We thought we’d seen it all as a seasoned Toronto real estate team with over $1 billion in sales. But fall 2024? It’s shaping up to be one of the most unique yet. If you plan to sell your home this fall or in winter 2025, buckle up – we’re about to spill some important secrets that could make or break your sale.
Set Realistic Expectations
Let’s have a frank conversation about timelines.
- Average Days on Market (DOM): In September 2024, it took, on average, 43 days to sell a home in the GTA. DOM varies by neighbourhood and type of property, so make sure to talk to your agent about what to expect. If you’re overpriced, expect your sale to take longer than average.
- From Listed to Sold: The entire home selling process takes 3-4 months:
- Prepping and staging (2-4 weeks)
- Time on the market (varies)
- Time between an accepted offer and closing (usually 30-60 days)
- Price Reductions: While I’ll talk more about price later in this article, if you haven’t had serious interest in 14 days, be prepared to adjust your price.
Higher Inventory Means Fiercer Competition
Truth: there are more homes listed for sale than usual right now. A lot more. Especially if you’re selling a condo. What does this mean for you? Your home needs to stand out like never before. Every detail matters.
- Cleanliness is Next to Sold-liness: With more homes to see and less time pressure to make quick decisions, buyers are spending more time touring homes. They’re also less forgiving. That means they’ll notice that huge pile of laundry and the accumulated dust and smudges (not to mention the dirty litter box). Before you list your home for sale, make sure to have it professionally cleaned – and do whatever it takes to keep it in that state every day. You need to be show-ready at all times.
- Staging is Not Optional: In a market flooded with options, bare rooms won’t cut it. Professional staging has been proven to increase your sale price – and shorten how long it takes to sell. Think of it as an investment, not an expense – and remember, most of the best Toronto agents include staging in their commission because they know how important it is. (Related: What to Expect When Selling with the BREL team)
- Photography That Pops: With most buyers starting their search online, your listing photos are your home’s first impression. Don’t hire an agent who skimps on professional photography. More homes for sale means more home photos to see – and if you want to sell this fall, you need to capture – and keep – the buyer’s attention.
Sell Before You Buy
In the current real estate market, it’s smart to consider selling before buying (especially if you’re selling a condo). Here’s why:
- Financial Clarity: By selling first, you’ll know exactly how much you can afford for your next purchase, and you’ll be in a much better position to negotiate the sale of your current home.
- Reduce Stress: There’s almost nothing more stressful (or expensive) than trying to close and take possession of a new house or condo before finalizing the sale of your current home. Most people need the equity in their current property to fund their new property – and bridge financing is only an option if you have an accepted unconditional offer on your current home before the closing date.
- Mitigate Risk: If you’re worried about not finding the right next home in time, make sure to negotiate a long closing for your sale, ideally with the option to change that closing date, if required. Worst case scenario if you can’t find your next home in time: put your stuff in storage and find somewhere to sleep. I know this is far from ideal – but it beats the stress of being unable to close or having to carry two mortgages.
Pricing It Right: A Tale of Two Markets
Now, let’s talk about the elephant in the room – pricing. Toronto’s real estate market is a tale of two markets right now:
- Condo Market: Prices are softer in the condo market, so if you’re selling a condo, you need to be especially strategic.
- House Market: Toronto’s insatiable appetite for detached houses continues, and we’ve seen more price appreciation as a result.
How to Price Competitively
- For Condos:
- If prices in your condo building/neighbourhood have been declining, you need to price slightly below recent comparable sales.
- Highlight unique features that set your unit apart.
- Be prepared to negotiate.
- For Houses:
- Don’t get greedy. Price at or slightly below market value to generate interest.
- Emphasize lot size, parking, and any recent renovations.
- For Both:
- Be ready to adjust quickly if you don’t get immediate interest.
Related: Pricing a Condo in a Cooler Market How to Price a House
Selling your GTA home this fall or in the coming months will require realistic expectations, strategy, and preparation. In a sea of listings, it’s the details that will make your property stand out. Ready to dive deeper into your specific selling strategy? The BREL team is here to guide you through every step of the process.