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.
