4 Tips for Selling Your Home When Interest Rates are on the Rise

Canada’s interest rates are rising for the first time in four years, causing a shift in the housing market. While this will affect prospective buyers, existing homeowners and those looking to sell, it’s still considered a seller’s market. However, now more than ever, you will need to prepare your home to entice prospective buyers. Here are our top tips to consider before listing your house for sale:

1. Boost Your Home Value

To encourage offers, boost the value of your home with home improvement upgrades and make it move-in ready. A recent Royal LePage survey revealed that a kitchen renovation is currently the most worthwhile home improvement project, which can increase your home value by approximately 20%, followed closely by a bathroom renovation (16%). Make the effort to apply fresh interior paint for a quick and cost-effective upgrade that will add 12% to your home value on average.

2. Consider the Season

Now that the fast-paced pandemic housing market has slowed down, real estate will likely return to its seasonal activity. Typically, the Canadian housing market picks up in spring, slows down in summer and picks up again in fall. However, with the right strategy, it is still possible to successfully sell your home in winter.

3. Clean Your Home Exterior

Ensure you clean your siding and make your windows sparkle inside and out. Check the siding manufacturer’s recommendation before using a pressure washer. Keep in mind that prospective buyers will often look for signs of siding, roofing and window damage. Make repairs, and invest in replacement windows or siding if necessary. According to the Royal LePage survey, window replacements can increase home value by 13%.

4. Enhance Your Curb Appeal

Create a positive first impression with a welcoming entrance and a well-maintained yard. If it’s within your budget, install a modern garage or front door. Alternatively, give your front door a fresh coat of paint for a great budget-friendly option. Add mulch to garden beds, and clear any debris from the lawn. Replace dated house numbers and entrance lighting. Improve curb appeal with front porch planters, lanterns, a new doormat and a seasonal wreath.