How to sell a home in 2023
Last updated on March 15, 2023
Get ready to sell your home
It's dedided: you’re putting your home up for sale in 2023. The slowdown in the real estate market is an indication that things are moving back toward an equilibrium. After the overheated market of the last few years, this new reality means that homeowners must revise some selling strategies.
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 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
Before starting the process, get ready for the different steps involved in marketing your home by gathering all the documents needed for the sale, including your localisation certificate. DuProprio’s real estate coaches also advise creating a file including the bills for any work done, tax and power bills and anything else you may find relevant, to present an accurate picture of the property.
Make your home shine
Once you have your inspection report, it’s time to do some small renovations and a thorough cleaning of your property. If you decide to do any of the renos that have a good payoff, like updating the kitchen or bathroom, don’t forget to keep all the invoices. You can use them 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 the aspects that set your property apart. Do some home staging! A well-lit, neat and clean home has real impact, both in photos and in person.
Showcase your home through photos
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, well-lit and top-quality, they must also be true to reality. Follow our photo tips to attract buyers: they could make the difference between a listing that gets lots of requests for home visits and one that’s overlooked.
PS: If you do business with DuProprio, you’ll get real estate’s best photos1 thanks to our local representatives who come to your home with their photography equipment.
Set a fair price: Not too high or too low
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 DuProprio appraiser2 or a chartered 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 keep changing it. This not only creates confusion among potential buyers, but it might encourage them not to call, and wait until you lower the price.
List your property
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 on how you can 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 want you to succeed. 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.
Show your property
If you’ve followed these steps so far, with a good price, an appealing product and the visibility DuProprio provides, you are likely to generate more interest than other people. So, it’s in your best interest to prequalify these potential buyers before inviting them to visit your property.
There are different ways of determining how serious a potential buyer is. Remember that you are entitled to ask them questions over the phone or by 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 their personality, there are several tricks to help buyers fall in love with the place and create the perfect ambiance for visitors .
It’s also possible that a potential buyer will be represented by a broker. Be sure to adopt a firm stance, ask questions about the purchase brokerage contract they signed with their client and then change 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 qualified 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 the potential buyers. DuProprio’s real estate coaches recommend doing this within 48 hours of the visit and to offer a second tour to those who want one.
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.
Receive the offers to purchase
Congratulations, you’ve received an offer to purchase or, if you’re lucky, several!
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 prospective buyer to improve the offer.
Your property isn’t selling?
There are several reasons why your home may stay on the market a long time, even if the low property inventory means that the market slightly favours sellers this year. If the selling time is longer than the market average, it may be due to 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.
Sign and finalize the transaction
Is this it? Are you satisfied with the price and the conditions offered for your home? Then the only thing left is to finalize the transaction and sign the purchase offer. At this stage, a call with a notary from DuProprio4 or in private practice could help you avoid making costly errors. 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 webinar: