At this time, Markham’s selling to listing price ratio is 110%. That means there’s far more demand than supply, creating an intense seller’s market. If you put your property up for sale and prepare your house so it’s presentable and desirable for your potential buyers, you can expect a wide stream of offers coming your way.
While selling in a hot market means a high, or almost unavoidable, chance of earning crazy profits and not needing to wait long for your sale (average DOM is currently 9 days!), it doesn’t mean you can sit back and relax just yet. You’ll have a lot of reading to do and tough decisions to make to decide on the best offer as the price will not be the only factor. These days, GTA buyers are not holding back in paying above asking, but what other conditions will ensure a convenient, profitable, and secure deal on your home?
Here are some criteria to consider when choosing your buyer among many competitive offers:
Speeding Up The Closing Process
If you are selling your home for a specific reason, like a breakup, expecting a new baby, etc., there may be some urgency behind your sale. You’ll likely receive offers almost immediately after viewings due to the market conditions, but what about your closing date? This process usually takes months, which could leave you racing against the clock.
That’s why you may value offers from buyers willing to arrange a faster closing. A flexible buyer willing to waive an inspection contingency or other conditions could be the best choice under your circumstances.
Financing plays a large role in your selling process. If you choose a buyer who is using a mortgage to finance their purchase, you may experience a delayed closing as your buyer goes through the approval process after placing their offer.
However, if your potential buyers have a mortgage pre-approval, you’ll know they’re ready to commit to the deal. That way, they won’t back out last minute because they realized after placing their offer that they could never afford your house. A mortgage pre-approval tells you that a lender has deemed the buyers financially prepared to buy your home, and they already have an agreement arranged, which will also shorten your closing process.
An all-cash offer leaves no remainder of doubt on whether or not your buyer can afford your property. Better yet, it usually means a smoother closing. If the buyer can’t arrange a full cash payment but has at least saved enough for a large cash deposit, you may want to choose them over other buyers. The high deposit shows that the buyer is prepared to invest in the deal and won’t back out after you’ve accepted their offer.
Still Not Sure Who to Pick?
Selling a home isn’t an easy cut and dry process. As a seller in Markham, you have the opportunity to make a high profit and sell in a short amount of time considering the current market conditions. However, choosing among many offers could become overwhelming as some will waive contingencies or be open to a fast closing. On the other hand, others will have a large cash deposit but not yet be approved for a mortgage. That’s why it’s best to work with an expert who understands what offers would best secure your successful sale.
Martin MacFarlane will help you filter your offers and choose the best next homeowner for your property. He’ll ensure you’re satisfied with all factors of the buyer’s offer and walk away satisfied with your choice. Learn more by contacting Martin today!