So you put your home on the market…and you’re getting crickets. If the showing requests aren’t coming fast and furious, and nobody is making offers, there’s probably a reason (or reasons) why things have stalled.
The problem: the price is too high
We get it, it was only a few short months ago that homes in your neighbourhood were selling like hotcakes at unheard-of prices. But if you’re expecting that to happen in this much cooler market, you aren’t being realistic. Poor pricing strategy is often the biggest reason why homes don’t sell.
The fix: drop the price
Take a close look at what similar properties have sold for in your area recently – here’s how. (And by recently, we mean days or weeks, not months.) Price your home in line with those numbers.
One thing to remember: pricing high and thinking a buyer will negotiate can backfire. If you’re over a certain threshold – say, you’ve listed at $1.1M but you’re willing to sell for $990K – people searching for properties under $1M will never even see your listing.
The problem: you’re impatient
It’s been two weeks and you haven’t had an offer. Weren’t properties selling in like two or three days at the height of the market?
The fix: give it a little more time
Properties are taking longer to sell these days – the current average is 32 days. See how long comparable listings in your area are taking, and base your expectations on that.
The problem: you aren’t motivated enough
You don’t really NEED to sell, so you aren’t doing everything you can to appeal to buyers and get that sold sign up. Just testing the waters to see what you could get? A slow market isn’t the right time for that.
The fix: commit
Put 100% into selling – or take your place off the market until it’s a higher priority.
The problem: something about your place is putting people off
You’ve had lots of showings, but nobody’s biting.
The fix: identify the problem and resolve it if you can
Your agent should be getting feedback by asking buyer agents two things:
Why did your clients decide not to make an offer?
What would need to change for them to want to buy the home?
If you get the same response from several people, pay attention. If they say the light is bad or the place feels cluttered, address that with better lighting and putting your stuff in storage. If they don’t like the outdated bathroom, update it. If there’s an issue with the foundation, get it repaired.
The problem: your property is unique, unusual or unconventional
Very large or high-end properties, homes overlooking a highway or in an industrial area, or ones with quirky features like a bright pink exterior or a completely paved front yard aren’t for everyone. Which means your buyer pool is smaller.
The fix: patience and a great marketing strategy
A good agent will know how to get the attention of the kinds of people who would be interested in an unusual property. There’s a buyer for every place, it just takes some work to find them.
The problem: you decided to save some money by not staging
In a market where buyers expect spaces to be staged and looking their absolute best, your place shows up as…meh. Or your staging isn’t done well, so your place looks better than it did but not as great as it could.
The fix: hire great stagers
Yes, it’s an expense, and probably not a small one. But it’s money well spent. A good agent will know great stagers who can make your property really shine – and get the attention of buyers looking for a sense of possibility. So put your stuff in storage and let the pros work their magic.
The problem: bad photos
A few low-res pics aren’t going to impress anyone. Buyers look online first, and your listing has to be great to convince them it’s worth a visit.
The fix: a professional photographer
A real estate photographer can make even an okay space look amazing with good lighting and camera angles. (BTW, all Property.ca Inc. agents have access to our team of professional photographers who really know how to make a place look spacious and inviting.)
The problem: your marketing isn’t cutting it
The listing description is boring, photos are sub-par, and exposure is limited to an MLS listing and a for-sale sign. It’s just not enough to get eyes on your listing.
The fix: an agent who’s a marketing whiz
Hire an agent who knows how to get the right people excited about your property. One who has a smart plan that includes slick photography, staging, digital tools like 3D tours and videos, social media, listing on multiple websites, and leveraging their network of agents and contacts.
The problem: you’re working with the wrong agent
Your agent isn’t working closely with you on pricing, recommending improvements, pushing hard to find buyers, and marketing the heck out of your listing.
The fix: hire a great agent
With the right agent, most of the problems in this list wouldn’t be problems in the first place. Go with one who is full-time, an expert in your area and property type, is responsive, and listens to your needs but won’t just tell you what they think you want to hear. You want a capable partner in the selling process.
Looking for a great seller agent?
Get in touch, and we’ll connect you with an expert that specializes in your area!