The Cooling Market: Why You Need to Stage
Updated: Jul 13, 2022
According to the latest statistics shared by the Canadian Real Estate Association, home sales across Canada have been dropping month over month at rate of around 8.6% in May 2022. If you’re in Ontario, this is no surprise as we’ve witnessed a dramatic shift in the market in the past months, especially within the GTA.
Along with the decrease in number of sales, we are also seeing a decrease in the average price of the home. What was once a hot on-demand housing market, is now becoming cold and stale. What does this mean to sellers?
How do you maximize your profit in a cooling market?
Slower market activity means more pressure to sell. The house that once would sell within days, likely cause bidding wars and sold for over asking, is now under tough competition. The decrease in demand for homes causes much more pressure for sellers to be able to maximize their profit.
That first impression that the buyer gets from the second they walk into the house is key. How do you hook the buyer in for a sale?
Unless you’re willing to negotiate on price, due to renovations required or a small repair needed here and there, you likely need to have the home stand out and shine from the rest. This doesn’t necessarily mean that the house needs to be turnkey, but a little TLC can go a long way. You need to be able to successfully highlight the strengths of the home and downplay its weaknesses. A professional Home Stager can quickly identify at a glance what those strengths and weaknesses are, and how best to display them to attract and hook in potential buyers. That bathroom that could use a full remodel? Not a problem, a little TLC and it can still look new.
At the end of the day, the listing has to be a knockout and the home needs to stand out from the rest if you want to maximize the profit of the sale, especially in a cooling market, where competition is fierce. If not, you will need to be prepared to negotiate on the sale price with any potential buyers.