Recently, the Toronto real estate market has been making headlines for the record high sales prices that it has been fetching sellers.
As recently as a couple of years ago, only Vancouver had been selling its homes at an average price of over $1 million.
Now, Toronto is also experiencing an unprecedented real estate boom, with detached homes selling for over $1.2 million and the average price of all properties sitting just below $800,000.
In light of this, many homeowners in the GTA have been seriously considering cashing out of their homes. Here's how you can do it for the most profit possible.1) Pay less in commissions
One cost that can reduce your overall profit are the commissions paid to real estate agents. While it is important to save as much money as you can on this expense, these professionals also do work that helps you get thousands of dollars more on your house than if you were to attempt to market it yourself.
Fortunately, there are agents like the One Percent Guys
that work for a much lower commission than others in the Toronto area.
With detached homes selling for more than a million dollars apiece, even those working for a minuscule commission are earning plenty from the properties that they are selling in this market.2) Make some renovations
This step may involve some sweat equity on your part, but by freshening up the appearance of your home on the outside and inside, you can add thousands of extra dollars to the valuation of your property.
Something as simple as adding a fresh coat of paint on the walls, changing the flooring in the kitchen, or fixing the caulking in the bathroom will enhance the impression of your home on those that tour it.3) Stage your home
As hot as the Toronto real estate market
is, it will be that much harder to sell your home (especially if you are looking to move it for over asking price).
If the interior has a lived-in feel, potential buyers will have a hard time envisioning it as their future home.
When you are preparing to sell your house, you need to clean up clutter, add stunning visual touches to common areas, and rearrange furniture so that it makes a powerful impression on anyone who views it.
If you have money to spend, it may be worth your while to bring in an interior design consultant if you are unfamiliar with the staging process.4) Don't wait too long
While the Toronto real estate market is scorching hot at the moment, it may not be like this forever. While it can be tempting to wait longer to get a higher price, booming markets have a habit of turning on a dime when you least expect it.
If you are thinking about selling, we recommend discussing the matter with a real estate agent as soon as possible.