Where is the opportunity in real estate when everyone is too scared to make a move?
It’s the big question in Canada right now as we collectively try to second-guess or shrug at the tariff dramas that are playing out across the global economy.
Even the Bank of Canada (BoC) appears caught in the headlights. It announced a few weeks ago that it would hold rates until the clarity prevailed.
Clarity is in short supply. Nevertheless, opportunities always exist at times of uncertainty as sellers and buyers ponder what’s around the corner for the Canadian economy.
So, let’s take stock. Our interest rate remains at 2.75% – one of the lowest among mature economies. And we have had seven rate cuts in the past 10 months. Inflation stands at around 2%.
So, the current situation is making the property market increasingly attractive for those who are prepared to make their move quickly.
It’s not about timing the market but synchronising the overall economic conditions that make upsizing and downsizing affordable.
Your strategy has to be two-fold.
Firstly, engage with local real estate agents to identify sellers with homes fitting your criteria who are ready to make a deal now. Usually, they’re moving for a new job or there are unfortunate circumstances, such as divorce.
Simultaneously, start preparing your own property for sale. Approach real estate agencies and ask if they have a database of buyers who are looking for your style of property in your area right now.
If you take both of these actions, the wheels will soon start turning and you could find yourself in a new dream home before any fallout from tariffs affects the market.
Below, we’ve left you with six tips for preparing your home for sale quickly.
Price strategically – In any market, but especially in a potentially active summer market, pricing your home correctly is vital for a quick sale. A quality agent can provide a Comparative Market Analysis (CMA) to help determine the optimal listing price.
Make an impact – For a quick sale, you need to make a great first impression. That’s especially true in early summer. Make sure your front garden is in tip-top shape – mow the grass, trim hedges, and weed flowerbeds. A few blooms around the edge of the lawn is always a nice touch.
Outside matters – Staying with the front of the home, if there’s any peeling or flaking paint then hire a painter to give the exterior a fresh look. You’ll be amazed at the difference this can make.
Showcase entertainment areas – Summer is the prime time for enjoying your garden and having friends over for a barbeque. If you have a deck or patio, highlight its potential. Arrange your outdoor furniture to create an inviting seating area.
Keep it natural – Inside, maximise the natural light in your home during showings. Open all curtains and blinds, and clean windows inside and out. Move furniture from in front of windows if it’s blocking the light. Also, if it’s a warm day, put on ceiling fans or air-conditioning to cool the home for when buyers arrive.
Be flexible – Summer and late spring can be a busy time with vacations and varied schedules. Be as flexible as possible with showing times. The more accessible your home is for viewings, the better the chances of a quick sale. Consider hosting weekday open homes as some buyers have more availability.