes to sell and the price it sells for. The reality is that most buyers just do not have the imagination when searching for a home even if the updates are simple and cheap. Stagers are magicians and can very weekly transform the look and feel of a home. They can place furniture in a room so that there is no confusion about what the room should be used for. Staging your home can make it look like a model home. Guess what that means when you are selling: a quicker sale and top dollar for your home.
Lastly clean and clean as a spotless fresh-smelling home feels very inviting and leaves a lasting impression.
BUYING A HOME
When it comes to buying a new home be prepared to hit the ground running. You have most likely heard that we are in a fast-moving real estate market. You really do not want to fall in love with the perfect home before you are ready to buy as in today’s market you will need to be ready to act quickly.
Here are some tips for buyers:
1. Get Pre-Approved for a Mortgage
Before you actively start looking a homes make sure you have a heart-to-heart discussion with your financial institution or mortgage broker and get pre-approved for a mortgage. These will give you a sense of confidence for how much you qualify for and what you actually want to spend every month on your new home. Have your prequalifying letter in hand then hit the streets looking for your home.
2. Hire A Realtor
Hire a Realtor and make sure you sign your Buyers Representation Agreement. Make sure your real estate agent has a good grasp of the type of home you are looking for. Then hit the streets looking at homes. Believe me, these 2 steps are critical to your success in getting that dream home.
3. Cast a Wide Net
When you begin your home search cast as wide a net as possible. Spend a little time to prepare your “must-have” list and your “could also work” list. In a seller’s market, the goal is to have options. Make sure your search criteria are as broad as possible as buying a home quite often comes with compromising a little – it can be challenging to get everything on your must-have and want lists. You don’t want to miss out on a home that may possibly be perfect for your family because it was on a .95 acre instead of a 1-acre property.
4. Review All Property Information Before Viewing A Home
Before you schedule and go out and physically view a home, have your Realtor send you all documents and resources available on the MLS listing. These documents quite often disclosure critical information on the home such as the age of the furnace and air conditioning, age of the roof, floorplans to ensure that the layout of the home works for your family. Everyone is busy there is with family, work, and life there is no purpose wasting time looking at a home that will not work for you and your family.
Of course, in today’s market do not waste too much time scheduling a time to view a home that looks like it has strong potential as it may be sold if you wait too long.
5. HURRAY! You Found the Perfect Home – Offer Time!
YOU FOUND IT! Get that offer in quickly. Write the cleanest offer possible – do not write an offer with conditions if you are competing with other offers is the quickest way to NOT get the home of your dreams. Sorry, I know this is hard to hear but it is the reality of our current real estate market. I don’t often recommend buying a home without a home inspection, buying a home “as is” is happening a lot in today’s seller’s market (you can still inspect the home).
Just be careful you’re not going to end up “stuck” with issues or that you have paid way too much for. Hire a good real estate agent, take her advice and make the best offer possible once you have found the home of your dreams. What I advise my clients is to make the best possible offer so that they have no regrets if you still do not get the house.
Even in a seller’s real estate market like the one we are currently experiencing buying and selling a home can still be done. Follow my tips and get into the real estate market in 2021.
If you are ready to start looking for your new home, don't hesitate to get in touch with the best realtor in Vaughan at Real Estate with Sylvia. We specialize in residential, recreational, and investment properties. Providing excellent service and a hassle-free experience for those searching for property in Vaughan and the Greater Toronto Area. Contact us today to get started.