In my last post I noted that the Yellowknife market declined a bit in 2018; MLS sales were down by 11%, homes took two weeks longer to sell and there were more unsold listings than we’ve seen in a long time (go here to receive the full market analysis). Nevertheless, there are steps sellers can and should take to ensure they come out on top in today’s more competitive market. At Century 21 Prospect Realty we’ve put our heads together and come up with five tips for selling your Yellowknife home in 2019.
- Turnkey is King
“Turnkey” is an expression we use to describe a home that has been well-maintained and upgraded – all a buyer has to do to begin enjoying the home is turn the key and walk in. A decade ago, buyers were less likely to find a turnkey home, but in today’s market they know they can wait for something great to come along. It’s not realistic for every home to meet this high standard in order to find a buyer, but the closer you can get, the better. And it may not be as daunting as you think. Your Realtor can prepare a list of manageable tasks that will move your home further up the “turnkey” ladder.
- Make a Great First Impression
As they say, you only have one chance to make a first impression. This fundamental rule of real estate hasn’t changed, but it has shifted. People will now “visit” your home multiple times online prior to seeing it in person. For this reason, at Century 21 Prospect Realty we stay on top of the latest technology to help make your listing “pop.” Our photography draws viewers to your listing, and our virtual tours invite them to stay for a while and have a look around. In fact we are the only Yellowknife brokerage that features virtual tours, and they are standard on all of our listings. We’ll help your home look its absolute best to an ever growing and increasingly picky online audience.
- Plan Ahead and Prioritize
Because maintenance and upgrades have become so important, planning has to start much further in advance. But even with unlimited time, most people don’t have the resources to complete every possible upgrade. It is necessary to prioritize. Don’t waste your weekends on low-priority or low return-on-investment tasks – they may not help you sell your home any faster.
- Don’t Confuse Maintenance with Upgrades
Buyers and sellers will look at a house and see very different things. One of the biggest differences is that sellers often confuse necessary maintenance with upgrades. For example, the replacement of roofing shingles is not considered by buyers to be an upgrade – it is maintenance that has to be completed in order to maintain the physical integrity of the house. A new fuel tank or hot water heater fall in the same category. If a seller does not have time to complete these necessary maintenance tasks prior to listing, buyers expect to see it reflected in the asking price.
- Hedge Your Bets by Thinking Big
Century 21 Prospect Realty is Yellowknife’s largest real estate brokerage with nine Realtors on our team, and in 2018 we helped more people buy and sell Yellowknife homes than any other company (based on Yellowknife Real Estate Board MLS data, January 1 to December 31, 2018). What does this mean for you as a seller? Think of it like ice fishing – the more holes you drill and the more lines you put out, the better your chances of catching a fish. We’ve got more lines out on your behalf, and as Yellowknife’s buyer agency pioneers, we will increase your chances of finding a buyer in today’s more competitive market.
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