7 Simple Repairs That Will Help Sell Your Home Faster

Even though we have a healthy seller’s market, you still want to aim to maximize the sale price of your home. That’s why it is important to make sure your property is in a good state of repair so that it makes a good impression on potential buyers. If you’re a very savvy home owner, you can begin to do these things a year before you aim to list your home with your REALTOR®.

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Here are some things that may need your attention or the help of a reputable contractor:

Doorways. Inspect all your entry systems closely. Look for sagging screens, cracked glass, squeaks, and aging or broken aluminum parts. Consider giving your doors a fresh coat of paint.

Roof. Check for missing shingles and have replacements installed where necessary. Also inspect the gutters. Remove any leaves and other debris that may have accumulated.

Walls. Look for nail pops, holes and dents. Patch and paint where necessary.

Toilets. Make sure all toilets are still secured firmly to the floor and don’t rock when you sit on them. Anchoring nuts tend to corrode over the years. Replace where necessary.

Faucets. Inspect all faucets, including those in the laundry room and other areas. Do you have one that drips? If so, repair or replace it.

Cabinets. Kitchen and bathroom cabinets get scratched and worn in spots over the years. There are many great scratch repair products on the market that can make cabinetry look almost new.

Decks and gates. Any loose boards? Rickety stairs? Sagging gates that you have to lift in order for the latch to close? Buyers will notice. Get them fixed.

The good news about these types of repairs is that they are relatively inexpensive, yet make your home show significantly better, and enticing a potential buyer to have greater confidence when bringing an offer, or a competing offer to the table.

Before a showing- A quick to-do list

Good news! You’ve got a showing request (or many!) What now?  When preparing your house for a viewing, you’re going to want to make sure it’s clean and tidy. After all, you want to make the best impression possible on potential buyers. But in the minutes before the buyers are due to arrive, there are a few final touches you need to do in your house to ensure it looks its best:

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  • Put away coats, hats and shoes. Focus around the foyer. You want a sharp first impression.
  • Round up any clutter like slippers, errant toys or books and put them in a basket and away in a closet.
  • Wipe off counter tops and get mirrors sparkling
  • Turn on all lights and lamps. Don’t forget darker areas like nooks and corners. A house that is bright looks more roomy and highlights architectural features
  • Make sure the toilet lids are down. Even when a washroom is sparkling clean, a raised toilet seat gives the impression – however incorrectly – that things are less than hygienic.
  • Open all curtains and blinds. This makes rooms look bigger and brighter, even at night.

It only takes a few minutes to do these few final touches, and your home will show better as a result!

 

Toronto and beyond: $1 million over asking

Recently, news hit that a home in Toronto sold for $1 million over asking. While part of the sale price can be accounted for by the fact that the home was priced below market value to create a flurry of bidding activity, there remains the reality of a continuing highly competitive market in which buyers outnumber the homes for sale.

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This trend has become abundantly apparent in Waterloo Region during 2016 as our GTA friends move to the area either as commuters, or new residents, attracted by comparably lower home prices, along with the influx of investment in our technology and innovation sector.

Regardless, locals are feeling the pinch as bigger wallets compete for the same homes. What’s next? Some locals, along with those from out of town, are considering areas just outside of Waterloo Region such as Stratford, Woodstock, and Brantford to enjoy more reasonable prices and less density. With both resale and new-build opportunities, it is becoming worth the commute and some consideration.

Prepping for spring market

Spring market is the busiest selling season when it comes to real estate! With all the buzz about the market favouring sellers, does that mean that you should just sit back and wait for your home to sell?

You can. But we suggest continuing to put your best foot forward. When selling your home, it really does make a difference if you commit to refreshing, cleaning and staging your home.

