Despite the doom and gloom headlines in the media, properties are still actually selling in Vancouver. Yes, it’s shifted to a buyer’s market with prices starting to drop and interest rates still at an all time low. Is it the ideal time to sell a property? Maybe not. Will properties continue to be listed and put up for sale? You betcha. When the market is clearly favouring buyers, sellers need to be diligent about how their property is showing. Buyers are in a great position right now; they’re in a position of power and are on the lookout for reasons to low ball you with an offer that reflects the way your property is showing. Below is a checklist of small but crucial things to address before listing your home so you can sell your home quickly, not to mention top dollar.
Side note: Before I begin the list, I can hear you asking, “Why spend money on a place I’m trying to sell and no longer want to live in? I don’t have the budget for improvements!” My answer is this: Minor repairs, strategic updates, thorough cleaning and staging will be far less than a price reduction or low ball offer. The average price reduction is $15,000. For FAR less than that, you can get your property ready to outshine its competitors and sell quickly and profitably.
1. Paint. Painting has the highest ROI (return on investment) of any home improvement. With an ROI of over 250%, you can’t go wrong. Painting is recommended for brightly coloured rooms, walls that have clearly experience wear and tear or if it hasn’t been done in a few years. A fresh coat of paint will automatically freshen up the feel of a room and set the stage for that coveted first impression.
2. Clean. Perhaps clean isn’t a strong enough word. Scrub to a shine. Make your home sparkle from the front door to the back yard. This is a great opportunity to call in professional cleaners and have your home polished by a team of pros. We’re talking light fixtures, baseboards, walls, windows, light switch covers, appliances (behind and under them as well), cupboards, bathrooms, bedding, curtains, carpets and floors. Nothing says ‘well cared for home’ like a home that is so clean it shines. This is a great subtle way to leave a lasting impression on buyers.
3. De-Clutter. Yes, you’ve heard me say this a million times but it’s oh so important. De-cluttering is a powerful tool. Some of its benefits: rooms feel larger, counter space is showcased, buyers have less to be distracted by, selling features of the home are the center of attention, not the ‘stuff’ in the home. The #1 benefit of de-cluttering? Rooms photograph much better when they’re not full of stuff. Beautiful photographs are KEY when selling your home, specifically when it’s a buyers market and over 90% of buyers are starting their search online.
4. Strategic Updates. Perfect examples of strategic updates are light fixtures and cabinet hardware. If you have anything on your light fixtures or cabinets that remotely resembles brass, I urge you to replace it. Outdated light fixtures and hardware are things buyers notice and make a mental note that they would have to replace. Why not proactively address the outdated fixtures and prevent any small reasons for a low offer?
5. Stage. Yes, you guessed it, I’m going to suggest staging your home. A skilled home stager will be able to create that polished, show home look that buyers flock to. By carefully preparing each room of a property, home stagers are trained to create spaces that buyers emotionally connect with. That emotional connection is what sells homes at the end of the day. Remember, the cost of staging will always be less than a price reduction.
So there you have it. Sounds simple, right? It is. Doing your due diligence before listing your home will ensure it photographs beautifully, shows even better and sells quickly and profitably. After all, that’s the name of the game, right?
