Erica Cho knows how to sell a home fast.
If you take a look at the #realtorlife section of her Instagram, you’ll see deals done in mere days and sometimes in as little as 12 hours whether it’s in Yorkville, King City, Peel or from her new home base at Keller Williams Realty Centres in Newmarket, Ontario.
That’s why she’s the best person to answer this week’s question.
Other Than Price, What Factors Can Help Sell A Home Fast?
Truthfully, price is the most important, but there are a couple of other factors. For me, the physical condition of a home is a huge factor in securing a quick sale. A home that is in excellent condition will sell faster compared to a home in need of major repairs. Homebuyers, and not just first-time homebuyers, typically don’t have the capital to pay for renovations on top of a sale. This is especially the case in today’s market, where investors who aren’t buying homes for themselves to live in are having a lot of challenges getting financed.
Homes that need work tend to sit on the market because people simply don’t have the capital to do the upgrades to them that they need.
On the flip side, buyers who are willing to do renovations might be able to get their home at a cheaper price. Obviously, this won’t necessarily be the case in high demand areas, but if you’re looking at areas further outside of Toronto’s downtown core, that opportunity could very well be there.
The effectiveness of your realtor is also a contributor to how fast you can sell your home. What we really do as realtors is market your home and get as many people as possible see it. Because, if someone can’t see your home, they can’t buy it, especially if they’re the right person for the home. Staging is another huge part of making a sale. On average, homes that are staged sell for three to four per cent more. In Toronto, where the average price is about $1 million that means 30 to 40,000 extra dollars for the same house.
As far as condos go, older condos have an issue where maintenance fees are much higher. It’s a very simple equation: the more a condo corporation has to fix, the higher your maintenance fees are going to be and that’s the case with older buildings. We’re starting to see that happen when a condo building is about 15 years old. This is when you see a pretty hefty jump in maintenance fees and that can be a true deterrent for a lot of people.
As with houses, the physical condition of a condo can influence the speed of a sale. If a condo unit appears outdated, it will be harder to sell. Consider the market for condos, it’s two groups: young people and downsizing retirees. The downsizers may not be quite as picky, but we’re seeing a lot of that generation stay in their home because they have their kids or their grandchildren living with them. The other population that’s still buying condos is really the younger generation. We see that these people have higher expectations than a lot of other generations of the past, as far as what kind of updates they want to the home and a lot of people are preferring more modern features, so typically homes that are renovated in a more modern way will sell much faster and for more money.