How to sell a home in 2022
You’ve decided that 2022 is the year you’re putting your home up for sale. That’s great! The real estate market is currently working in your favour because the inventory of properties for sale is low, but demand is still rising. However, this new situation comes with new issues for homeowners that might surprise you.
Information is power
As a property seller, your first mission is to find out the latest market trends: What’s the average selling time? What’s the median price increase for properties in your area? Also, check out the properties for sale near you, especially those that are similar to yours. A quick scan will help you better identify your potential buyers, understand their choices and criteria for buying this year and build a picture of the competition.
Get rid of the barriers to selling
Also, consider getting a property inspection done to encourage buyers to submit a condition-free offer to purchase. As Martin Desfossés, real estate coach at DuProprio explained, “In a super fast market, we want to make the buyer as comfortable as possible, as quickly as possible. Letting them consult an inspection report removes possible psychological barriers to making an offer on your property.” Using this proactive approach, you are giving that buyer real peace of mind. And on your end, the inspection report will reveal any repairs your home could use before you sell.
Once you have your inspection report, it’s time to do some small renovations and a thorough cleaning of your property. If you want to do any of the renovations that really pay off, like updating a kitchen or bathroom, don’t forget to keep all the bills. You can use them for support when it comes time to justify your asking price.
Depersonalize, purge, spruce up: These are the three key words to keep in mind when readying your home to sell. Put away personal items and highlight what’s great about your property. Do some home staging. A well-lit, neat and clean house or condo has real impact, both in photos and in person.
You know that a picture is worth a thousand words. In real estate, it’s worth even more! The photos in your listing serve as a doorway to your property. Don’t hesitate to use the services of a professional photographer. And while the snapshots you choose should be flawless, bright and high-quality, they must also be true to reality. Follow our photo tips to attract buyers: they could make the difference between lots of requests for home visits and a listing without impact.
P.S. If you do business with DuProprio, you will get real estate’s best photos1 thanks to our local representatives who come to your home with their photography equipment.
Establishing a fair price is critical for successful property marketing. First, a good asking price will generate interest from potential buyers. And second, if it’s justified and competitive, negotiating will be much easier because you’ll already have convincing arguments.
Municipal assessment: Should you stick to it?
Tempted to rely on the municipal assessment to set your asking price? If you do, you run the risk of losing out on a pile of money! The municipal assessment is useful to let buyers calculate how much tax they’ll have to pay, but it is not a good indicator of your property’s market value. The market changes a lot between municipal updates, and their appraisal doesn’t take into account any work you might have done since the inspector’s last visit.
An appraiser is your best ally!
To set a competitive asking price, we recommend using the services of a DuProprio2 appraiser or a certified appraiser in private practice. A DuProprio appraiser will do an analysis of comparable properties that have sold or are for sale, and will set a price range indicating the most likely value of your home.
Once you select a price, avoid the temptation to yo-yo with frequent changes. This not only creates confusion among potential buyers, but it might encourage them not to call, and wait until you lower the price.
Feel confident about your price? Now’s the time to list the property and try to get the maximum amount of exposure with interested buyers.
If you purchase one of our packages, the first step will be to put your listing on DuProprio.com. Make sure to describe your property’s characteristics clearly, describe its best features and mention businesses and attractions located nearby.
Take a look at our 5 tips for writing a listing that sells! And don’t hesitate to call on DuProprio’s real estate coaches to get their advice and recommendations tailored to you to make your listing as appealing as possible.
Once your listing is online, share it on social media. Your family and friends are a great network because they care about your success. They’ll be happy to help you spread your listing widely. By reaching a wide array of potential buyers in your city or region who are linked to your friends and family, you’ll increase your chances of selling quickly.
If you’ve followed the recipe so far, with a good price, an appealing product and DuProprio exposure, you are likely to get a lot of calls from prospects. It’s in your best interest to pre-qualify these potential buyers before inviting them to visit your property.
There are different ways of determining how serious a buyer is. Remember that you are completely entitled to ask them questions by phone or email, notably about the occupation date they are looking for. You can also require a mortgage prequalification. Your goal is to filter out those buyers who are not qualified or just not ready to buy.
Good preparation is key
Now comes the time to make appointments with people interested in your home. You are likely to encounter three types of visitors: looky-loos, shoppers and those who are already sold. Regardless of personality, there are several tricks to help buyers fall in love with your home and create a perfect ambiance for the showing.
It’s also possible that a potential buyer will be represented by a broker. To stand by your decision to sell by yourself, be sure to adopt a firm stance, ask questions about the brokerage contract signed with the client and then revise the offer to purchase if need be.
The moment of truth!
Take a deep breath and open the door to your visitors. Have confidence in yourself. You really are the person best suited to sell your property.
Have your documents for the sale at the ready, along with your tax statements and your Declaration of the Seller filled out in advance, transparently and to the best of your knowledge. Potential buyers will surely want to consult these documents when they visit.
A little follow-up never hurts
If you kept your visitors’ contact information, follow up with them. “I recommend doing this within 48 hours of the visit,” stated Martin Desfossés, real estate coach at DuProprio.
Without pressuring them, simply ask if they have any additional questions, if they want to make an offer or if they have any comments about your property. This is an amazingly effective sales technique.
You have a predetermined timeframe for responding to an offer to purchase. You can accept it, refuse it or make a counteroffer. It’s also possible that the buyer has included some conditions in their offer. It is your right to negotiate and to ask the prospect to improve the offer.
Your property isn’t selling?
There are several reasons why your home might stay on the market a long time, even if it’s a buyers’ market this year. If you find the selling time too long, it might be due to some certain factors that can lower a home’s appeal. Call on the real estate coaches at DuProprio.4 They’ll be able to help identify the problem.
Once you’re satisfied with the price and conditions for the sale of your home, all that’s left is to finalize the transaction and sign the promise to purchase! At this stage, a call with a notary from DuProprio5 or in private practice could help you avoid making a costly error. Along with lawyers, notaries are the only professionals entitled to give you legal advice.
Regardless of where you are in Quebec, you could save the commission and get the price you’re dreaming of by selling your property with DuProprio’s help. Find out more about our services by calling us at 1-866-387-7677 or watching this informational webinar: