October 2024
If you are reading this blog you probably realize I am a REALTOR as well as Interior Decorator. With that being said, I have friends my age(+60 ) who are scattered all over North America asking what they should be thinking about if they are going to sell and downsize in the next few years. Some of them have been in the same home for over 20 years and the real estate market is completely different now.
Here is the advice I give them…
1) Buyers are very informed now – think of your kids if you have any – they know everything and what they don’t know is at their fingertips. They have an information advantage that you are going to have to face.
What today’s young buyers want is basically what’s on HGTV. They want move-in ready and staged like a magazine. Your first showing will be online! Young buyers will be combing Zillow and REALTOR.com and anything really dated, with bad photography will get discounted in their minds and they will move on to other ‘shinier’ homes.
OMG you say! That’s all well and good but the reality is most older homes in great neighborhoods might have location and great bones, but not necessarily updated finishes. So, get your place in tip- top condition with no deferred maintenance – this means pay attention to all the little details that need addressing over the years – a roof in good repair (or replaced), well serviced HVAC systems, no broken seals on windows, yard maintenance is regular, trees and bushes trimmed, and spotlessly clean and organized.
I always recommend you paint your home in neutral tones if you haven’t done so in the past 7 years. You may love the gorgeous wallpapers you spent a fortune on when you moved in 20 years ago but believe it or not, dated wallpaper is one of the biggest roadblocks for young buyers – It’s very difficult and expensive to remove and that will ultimately be reflected in the sales price. Have it removed (or skimmed and treated) now and have fresh, current paint instead and buyers will overlook dated but in good condition kitchen and bathrooms if it is easy enough for them to live with for a few years.
2) Pricing is imperative – Make sure you have a seasoned REALTOR help you with correctly pricing your home – Do not rely on Zillow estimates – these are not correct and can be misleading in turn causing you to incorrectly price your home which can lead to too many days on market and a STALE LISTING. Reviving the same marketing momentum of when a house is first launched is very difficult to do – Buyers often overlook Stale listings thinking there must be something wrong with it if it hasn’t sold by now.
3) Inspections – Really, this is the hardest hurdle! Buyers will be looking for issues they can negotiate with on price and they will always find something – If you have done your part and there are no maintenance issues then you can know nothing major is going to surface so stay calm – your REALTOR is trained to know how to navigate home inspection issues.
4) Get familiar with the real cost of selling your home – Look at your options and decide the best one for your situation. Be prepared to pay Buyer’s Agents – Not only will your listing get a wider audience, you will have the comfort of knowing a professional is handling all the details of the contract that will get you to closing.
5) Prepare your home for the market – again, I can’t emphasize enough how your first showing will be online and if the photos don’t look great, your potential buyers are going to gloss over your listing and move on to prettier photos – I’m not kidding!! Staging and professional photos matter! Homes that have been staged professionally sell faster and for more money according to the 2024 NAR report on home sales. Depending on the overall condition of your home (there are several categories I use such as Move-in Ready, Unpolished Diamond, Investor Flip, or Renovation Required), you will need to gauge how much to invest getting it ready – talk to your REALTOR about this – some homes will need so much investment and time it might be better to reflect in pricing and sell it ‘as is’, where as you might be in an ‘Unpolished Diamond $$$’ and could easily max out your investment with some strategic updates.
You can begin prepping on your own by starting to declutter and get rid of excess stuff you have accumulated over the years. Remember, what you spent a fortune on 20 years ago (like custom window treatments, custom upholstery etc) will not necessarily fetch a lot of money today
especially with young people – they tend to want modern, uncluttered, minimal pieces so don’t get upset when you try to give your Royal Doulton dishes to your niece and she says no thanks .
6) Market Uncertainties – this is always going to be a moving target – we don’t have a crystal ball, but we do know there is generally a housing shortage mostly due to pandemic slowdowns for new construction that hasn’t caught up yet, so talk to your REALTOR if you are thinking about a move in the next few years. Timing is everything in Real Estate but the best time to sell is when you are really ready – start planning now and chipping away at some of these things and you will be in the best position to sell for the highest amount in the market you list in. Don’t be caught in a situation where you are leaving money on the table because you procrastinated with getting ready and now you are rushing to get your house on the market.
If you need any advice to help you get started thinking about a future move and what you want to work on feel free to contact me at [email protected] or at [email protected]
Until next time!
Anne-Louise