December, 2024

Pricing your home correctly can feel overwhelming, but with the right knowledge and expert support, you can achieve a successful sale. Start your journey with trusted professionals who understand Hamilton’s market and are committed to your success, like us!

Selling your home is a significant milestone for you and setting the right price for your home is critical when selling property in a competitive real estate market like Hamilton, Ontario. An appropriate price attracts the right buyers, maximizes your home’s value, sells within a reasonable time frame, maximizes your financial return and ensures a smooth transaction. With insights from us, Nancy Hume-Meletti and Lori Hume, professional real estate agents with Right at Home Realty, Brokerage, here’s our take on how to approach this essential step with confidence.

1. Understand the Market Trends in Hamilton, ON

Hamilton’s real estate market is dynamic, influenced by economic growth, demand from Toronto-area buyers, trends and neighbourhood-specific factors. Knowing the current demand in neighbourhoods like Ancaster or Stoney Creek can help set a realistic price range. We provide you with research on recent sales of comparable homes in your area to gauge what buyers are willing to pay. This “comparative market analysis” is a core part of determining your home’s value.

Real estate professionals like us, can provide a detailed analysis of local market trends in Hamilton, Ontario. We know the nuances of Hamilton’s neighborhoods, from Ancaster’s high-end homes to the family-friendly charm of Stoney Creek, and provide insights into price trends, ensuring your home stands out by helping sellers like you set a price that resonates with buyers.

2. Evaluate Comparable Sales in Hamilton, ON

While online tools can provide a ballpark estimate of your home’s worth, they can’t replace the precision of professional input. We leverage our knowledge of Hamilton neighbourhoods to evaluate factors that automated tools might overlook, such as unique home features or hyper-local demand. Professional REALTORS® like us combine data, market knowledge, and firsthand experience to determine a competitive and compelling price for your home.

The MLS® Home Price Index (HPI), available through CREA, offers insights into how prices for various property types evolve over time. This tool helps sales agents and homeowners understand pricing trends in Hamilton more precisely.  Check out the weblink below if you are curious about more details on Canadian housing market statistics over the years:

CREA

How do we help you set the price for your home?  We will do a deep dive and a thorough analysis on recently sold homes and current “for sale” properties similar to yours, in your area, and compare them to your home.  Your home’s unique features—such as an updated kitchen, a finished basement, an attached garage, an in-law suite, an accessory dwelling unit, a new roof and HVAC system or energy-efficient windows— all impact its value. However, remember that buyers don’t pay for sentimental value. Instead, we must focus on enhancements that add tangible benefits.

Other factors that will affect the value of your home include:

• Location: Proximity to schools, parks, public transit, and local amenities can boost appeal.  The desirability of your neighbourhood also plays a part in the value of your home.  Another factor that buyers will assess is the location of the home in terms of traffic flow. Is your home on a busy road? If so, concerns we have heard from folks who have small children worry about the chances of their child getting hit by a car or elderly clienteles who have noted that they have concerns about backing out of the driveway.  Noise from traffic is also a factor that affects a home’s value.  Properties that back onto highways, or the Lincoln Alexander Parkway for example, have reduced pricing given the reduced demand for a home that backs onto a space that emits ongoing engine noise and additional pollutants from exhaust, as examples. Properties located close to hydro lines and landfill sites can also be an issue for homeowners.  Trains that run along properties lines, like near Governors Road in Dundas for instance, can also deter buyers who are opting for a quieter environment.  This is why having a local real estate agent working for you is always in your best interest. We know what has been happening in the Hamilton area and know what to look for, not just for your current needs, but for potential future resale issues that could arise when you re-list the property down the road.
• Condition: A well-maintained home with a solid structure and recent updates tends to command higher prices.  First impressions are a big deal and there isn’t a second chance to make a first impression.  If you can, deal with obvious but less than desirable conditions of the home before listing if you want to get the most value for the property, including overgrown gardens, broken screens or dirty carpets as some examples.  If you simply cannot afford any further investment into the property before listing, we can help guide you on price reductions necessary for the property to help the listing price fall in line based on the overall condition of the property.
• Market Trends: Local trends, such as migration patterns into Hamilton, interest rate changes, as well as whether we are in a buyer or sellers’ market at the time of listing, significantly affects pricing​.  In terms of immigration, the Canadian federal government recently announced a reduction in immigration for the next few years, 2025 – 2027, as a result of the publics concerns, in part, of the impact immigration has had on the housing market.  By limiting immigration to the extent proposed by the federal government, this will sharply slow down the increase in new households.  This will help realign housing demand with supply – so long as homebuilding can be sustained near current levels.  Reducing the supply gap would go a long way towards alleviating the intense pressure many Canadians are under when looking for a new home they can actually afford.

3. Recent Updates or Possible Renovations

Not all upgrades you do to your home guarantee a return on investment.  For instance, when you replaced your leaky sink tap in your main bathroom you selected a high end Riobel tap from a plumbing distributor not a budget friendly sink tap you could have picked up while also crossing off your grocery list of bread and butter at a big box retailer.

