Money & Career

5 tips for selling your home

©iStockphoto.com/alexsl Author: Canadian Living Credits: ©iStockphoto.com/alexsl

Money & Career

5 tips for selling your home

In most Canadian cities, the housing market is hot and the demand for housing continues to skyrocket. But there are always a number of houses that sit on the market, seemingly forever.

Generally, houses sell within a month, but when it takes longer than that, people start to wonder what's wrong with it. Many real estate agents say that three months is way too long for a house to sit on the market. If your house has still got that 'For Sale' sign in front of it after 90 days, then you may have a problem.

So what should you do if your house isn't selling? Here are a few things to consider:

1. Lower the price of your house
In many cases, houses don't sell because they're priced too high. That could be the fault of the agent, but oftentimes, the homeowner is pushing the price to the max. It's important to understand the state of the current housing market. Do some research and see if your home is, in fact, priced too high. If it is, then drop it to at least market value, if not lower. Hopefully your dwelling will sell soon afterwards.

2. Take your house off the market
If 30 days is the typical amount of time houses stay on the market, then consider removing that 'For Sale' sign after a month. Wait a couple of weeks, then relist your house. The listing will technically be new, so real estate agents who missed it the first time around, may now see it.

3. Fix your house up
In today's hot housing market, many homebuyers are looking for move-in ready houses, often because they can't afford to do home renovations after making a hefty down payment. You don't have to do a complete renovation, but consider small things like paint touch-ups or updating out-of-date fixtures. Even small but noticeable changes can help make your home look more attractive to prospective buyers.

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4. Get a home inspection 

If you're getting anxious about selling your house, make the process easier on the potential homebuyer. Get a home inspection done on the house to prove that there's nothing wrong with it.

A homebuyer may still want to do their own inspection, but they may be more inclined to make an offer if they know, in advance, that the house is in good shape.

5. Get creative and use social media to sell your house

Most real estate agents still use the trusty Multiple Listings Service (MLS) to spread the word about a house. But some homeowners and real estate agents are taking a more proactive approach.

Try selling your house by using social media to advertise the property. Facebook Marketplace is a great way to alert your network of friends that you're selling your house. Also consider creating a YouTube video to show potential homebuyers what's on the inside.

Hopefully, you'll be able to get the price you want and sell your house quickly, but depending on the housing market conditions, the time of the year and how much you want for the place, it could take a while to close the deal. Don't fret; try these suggestions and a buyer will make an offer in no time.

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5 tips for selling your home

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