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Top 5 classic quick tips:

  1. Get your home spotless – this includes inside closets, baseboards, cupboards, around the stove, under the sofa, and definitely every inch of your bathrooms. People love a clean home when they see one!
  2. Stow away your valuables– That antique jewelry your Aunt Edith gave you when you turned 16 can find a new temporary home. Better to keep it out of sight for security and peace of mind.
  3. Clear up clutter – Extra furniture, old clothes and toys, fridge magnets and an abundance of decor can be packed up to make way for more space on tables, floors and counter tops, allowing buyers to focus on your home. Bonus points if you donate your extra stuff to a local charity.
  4. Depersonalize – Family photos should be packed up carefully and removed from walls, and tables. For example, a family photo gallery in the foyer brings the buyers attention to the pictures and the sellers, and not to the house. If your goal is to sell the house, best to remove all distractions from the eyes and minds of the buyers.
  5. Call in a professional – Sometimes, it best to call in a professional stager. In some cases, staging can increase the selling price of your home by up to 17%. Looking for a referral? Ask you Real Estate Agent who will gladly assist!

February Market Update for Waterloo Region

There was a frenzy of home sales in February as 474 residential homes were sold in February through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 4.2 percent compared to February 2016.

A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355.

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“The dream of homeownership is very much alive and well,” says, Craig. “It’s a challenging time to be selling or purchasing a home and sellers may be tempted into thinking they can simply stick a sign in the yard because it’s such a strong sellers’ market.” But Craig notes that in these market conditions it is even more important than ever to avail yourself of the professional knowledge of a local REALTOR® to guide you through these unique and evolving market conditions.

For more details on February’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

 

January Market Update- Waterloo Region

While demand remained strong in January, the number of active listings was down significantly: There were 367 active listings at the end of January, compared to 1,068 in 2016.

“The continued strong demand combined with a tight supply of listings means that many properties are not on the market for very long,” says James Craig, President of the KWAR. “This has created an extremely competitive buying environment.”

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The average days on market in January were significantly shorter than a year ago: 22 days, compared to 47 days, and six days quicker than in December. The average sales price of all residential properties sold in January was $421,104, a 0.5 percent decline compared to the
previous month, and a 19.1 percent increase compared to January 2016.

Reaching a new milestone in December, was the average price of a Detached home sold through the KWAR’s MLS®
System which for the first time surpassed the half million mark; a benchmark that was repeated again in January, with the
average detached home selling for $501,821, an increase of 22.7 percent compared to the same month a year ago.

President Craig points out that Waterloo region is in high demand. “Getting into the housing market at the moment is not easy, and buyers need all the help they can get. It is more important than ever that you avail yourself of the professional knowledge of a local REALTOR® to guide you through these unique market conditions”

For more details on February’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

2016: Unprecedented year for home sales in Waterloo Region

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December 2016 topped off an unprecedented year in real estate in Waterloo Region as prices for homes along with numbers of homes sold reached new heights.

According to market statistics, “dollar volume of all residential real estate sold last year increased 30.9 percent to $2,578,176,468 compared with 2015”, and “a thousand more units than sold in 2015, amounting to an increase of 18.1 percent and setting a new record for total annual sales”.

November set another all-time high in market sales, with one month still to go in 2016. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record,” says James Craig, president of the KWAR.  But greater sales numbers were not due to greater inventory. With a substantial shortage of homes, many properties are selling above list price, as more buyers compete for fewer homes. According to the report:

Craig says that he expects demand for home purchasing in 2017 will continue to be strong. “There is no smoking gun to explain the current market. Mortgage rates remain low, inducing more consumers to get into the market. We have an extremely attractive community, with a growing population and diverse economy bringing in new residents to the region. Home prices remain affordable when compared to the average GTA prices.”

“The challenge is inventory levels remain low, as homeowners are staying in their homes longer and some who might have otherwise moved up are choosing to avoid the hot market. What I hope to see is more balance returning to the market, because I sure don’t see the appetite for home ownership in Waterloo region letting up anytime soon.”

For more details on December 2016’s K-W Market Update that includes statistics from Wellesley, Wilmot and Woolwich Townships, click here.