PREPARING FOR A SPRING SALE
Some tips to consider if you’re thinking of selling your home this spring
From a seller’s perspective, the real estate market throughout Montreal and surrounding areas has had a pretty impeccable few years. In fact, house prices are at an all-time high as inventory remains low across the city. Real estate experts are predicting this trend is to continue into the spring, with some estimates suggesting prices will rise by as much as five per cent in 2020. If you’re looking to capitalize on these market conditions by selling your home, there are a few things to consider to prepare your property for a spring sale.
First, you need to get an idea of what your home is worth.
“I recommend sitting down with your real estate broker to get a proper evaluation,” said Christopher Cerrone, residential real estate broker with BLVD Immobilier.
“Your broker will be able to explain what the current market value of your home is, in its current state, and from that initial evaluation and the comparables provided, you can determine what improvements or renovations could be done to prioritize what would bring more value to your home.”
Because buyers need to be able to envision themselves living in a property when it’s listed for sale, it’s recommended that sellers perform an extensive cleanup and decluttering of their home. This typically involves a professional cleaning, as well as the removal of many personal effects like family photos, children’s toys, and more.
“Above the cleaning and decluttering, I recommend you get a close friend, or your real estate broker, to do a tour of your home and point out what needs to be adjusted or fixed,” Cerrone said. “Oftentimes we are so accustomed to our surroundings that we don’t notice the little things anymore — like burnt lightbulbs, scratches or holes in the walls, fingerprints, and so on — but potential buyers will.”
In order to help a property shine to its fullest potential when listed, many homeowners turn to professional stagers for help.
As for repairs and renovations, there are often small fixes that can be done on a home before listing it for sale that will help the home show better, but sellers are advised to proceed with caution.
“You can take it a step further than the basics by changing the hardware on your kitchen cabinets, changing or adding a backsplash, or updating certain light fixtures,” Cerrone said. “But it’s important to keep in mind that sometimes making more extensive renovations are not necessarily what will bring more value to your home.”
For instance, contrary to many sellers’ planning, modernizing the kitchen in an original home may not make it more attractive to buyers.
“Original homes are all the rage right now and people want to add their own twist to things because they want something that reflects who they are,” Cerrone said. “If you spend $40,000 on renovating a kitchen in the hopes of increasing the value of your home but the remainder of the home is still in its original state, potential buyers may not want to pay for those renovations because they’ll most likely want to renovate the entire home to their liking, not just the kitchen.”
No matter what degree of renovations you’re hoping to undertake prior to selling, a pre-inspection by a professional inspector is often recommended. Having a pre-inspection report shows buyers you have nothing to hide, and can also highlight some features of your home that would’ve otherwise gone unnoticed. Having the report also identifies any issues you want addressed before listing.
“As a seller, you can assess what repairs need to be done and you can then choose to go ahead with fixing those issues yourself or have the price of the repairs reflected in your selling price,” Cerrone said. “Again, you’re saving yourself from potentially lengthy price negotiations, as you are an open book.”
So why do all of these points matter so much at this time of year? It’s because they can help give sellers an edge when the hot spring market rolls around.
“It’s going to be crazy and it’s going to be fast,” Cerrone said. “This is the best time to sell your home because we are scrambling for inventory.”
Spring has traditionally been an ideal time to sell your home, but with conditions as they are this year it’s expected to be a heavily favoured sellers’ market.
“Even homes that were listed during the winter months are selling quickly and houses are selling for higher prices than in the past,” said Christopher Gaudin, real estate broker with Ali & Chris Homes. “Still, the spring season is always motivating for buyers; it inspires change and new beginnings.”
The weather tends to play a factor as well, as the lack of snow makes planning a move easier.
“Some buyers may have received a tax refund in the spring, too, so they have a little extra cash to spend,” Gaudin said. “Buying in the spring and moving in early summer also means that the school year is not interrupted, so buyers with children will prioritize this season.”