Top 3 Tips for Selling Your Home in a Buyer's Market in Canada

Are you planning to sell your home in Canada but worried about standing out in a buyer's
market? Well, you're not alone. With the rise of housing prices and interest rates, it can be
challenging to find prospective buyers who are willing and able to pay your asking price. But
don't lose hope, the experts at Zoocasa have some tips and tricks you can implement to sell your home
successfully.

Pay Attention to the Market

Checking out how the market is performing should be your first step. You can generally tell what
kind of state a particular market is in by examining the Sales to New Listings Ratio (SNLR). An
SNLR of 39% or below indicates a buyer’s market, between 40% and 60% means the market is
in balance, and above 60% indicates it’s favouring sellers. For example, in the Greater Toronto
Area the SNLR in September 2023, according to the Canadian Real Estate Association (CREA)
was 28.5%, in Calgary it was 75.3% and in Greater Vancouver it was 35.7%. Keep an eye on
this figure. It will help you decide when to sell your home if you're struggling.

Price Your Home Competitively

One of the most important factors to consider when selling your home in a buyer's market is the
price. It can be tempting to set a high asking price in hopes of getting more profit, but this
strategy may backfire in a slow market. Buyers are likely to compare prices and look for the best
deal possible, so if your home is overpriced, it may sit on the market for months without any
offers.

To avoid this scenario, do some research and analyze the current market trends in your area.
Look at similar homes that have recently sold and price your home accordingly. It's also crucial
to be realistic about your asking price and be willing to negotiate with potential buyers.

Enhance Your Home’s Appearance

First impressions matter, especially when it comes to selling your home. When a potential buyer
sees your home for the first time, they will make a quick decision based on its curb appeal. If
your home looks uninviting from the outside, it may discourage buyers from even considering it.
To enhance your curb appeal, start by improving the exterior of your home. This can include
painting the front door, cleaning up the yard, and adding some potted plants or flowers.
Consider hiring a professional landscaper to give your yard a fresh look.

Staging your home is another essential aspect of selling in a buyer's market. Staging involves
decluttering, rearranging furniture, and adding decorative touches to make your home more
appealing to potential buyers. It allows them to envision themselves living in the space and
helps them see the potential of your home.

Selling your home in a buyer's market in Canada may seem daunting, but with these three tips,
you can increase your chances of a successful sale. With the right strategies and a positive
attitude, you can sell your home in any market conditions. Check out Zoocasa for more
information on the Canadian housing market.