First let me say I am a Decorator & (home) stager not a Realtor. I am very closely involved in the selling of properties however and I am seeing a distinct trend in buyer behaviour.

I've also direct experience myself as a buyer in the current market.

The Toronto real estate market is still going strong with prices continuing to rise at an average increase of 3%. If you take last years (2007) record sales figures out of the equation, 2008 has so far had an increase of 6% over 2006 prices.

Is it a sellers market? Yes and no.

Buyers are taking longer to decide and making sure the value is there in the property.

1. Buyers are fussier than ever.
2. Properties do sit longer; they sell but not as quickly.
3. Properties which would have had multiples due to location and price are not getting any offers in the first week.

Now more than ever sellers in the GTA and Downtown Toronto market need to make sure they prepare and present their properties to satisfy buyers who will not buy if maintenance has not been kept up on the property. Buyers will go down the street and make an offer on a well maintained comparable.

As a seller don't discount the dollar value buyers place on maintenance.

DIY buyers know the amount of time, labour and money involved in having to maintain exterior wooden windows. Prep time, stripping the old chaulking, scrapping the old paint, priming, painting and clean up not to mention the cost of tools, ladder or scaffolding to reach upper windows, primer and paint add up.

To have a professional maintain the windows adds up to THOUSANDS of dollars when done properly.

Add to windows not being maintained, a roof nearing the end of it's life and you've just shown potential buyers at least a $10,000 investment in your property. You won't be getting an offer any time soon. Buyers will look at your property and know that if you didn't maintain these items you've no doubt failed to maintain the property at all.

What does this mean? Potential buyers will add another $10,000 to $50,000 in maintenance to the cost of your property.

Is it a buyers market? Absolutely

Buyers are still willing to pay more, as shown by the 3% increase over last years record increase BUT they expect a hell of a lot more from the property and will wait for the right one.

Sellers now more than ever need to invest in a consultation with a home stager. 

• If you list your property and it has not been maintained expect it to take a lot longer to sell for reasons listed above.
• If you list and it has been staged but not maintained expect it to take longer to sell for reasons listed above. Don't sell buyers short, they do see beyond the staging.

Home staging is not the solution unless you are prepared to make sure the property has been maintained. 

1. Our market is moving slower.
2. There are more properties listed
3. Buyers are in no rush to purchase with concerns of the U.S. real estate bust heading north and crossing the boarder.

Savvy sellers in the current Toronto & GTA Real Estate market know there is a formula to getting property sold.

• If you list your property and it has been maintained expect it to take a bit longer to sell as buyers want to make sure they are getting the best value for their money and are not afraid of missing out on a house or two.
• If it has been maintained and staged it will show to perfection and sell quicker possibly with multiples as they are still happening just not nearly as often.

 Here's to getting your property sold!

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Dane Caldwell is the Lead Design Consultant for Toronto and GTA's 2 Hounds Design and Home Staging.

www.2-hounds.com

"I won't be the person who sells your house, but I will be the reason it sells".- Dane Caldwell, Toronto, GTA & Durham Region Interior Design/Decorating + Home Staging Specialist