Sell Now Or Sell Later: Under Covid - 19
Due to the ongoing pandemic, the real estate market in Toronto is going through a lot of uncertainties. Considering the current sad state of affairs caused by COVID-19, is it advisable to sell a house now? Or should you put your “Homes for Sale” plan on hold? Let’s delve deeper to understand if selling a house now would be a wise move for home sellers.
Scenario in real estate Toronto is still compelling as it is a highly valued housing market similar to New York City or the Bay Area of California. Thus, purchasing property in Toronto is not likely to be a disappointment in the long run. Moreover, prices of detached property will also go up owing to an acute shortage of housing, population growth, an improving economy.
House Prices Are Expected To Rise Soon According To Canada Mortgage And Housing Corporation (Cmhc)
House Price Rises Expected To Accelerate Again According To Crea
- Ontario is expected to post the most significant annual rise in house prices of 6.9% during 2020, to an average of $ 648,100.
- House prices are also expected to increase by 5% in Quebec, 4.9% in Prince Edward Island, 4.5% in Nova Scotia, 4.2% in British Columbia, and 4% in New Brunswick. Manitoba is projected to post a meagre house price growth of 0.5% this year.
- In contrast, Saskatchewan is expected to register the most significant y-o-y decline in house prices of 1.3% this year, to an average of $281,100 followed by Newfoundland (-1%) and Alberta (-0.4%).
How To Stage A Home?
- Decluttering the home (93 percent)
- Entire home cleaning (89 percent)
- Carpet cleaning (81 percent)
- Removing pets during showings (80 percent)
1. Hire a storage unit and direct all things extra there. It helps in decluttering and makes the space feel larger and airier. Falling things, stuffed hall closets and things like a pile of shoes is highly unattractive. This also extends to your wardrobes. They should look organized so all ‘extra’ articles should be removed from the homes for sale.
3. Unfortunately, as most buyers are not very imaginative or creative, it helps if each room in the homes for sale has been provided with a purpose. That extra room that you just used as a storage should be staged as a home office, a guest bedroom or a children’s room, based on the requirements of the buyer demographic that you are targeting.
4. Painting the high traffic areas and maintaining a neutral colour schemes help the homes for sale look cleaner, brighter and more well maintained. It also has a universal appeal and hence helps the buyers imagine themselves in the same space. Conversely, a taste-specific colour scheme may end up alienating buyers. Additionally, decluttering the wall and opening up wall space would also add to the illusion of more significant space.
DIY Quick Fixes:
- Add colourful potted flowers by the front door. Cleaning up and brightening up the front door area helps make the place inviting, a feeling that the buyer then carries inside.
- Add extra pillows on the bed and sofa. They serve a dual purpose of livening up the décor by adding colourful accents/patterns as well as making the space feel warmer.
- A fluffy (and preferably new) white bathrobe and white towels are reminiscent of luxurious hotels and spas. Seeing them in homes for sale triggers a similar feeling for the buyers.
- Keeping a pretty tray with coffee or wine on the bed in the master bedroom is evocative of the feeling of relaxing and unwinding in the space. This small mental cue will have a definite spark.
- Setting the table in the dining room, breakfast nook, and kitchen bar with pretty place settings and centrepieces makes the home look more welcoming.
- Attractive countertops in the kitchen and the smell of freshly baked goods exudes a homely feeling. A lovely set of containers or a bowl of citrus on the countertop would add colour. Similarly, a small well lit lamp with warm lighting would add the ‘cozy’ factor.