Unless you live in a high-end luxury home, buyers will be interested more in ensuring the tap is “functional” and will likely be unaware that it is also, for maybe lack of a better term, “extravagant.” Again, unless you are in a luxury home, basic, one-off smaller purchase items at a high price tag will not likely give you any return on your investment.  If you are in a luxury home we would be guiding you towards replacement of items that would be reflective of a luxury home (so yes, buy the Riobel!) We guide homeowners in prioritizing improvements that enhance marketability dependent on your timeline, budget and what you are hoping to get for the sale of your property for repair items both big and small.  An added bonus to working with us is that we have a lot of contacts in the construction industry and trades folks that are otherwise hard to get a hold of to make those repairs if you opt to have a professional take care of the more challenging tasks. That old adage still rings true “it’s always in who you know…”

We can guide you towards larger changes, if your budget allows, and what the return might be on that investment keeping in mind that everything you do in life, as in real estate, involves some degree of risk.  You might decide to completely redo your kitchen, a significant investment, only to find out you could break even or lose money if the market changes quicker than you are able to finish the renovation.  Buyers are also much more educated and savvier than ever before. They can see if a kitchen was merely updated by painting the doors white and replacing the hardware on an otherwise 20-year-old faux oak honey coloured kitchen as opposed to physically replacing the all the doors or replacing the entire kitchen! Those changes are two significantly different investments by the seller and hence very different assessments in terms of financial value by the pending buyer.  If Nancy and I were on the other side of the fence, if you will, savvy REALTORS® like us, with a keen eye for detail, will point out these differences to our buyer clients when assessing the value of your home.  So make sure changes you make to your home can be justified if you choose to substantially increase the selling price of your home before you do the change to make sure you are not out of pocket.  Does it make sense then to do upgrades to your home before listing?  Well that all depends on many factors, one being the reason why you are choosing to list your home for sale.  Is this your last home and you are moving into a retirement facility and can wait for the renovations to take place?  If yes, and it is highly likely you can get more money for your home if you did the renovations, then we would support that choice.  If no, because you want to transition into a different lifestyle immediately and can’t be bothered dealing with the stress (and mess!) of a renovation, then no. Our opinion, based on your preferences, would be to list the home as is.  We can help you navigate the options and assess the risks of any renovation that might increase the value of your home.

Small investments in home preparation can yield higher returns. We might suggest:

• Staging: Showcase your home’s potential by arranging furniture to maximize space and light. This doesn’t need to come by using an expensive home staging company if your budget does not allow for it, or you already have fabulous items!  We have a keen eye for décor and can help you select items that attract towards and eliminated those that detract from staging your home to make it just right.
• Repairs: Fixing minor issues and considering cost-effective upgrades (e.g., repainting or landscaping) can boost your home’s appeal.  The last thing you want is for conditions like a negative home inspection to block the sale of your home. In most deals, we will work to help ensure your deal closes but that likely will come at a renegotiation of your selling price to offset this “issue.”  Most “issues” can be negotiated but we have heard of deals that simply did not close due to this factor and we do not want our clients to be one of them, especially if the purchase of your new home hinges on the selling of your current property. Consider opting for a home inspection prior to listing your home, if your home is not going to be listed “as is, where is.”  This inspection helps you be pro-active in dealing with any situations up front instead of potentially losing money on the back end, after the fact, when the conditional offer is on the table and the buyer is now in better position to reduce the offer price for more than what the repair costs would be, if nothing other than to have to now deal with a situation they were not expecting, i.e., radon exposure, that might take some time to remediate or fix.
• Professional Photography: High-quality images attract online buyers and create a positive first impression.  With cell phones these days, most are equipped with not one, not two, but at least three cameras! Regardless of this, there really is no comparison to a professional photographer who specializes in this area.  The right photograph can speak volumes and a true professional can capture the essence of your home with their lens much better than anyone who hasn’t had their level of training (or hours of practice)!  Tip –  do not hesitate to ask your agent to remove photos that might not be relevant to your listing. I often see photographers who forget that these aren’t photos for a memory album but rather a listing and hence a close up shot of two teacups on a table or a floral arrangement is really irrelevant, in our opinion, in a listing – unless, of course, these items are being included in the deal!   Otherwise, they don’t really add value to your listing so replace them with other photos that showcase the unique features of the home that the new homeowners will enjoy that might have otherwise been excluded due to space restrictions.

4. Engage Professional Marketing

The right price is just the beginning. Your property must also reach the right audience.  Your pricing strategy is only as good as the marketing plan behind it. With high-quality photos, engaging descriptions, virtual tours, local networking and extensive online and offline exposure, we ensure your home attracts the right audience and maximum exposure. We utilize platforms like MLS, targeted social media campaigns, and local community engagement to enhance visibility.

5. Take Advantage of Free Tools

Sellers can download a useful sellers guide on our website so take advantage of that free tool.  If you have any questions and would like a more personalized approach, call us directly. On our website you can register for a free home evaluation of your property through our no-obligation consultation service. This includes:

• An in-depth property assessment
• Insights into potential selling prices
• Recommendations for pre-sale improvements

During this no-obligation consultation service, we can assess your home’s standout features and suggest strategies to highlight them effectively to get you top dollar for your investment.

6. How Do We Know We Are the Best REALTORS® in Hamilton, ON?

We understand that selling a home is more than a transaction; it’s a journey. We combine local expertise, advanced marketing tools, and personalized service to guide you every step of the way. Whether you’re downsizing, relocating, or seeking to maximize your investment, our goal is to make your experience seamless and rewarding.

With decades of combined negotiation and strategy experience and a deep commitment to the Hamilton community, we are dedicated to delivering seamless and successful transactions. Our “clients-first” approach ensures that you feel supported every step of the way. By working with us, you also gain access to:

• Tailored selling strategies
• Expert negotiation skills
• Comprehensive local market knowledge

Ready to Sell? Let’s Talk!

Pricing your home correctly is the foundation of a successful sale. If you’re ready to make the next step or if you have any questions, visit humerealestate.ca to schedule your free consultation or give us a call directly. Nancy Hume-Meletti at 905-741-3474 and Lori Hume at 905-570-3310.  We are here to help you navigate the selling process with confidence and achieve the best outcome for your property!