Why isn't my home selling? If your home has been listed on the market for several months without receiving an offer, here are 5 questions you should start asking yourself.
- Have you priced your home according to market value? Incorrect pricing is the most common reason for delays in real estate sales. Your home should be priced according to market value, which is determined with the help of a Comparative Market Analysis (CMA). CMA’s are conducted by industry professionals and will take into consideration the home’s appraised value as well as recent sales in your building, on your street or in your residential district. They also take into account homes that are listed on the market for sale at the same time as your own.
- Have you diversified your marketing channels? In order to cut through the noise in a buyer’s market, it’s crucial to market your home through a range or channels and to target a well-defined audience. Open houses and lawn signs are insufficient; in this day and age sellers and brokers need to have a good grasp of social media advertising, online marketing and e-blasts. When interviewing potential real estate brokers, be sure to ask them about their marketing strategy. How will they reach potential buyers, and how will they convey the value of your home to this audience?
- Have you listed at the right time? Timing is of the essence when it comes to real estate sales. The perfect time to list a property will vary greatly depending on the needs of the seller and the type of property being sold. While most single family homes are better off being listed right before the spring market, many investment properties sell quicker in the winter when the competition is slow.
- Are you making a good first impression? Professional photography is key to attracting potential buyers to your home. A buyer’s first impression of your home will most likely be on online, rather than in an open house. Sellers should dedicate as much time and attention to the photo shoot as possible, using images that are crisp, bright, and that draw attention to the key benefits offered by the home.
- Has your home been staged for sale? If your home is old, outdated, and in need of a fix-up, this could be costing you your sale. Don’t renovate without doing your research on which work will bring you a positive ROI. Quick and cheap ways to improve the appearance of your home through staging include clearing out any personal belongings, painting the walls a light neutral colour, and making sure your bathroom is sparkling clean.
Still not sure why your home isn't selling ? If you're already working with a broker to sell your home, they should have advised you accordingly. If you're selling on your own, feel free to contact us by requesting a free Comparative Market Analysis (CMA) of your property. Important information from a CMA could quickly idicate why your property isn't selling