Get Your Comox Home Ready to Sell

The higher interest rates we’ve been experiencing in recent years have pushed many home buyers to the sidelines. Following a few drops in the Bank of Canada’s benchmark interest rate since last year, some experts are predicting that a resurgence in demand can’t be far away. As a result, this could shape up to be a fantastic time to enter the real estate market, whether you’re a buyer or a seller.

If you’re thinking of listing your property, there are a few simple things you can do to get your home ready. This should help it sell faster, more easily, and at the highest possible price.

The advantages of selling now

With rate cuts in the fall and more expected this year, it could add momentum to the home resale market. Combine lower mortgage interest rates with pent-up demand from waiting in the wings, and the forecast for a rekindling of Canadian housing activity is more than a possibility for 2025. This means that real estate activity this year could start to ramp up any time as people begin to explore the market again.

The question isn’t so much whether buyers will return, but when. Realistically, buyers will come back when they feel conditions are favorable. Sellers should be ready for that outcome. However, there is another factor at play here. It was realized late in December when the Prime Minister announced his resignation. This, of course, has resulted in a leadership race and a change at the helm of the federal government earlier than anticipated.

Nothing puts a damper on a real estate market like a federal or provincial election or a change at that level. It creates uncertainty which often doesn’t lift until after it is over and resolved. Whether warranted or not, it seems to be what has happened in the past.

With all of that in mind, spring, or any time on the west coast, is a good time to sell. When you are ready and have your home ready, we have an active real estate market. It seems there are always people wanting to move to Vancouver Island and the Comox Valley. There is a livability factor that really resonates with buyers.

Spring and fall are generally consistently busy times. Yes, that can mean more competition, but with more eyeballs, your home will benefit from broader exposure. Many Canadians tune out to enjoy warmer weather and go on holidays in the summer. That could change this year because of the state of change in the federal government.

You may want to brace for a summer real estate market in 2025.

How consumers are feeling

The declining interest rate is making approximately 16% of Canadians feel more comfortable about entering the real estate market, according to some reports. Interest rate cuts are also boosting the confidence of potential first-time home buyers, with younger Millennials and Gen Zs already actively saving. They are feeling hopeful they’ll be able to enter the market soon.

In general, however, home buying has taken a backseat for around 25% of Canadians. As expected, day-to-day expenses are taking top billing. Travel, interestingly, is considered the second most important expense for those Canadians.

Affordability across the country still remains a concern for many when it comes to entering the market. It is possible as many as 14% of current homeowners may need to sell their home due to still high interest rates. Another 25% of Canadians are reconsidering their family plans due to the cost of homeownership.

Make a great first impression

Once you’ve decided to sell, work with your REALTOR® to put together a plan. Make sure you put your home’s best foot forward. For example, if there are any reno projects you’ve been putting off, now is the perfect time to get them done. Replace old door knobs, fix that broken step on your deck, or give the interior of your house a fresh coat of paint.

To brighten up the shorter days and darker nights, clean your windows and screens. Add some decorative accent lamps to any dark corners in your home. Open all the blinds, curtains, and window coverings during showings to let in as much light as possible.

You might also want to consider adding some seasonal touches to your indoor décor. To prepare your home for showings, turn your fireplace on if you have one, or add a sweet seasonal scent to your home by baking some cookies or a pie. Consult with your REALTOR®. Overkill can distract buyers or completely turn them off your home.

Stay on top of cleaning and upkeep

If you have a showing or open house coming up, double-check to make sure no one has been tracking in any mud or dirt. To really maximize your curb appeal, don’t forget to consider what’s outside your home as well.

While it may not quite be time yet to plant, yards and gardens can look scruffy at this time of year. Consider adding some decorative outdoor plants that will beautify the entrance and patio or gazebo and manage alright in cooler temperatures.

This is also a good time to ensure your heating system is working properly. There is nothing that will turn off a potential buyer more than a cold house.

Do your research

It is essential to stay on top of what’s happening in the market. This means having your REALTOR® do research on things like comparable listings in your area and trying to track where the local housing market is headed. Changing demand, buyer expectations, and your competition could all have an impact on your timing and strategy. Strategy can change, so it’s always best for you, the seller, to listen to what the market and your REALTOR® are saying.

Ask your REALTOR®

Lastly, when in doubt, ask your REALTOR® for advice. She can track the latest market statistics and keep you informed about any future interest rate changes. Your REALTOR® , Janice Leffler can also walk you through each step in pricing, listing, and getting your home ready to sell. She, like you, wants to help you sell your property quicker, with less stress, and at the best price possible. Get in touch now!