What options do sellers have now that the housing market is cooling down?

Canada’s housing market appears to be cooling down, according to the latest statistics shared by the Canadian Real Estate Association. Home sales across the country dropped 12.6 per cent in April 2022 compared to the month before. Along with fewer sales, Canadians are also seeing a decrease in the average price of a home.

In what is increasingly becoming a buyer’s market, some soon-to-be sellers may be wondering whether they should delay listing their homes until conditions become more favourable. Toronto-based realtor Shay Asnani advises Canadians to base this decision on personal factors, rather than market conditions.

“We shouldn't really try to time the market because nobody really knows where things are going to go over the next few weeks, or even the next few months,” he told CTV’s Your Morning on Thursday. “The decision to sell and when you should sell is very case-by-case, and you should make that a personal decision.”

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Less activity in the market also means there’s more pressure for sellers to distinguish their homes stand from other properties on the market, Asnani said. In order to maximize their sale price, he recommends that sellers take extra time to clean and properly maintain their homes.

“First impressions are everything. When I go through a home with a buyer, within the first 30 seconds, they pretty much know if they like that home and would consider putting an offer on it,” Asnani said. “If they see this as a home that has been well taken care of [and] is in good shape, then that translates into more perceived value.”

Asnani also suggests having a strong marketing strategy to promote the home, including high-quality photos and advertising on social media.

“It's all about exposure, getting as many eyes on your property [as you can], getting people through the door, and just showing what's really special about your home,” he said.

Watch the full video with CTV’s Your Morning at the top of this article to learn more about how sellers can maximize the value of their homes.