The real estate market is beginning to recover across the country. According to the Canadian Real Estate Association, prices have rebounded from an average selling price of $291,788 in September 2008 to $331,682 this September.
Whether it is historically low interest rates or optimism about Canada's economic recovery, people are beginning to think about moving house.
So how do you ensure your house is not the one sitting on the market two months after you have decided to sell? Here are five tips to ensure you make a quick sale.
* Video: Danger of a Canadian housing bubble
1. Price according to conditions
"The top five percentile of homes price-wise tend to take longer to sell because there is a smaller market, and it tends to be a more volatile market in a boom and bust cycle," says Cameron Muir, an economist with the British Columbia Real Estate Association.
So, right from the outset, you want to make sure you do not price your home at the top of the market.
"Having your house priced according to current market conditions and having maximum exposure to the greatest number of buyers is always a good idea," says Muir. "What you're doing as a home seller is competing with a lot of other sellers in the marketplace."
Julie Kinnear, a Toronto Realtor with 16 years of experience, agrees. "Price is critical in a soft market, but buying is (about) first impressions, and there are two: the look of the place and the price."
Then, there is also what Kinnear calls social proof, meaning that if a house stays on the market for a long time, buyers automatically think there is something wrong with it.
Everyone connected to real estate seems to agree -- you need to price it right the first time to avoid this stigma, especially if you are hoping for a quick sale.
By selling it yourself, not only will you save the commission, plus the HST on the commish, but you will also get a higher price because the Realtor is always trying to low-ball the vendor in order to turn a quick sale.
Blow a few dollars, and get the house professionally appraissed. Stick a sign on your front lawn. Then list it for a nickel less. Result: Guaranteed quick sale for top dollar with no commish.
What I think a lot of the people on here do not realize is that realtors are trained professionals and pay a lot of money for there education and expertise. Just as another person had commented if something goes wrong in closing or in the negotiations you are personally liable as the seller.
Another point to think about is the time on the market. As a realtor myself I have seen many home sale by welisters of private sales. People want a certain dollar amount for their home and are willing to keep it for sale until they get it many times it takes a year or longer to sell. These people have to let the market appreciate to what they are asking for their home in time they are waiting for the price they want they have endured countless open house (by themselves) and many phone calls and time wasters. Pricing your home right for today's market is not low balling the list price by a realtor. Realtors know lots more about what homes have sold for and not just what some body up the block is asking. Selling price and asking price differ. I had used a realtor for many years before I became a realtor and would always recommend using a realtor as well.