Navigating this ever-changing market is a challenge, and developing a strategy to sell your home can be tough. One of the most common questions we get in the aftermath of the pandemic market, is should I hold offers when listing my home? The answer depends on many market conditions, so let’s dive into the top factors we take into consideration before suggesting this selling strategy.
First, determining the level of inventory in your city and neighbourhood can help us determine what demand looks like in your neighbourhood. The metric we use to track this is called months of inventory. It tells us how long it would take to sell all current listings in a market, if no new properties were to hit the market. Less than 3 months of inventory means it’s typically a sellers market, 3-5 months is typically a balanced market, and 5+ months is typically a buyers market. In June of 2023, Barrie was sitting around 2.2 months of inventory, so this is still considered a sellers market.
Next, it’s important to look at your home’s location. If you’re located in an area with a highly rated school district, or close to parks and amenities, you’re more likely to be able to sell for more. In addition, if there’s not many similar homes in your specific neighbourhood for sale then you may see more traffic through your property.
The third factor to take into consideration is your property’s condition and finishes. Homes that have been well maintained and show pride of ownership will often sell for more, as people want to know they’re buying a property that’s been taken care of. Also, buyers show more interest in homes that are updated, with most looking for an updated kitchen. While a major overhaul can really make a property stand out, even simple updates can make a major difference. Some simple yet impactful updates include painting walls a neutral colour, updating light fixtures, or if you wanted to give your kitchen a facelift, adding a modern backsplash.
Finally, and possibly the most important factor, is looking at what is happening in the market around you. If no other sellers in your area are holding offers, you may actually deter buyers from coming to view your home by holding offers because they aren’t interested in competing with other buyers to purchase your property. You will also find that if you’re holding in a market where others in your area are not, then you may not get the same bump up in your selling price as what you’re hoping for, which ultimately leads a lot of sellers to not accepting an offer on their property on the offer presentation date, and letting their house sit on the market for longer.
But how do you determine if all of these factors mean that holding offers is right when selling your home? That’s when the expertise of a team like ours – with over 300 years of combined sales experience – comes in. We have access to the data that will help us determine the best strategy for selling your home, and if holding offers will be the best way to get you the most for your home.
If you’re thinking about selling, and wondering what your home is worth and what the best strategy is to get your home sold, we’re here to help! Give us a call at 705.739.4455, email us at info@peggyhill.com, or click here to book your free home evaluation now.