Real Estate Talk:
Spring preparation to sell

Now is an excellent time to prepare if one is planning to sell in the spring

By Joseph Marovitch

Updated March 20, 2024

Now is an excellent time to prepare if one is planning to sell. Historically, more homes enter the market starting in March. This permits sellers to take advantage of many factors affected by spring. The air has an earthy fragrance and is warmer. Everyone has a spring in their step as they look forward to summer. Snow melts and buds pop. People just seem happier, more energetic and enthusiastic about everything. Finally, homes show best in the spring and summer with greenery and sunlight.

As March is not the driest month, it is best to start with the interior of the house. If repairs are required, such as paint, cracks, plumbing, electrical or anything else, then now is the time to do this. Next, start spring cleaning. Rummage through the house and prepare an inventory of all the items that are not necessary. We call these items stuff. Stuff is what we accumulate over time that we no longer use or want.

Two years ago, I purchased a stationary bike stand so I could bike over the winter. Then I joined a gym, and the bike stand remained in my closet for two years. That is stuff. My rule is if it is unused for two years, it goes. The more stuff one can eject, the better. Buyers want to see a house with space and light. The more little kitchkas there are in a house, the more distracted the buyer will be. The buyer will not see the house as they should. It is like trying to see the forest through the leaves.

Historically, more homes enter the market starting in March. This permits sellers to take advantage of many factors affected by spring.

After repairs and cleaning, it is time to organize. We organize by placing furniture in the best locations. Couches and chairs should be in strategic areas, not too far from each other but not too close either. Beds are neatly made, and throw blankets are placed without wrinkles. Small items should be hidden.

Many times, I have shown a property where I walk into the kitchen with a client and the counter has a dish soap bottle, cups and plates by the sink, post-it notes on the fridge door, a dish towel draped over the faucet, etc. Get rid of these things. If we are to sell, we want picture-perfect. Picture-perfect with space and light sells faster and for more money.

As we approach April and warm weather, it is time to clean the front and back yard. Pick up the leaves, and plant seeds. If the exterior requires repair, such as the windows, railings, balconies, or roof, then do it.

The alternative to house repairs is to declare the issues that require repairs in the seller’s declaration and price accordingly. Note that I am referring to structural and immediate issues. Cosmetic issues do not require a seller’s declaration statement or a major price reduction.

The house may require a new roof. This must be declared and either repaired or the price reduced so the buyer can do the job. A paint job is not a must-do, and the buyer may want to paint even if there is new paint. Therefore, reducing the price in advance is not necessary, though in some cases, a new paint job may get more money for the house.

‘The alternative to house repairs is to declare them in the seller’s declaration and price accordingly… Cosmetic issues do not require a seller’s declaration statement or a major price reduction.’

Another issue a seller should address before listing is to make sure the certificate of location is still valid. If the certificate is ten years or older, if there have been structural changes to the house, or if there have been municipal changes made since the house was purchased, a new certificate is required to sell the house. A certificate can take up to three weeks to attain.

One last issue is pre-inspection. Sometimes, if the house has several structural issues or the seller inherited the house but never lived in it, it is good to have a pre-inspection. The pre-inspection will indicate all evident issues. This will give the seller a chance to either repair the issues or price accordingly and declare the issues in the seller’s declaration. By declaring the issues, the buyer cannot use them to reduce the price further. If the seller knows the house to be in good condition, I suggest letting the buyer perform their own inspection after they have decided they like the house.

Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.

Next article: Attempting to predict future interest rates in today’s market

State of the market

Bank of Canada interest rate: 5 %
Canadian prime rate: 7.2%
Canada inflation today: 2.86 %

Current 5-year rates at 5 main banks
BMO: 5.14% – TD: 4.5% – RBC: 5.59% – CIBC: 5.69% – Scotia Bank: 6.79%

The good news is inflation continues to decline as do bank rates. It is with expectation that inflation will continue to decline, and that banks are lowering their rates, not because inflation has been low enough for long enough. It would still be a gamble to wait for the Fed to further reduce rates and inflation to lower since the world is unpredictable it seems.

Rates are a two-edged sword. If rates are reduced, real estate becomes more expensive. If rates increase, real estate becomes less expensive. It is always going to be a win-lose situation. Depending on which direction rates move, buyers are either purchasing low and expense high or purchasing high and expense low.

‘Rates are a two-edged sword. If rates are reduced, real estate becomes more expensive. If rates increase, real estate becomes less expensive. It is always going to be a win-lose situation.’

As I have mentioned in the past, if one buys or sells now, they will know at what price they are buying and selling. If one buys or sells later, they do not know if they will win or lose. It is a matter of risk tolerance and one’s financial state. In a volatile time, such as the one we are in, it may be better to be risk-averse.

Have a great week.

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Other articles by Joseph Marovitch