The following article from Mark Weisleder was published recently in the Toronto Star.

  

In the past few weeks, we have witnessed the resale housing market across the GTA — and in many respects right across Canada — start to balance out.

 

This is good news for buyers, who can now conduct the proper research necessary before making what may be the largest investment decision of their lives. It also means that sellers may have to work a little harder and be more accommodating to buyers when selling their homes.

 

For buyers, a balanced market means the following:

 

• Take the time to research the neighbourhood when a home comes up for sale. Walk the streets and talk to the neighbours. Ask questions. Such as whether homes in the area have experienced sewage back-ups or whether there are any termite problems. Be there early in the morning to determine how long your commute will be during rush hour. Ask if there are any unusual circumstances, such as a prior grow-op house, group home or even a registered pedophile in the area. You can assume that your seller will not volunteer this kind of information.

 

• Always make your purchase conditional on obtaining satisfactory financing. Even if you have been pre-qualified for a mortgage, you need to make sure that your lender is satisfied that your home is appraised for at least as much as you agreed to pay for it.

 

• Make the purchase conditional on being satisfied with the results of a professional home inspection. It is critical that you use a reputable home inspection company to do this inspection as they can save you potentially thousands of dollars in repair bills by pointing out in advance what problems that may exist.

 

• If you still have a home to sell, make your purchase conditional on your being able to sell your home within the next 30-60 days. Sellers will be more accommodating to this request in a balanced market. Otherwise, if you have trouble selling your home, you will have to carry mortgages on both homes for an extended period of time, which you may not be able to afford.

 

• Ask the sellers directly if they have experienced any problems with the home, such as basement or roof leaks or mould. Watch how the questions are answered. Most sellers will now refuse to sign property disclosure statements but they are required to respond truthfully. If the seller refuses to answer or acts suspiciously, then you need to discuss this with your home inspector and your real estate salesperson and adjust your offer as necessary.

 

For sellers, a balanced market means the following:

 

• Take the time before listing your home to properly stage it. Get advice as to which rooms need changes that will make the most impact on potential buyers.

 

• Consider having a pre-listing home inspection completed so that you can repair anything in advance that a buyer might find. Make the report available to any potential buyer. This will demonstrate more integrity to any potential buyer and will distinguish your home from other sellers.

 

• Avoid “testing the market” with a listing price that is 5 to 10 per cent higher than what your home should sell for. Make sure that you obtain a comparative market analysis from a professional salesperson in advance and then be realistic when they recommend a price. Ask any salesperson who you interview for statistics as to how long on average it takes to sell a home. The shorter the period, the better the proof that this salesperson knows how to properly price a home.

 

By following these simple principles, both buyers and sellers can succeed during a balanced market.

 

Mark Weisleder is a lawyer, author, course developer and public speaker for the real estate industry. Visit him online at www.markweisleder.com.

 

Home staging is a highly effective marketing tool used to maximize the selling price of homes and condos.  

 

StagingWorks is the premier Toronto home staging services company.  We provide a complete range of professional services which include vacant home staging, occupied home staging and condo staging.  We have staging packages to accommodate most budgets and serve Toronto, GTA and surrounding areas.

 

Please visit our home staging portfolio for more samples of our staging projects.  Give us some some details on your home and when you’re planning to sell, and get a free home staging estimate.   Or, call us for a free estimate at (647) 409-2091 or anne@StagingWorks.ca.

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