Quickly Sell Your Toronto Home: Top Tips for Navigating the Fast Market

Do you own a house or condo in Toronto that you’re planning to sell soon? Then, know that your Toronto property has the potential to fetch you top dollars.

The Toronto housing market has historically been one of the hottest in Canada. The city’s robust and diversified economy, top educational institutions, and high quality of life have always been attracting individuals wishing to settle down in the 6ix. These factors have historically kept demand high in Toronto’s housing market, making it a strong seller’s market. 

Thus, because of the hot conditions in the housing market, you can rest assured that your MLS listing in Toronto will sell fast. Your property won’t be sitting on the market waiting for potential buyers for too long. However, that being said, there are certain things a home seller should do and things they shouldn't do to expedite their home-selling process. Let’s explore them in detail below!

Fast-Paced Housing Market in Toronto - What Does This Mean?

When we say that the Toronto housing market is fast-paced, we mean to say that properties sell quickly in this city. Properties that are listed for sale in the market often receive multiple bids from buyers. This can lead to bidding wars, where homebuyers offer more money to make a property theirs. 

MLS listings in Toronto's fast-paced market may sell within weeks or days of being listed. This is exciting news for home sellers because it means they might be able to sell their house for top dollar within a few days. But, these fast conditions in the market can also be stressful for sellers as they may need to make decisions quickly and may not have much time to consider offers. 

Dos and Don'ts When Selling a Home in Toronto

Even in a hot, fast-paced market like Toronto, a home seller should be super careful about the selling process. They must be strategic in their selling approach so that they can sell fast while maximising their profit and minimising risks. 

Here are some do’s and don’ts home sellers in Toronto must follow to sell their home quickly -

DO - Price Your Home Right (Competitively)

An accurate price tag on your listing will attract a number of homebuyers who can compete to secure your property. This increases the chances of multiple price offers, potentially driving the final selling price of the MLS listing in Toronto even higher. 

Comparative Market Analysis (CMA) is one of the best ways to price a property listing attractively. You must partner with an expert Realtor who can compare your property to similar recently sold properties and provide a data-driven estimate of your property’s market value. 

DON’T - Don't Let Curb Appeal Become Curb Delay

Toronto’s fast-paced housing market means potential homebuyers make decisions quickly. With endless listings available, buyers won’t waste time on homes that look unappealing or uninviting from the outside. So, if your home doesn’t have a good curb appeal, you may miss out on serious buyers.

The good thing is that you won’t have to bend over backwards trying to amp up the curb appeal of your Toronto MLS listing. Simply mow the lawn and trim hedges, plant some colourful flowers, and give your front door a fresh coat of paint to boost your property’s curb appeal.

DO - Invest in Professional Staging

Staging is another strategic idea to make your home stand out in the market among the numerous listings. A well-staged home quickly grabs the attention of homebuyers online and also during showings. 

This is because professional stagers know how to use furniture and decor to accentuate the best features of a home like spacious living rooms or a large yard. They can also tactfully downplay any potential drawbacks if there are any in your home. 

DON’T - Skip Minor Repairs Before Listing

Because MLS listings in Toronto are usually known to sell fast, home sellers often skip minor repairs before listing. They think that eager homebuyers will overlook the small issues in the property. But Toronto home sellers should know that this may happen only once in a while. 

Serious home buyers will always do a thorough inspection of a Toronto property before investing their money in it. This inspection may reveal issues such as leaky faucets, chipped paint, or broken tiles, if any in your home. 

Homebuyers may then use these discovered repairs during inspection to negotiate a lower price or request repairs at your expense. This can eat into your profits and also delay the sale of your Toronto home. 

DO - Implement a Comprehensive Marketing Strategy

Almost 100% of homebuyers use the Internet to find and shortlist potential homes. This is why market your MLS listing in Toronto on as many marketing platforms as you can. By listing on different platforms, you’ll ensure your home receives maximum exposure, attract qualified buyers quickly, and ultimately achieve a faster sale.

DON’T - Restrict Property Showing Times

Restricting property showing times can be a major roadblock to a speedy sale. By limiting your property showing to a specific time such as morning or evening, you drive away qualified buyers from your property who can’t adjust their schedules according to your time. 

This is why you must be flexible when scheduling showings for your Toronto property. You can use scheduling tools or online calendars to allow homebuyers to easily book appointments for showings according to their schedule.

DO - Partner with an Expert Real Estate Agent

You may consider selling your Toronto MLS listing on your own without a Realtor to save on commission. However, in the fast-paced housing market, you need a knowledgeable real estate agent for a smooth and successful sale.

A local real estate agent will know the ins and outs of the Toronto housing market. They can accurately price your home, target the right buyers, and take care of the complicated paperwork for you. They can also use their network and expertise to market your property, attracting serious buyers quickly. 

DON’T - Skimp on Listing Photos

Homebuyers instantly skip over MLS listings in Toronto with blurry and poorly lit photos as it gives the impression that the property is unappealing. However, homebuyers are enticed by properties that have clear, well-lit photos in their online listings. 

This is why make sure to hire a professional photographer to click the listing photos of your Toronto property. Professional photographers know how to use lighting, angles, and composition to make your home look spacious, and inviting, and highlight its best features.

Capitalize on Toronto's Market Upswing

Like all other housing markets in Ontario, Toronto saw a period of adjustment in the past year. After rapidly increasing during the early pandemic days, home prices stabilised because of the slower activity in the city’s housing market. 

However, since the start of this year, the Toronto housing market seems to be heading for a rebound. The average price of Toronto MLS listings and buyer demand has been steadily rising, making the market fast-paced and competitive like before.

So, home sellers, you need to brace up to make the most of the upcoming fast-paced conditions in the Toronto housing market. By following the tips above and staying in the know about the latest happenings in the market, you can successfully sell your Toronto home in the shortest time.