Hoping for a fast home sale? Here’s what you need to know
November 6, 2020
In this age of smart phones and Amazon Prime, we’ve grown pretty accustomed to nearly instant gratification. Want to become a master woodworker? In 48 hours or less, you can have an entire woodshop of tools delivered to your door and a professional-looking blog detailing your pine-scented journey. But, can you sell your home in under 48 hours, especially in these days of coronavirus lockdowns?
The short answer is…well, there really is no short answer to that question. While a fast sale is always possible (see some of our lightning-speed sales below!), it depends on a few factors.
What it takes to sell quickly
First and foremost, you need to consider the market conditions in which you’re selling: if it’s a buyer’s market with an oversupply of listings compared to the number of active buyers, your sale may take longer; if it’s a seller’s market with a shortage of listings, buyers are more likely to snap up your home.
The next thing to consider is your price: if you’re priced higher than the market will bear (i.e., if comparable homes in your area are priced lower than yours), you’re more likely to have a lengthy sale, while if you’re priced on the low side compared to similar homes in your neighbourhood, you may sell more quickly. Your REALTOR® will always be your best guide when it comes to setting a price: they’ll help you understand what’s going on in your local market, provide you with a detailed Comparative Market Analysis (CMA) to show you how your home stacks up against the competition, and recommend an accurate price.
Of course, there are a number of other factors that impact your time on market, such as how well your home shows, how your home is being marketed, and whether there are any major issues with your home or property (to name just a few), but if you’re priced right and the market conditions are in your favour, there’s always a chance the right buyer is going to walk through that door and put in an offer you can’t refuse.
But can you sell quickly during the pandemic?
Not such a long answer here! Given that the major Ontario markets are being rocked by high buyer demand and low inventory levels, fast home sales are becoming more and more common.
When the State of Emergency was declared and sales plummeted across the province for the latter half of March, many would-be home sellers decided to wait and watch what unfolded before listing their properties. The result was a dramatic decrease in new listings, and inventory levels were depleted even further when buyer confidence returned and low borrowing rates led even larger cohorts searching for new homes. Though new listings have largely gone back up, sales are still hitting record numbers, leading to extremely tight markets.
Here are Purplebricks listings from across Ontario that sold in 48 hours or less! Not only did the sellers get pricing advice from a local Purplebricks REALTOR®, they also saved thousands in commission with our low fixed fee.
Swift sales like these are something many homeowners dream about, and in today’s markets, they have an even better chance of becoming a reality. While selling a home may not be quite as fast as overnight shipping, it can be so much more rewarding!
Looking to sell your home? Purplebricks has you covered. Our local REALTORS® use the most current market data to help you set the right price, and with our low fixed fee, we saved Ontario sellers an average of $15,000 last year!† And if you’re planning to buy a home, we’re here for you: when you purchase with a dedicated Purplebricks REALTOR®, we’ll give you $2,000 in cash back!* Call 1-855-999-9740 to start your real estate journey today.