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4 reasons why your home isn’t selling in a Hot Real Estate Market….

Even with a favorable and Hot Real Estate market, there are definitely homes that are still sitting for an extended amount of time on the market.

If this is you…Read further and also see how we can help.

When properties don’t get the traction they need — whether they have something wrong with them or not — they sit on the market. Your home is now what the industry calls a ‘stale listing.’ Stale listings are like stale doughnuts — they might look great, but once people know they’ve been sitting around for a while, they tend to get suspicious and avoid them. An untouched listing lets homebuyers speculate that something is up.

The first assumption that jumps into every agent and buyer’s mind when it’s been sitting is, ‘It’s probably overpriced”.

Here are some things to consider.

Buyer cycles change approximately every two weeks — buyers come through, examine the product on the market, and then move on. It’s also the time when fresh listings will get the most exposure in automatic searches. Hence, the first few weeks in a listing’s life are the most important. If your listing is coming close to passing its freshness date, it’s time to change course.

A real estate agent who is familiar with current market needs and has a good sense of direct competition can best decide how to rework your listing strategy so your home entices buyers over competitors. Your agent should keep an ear to the ground and make decisions based on market condition analysis at the time of sale, especially in a fast-paced spring or fall market when you might be up against neighbouring properties.

“They should be able to analyze the current market, analyze what your direct competition is, and position your asset in a way that favors people looking at your home over others,”

We must create that competitive advantage over who you’re listed against.

PRICE

The right listing price is key, otherwise, if your home sits on the market, it could cost you all of the leverage you have in a seller’s market.

With your agents help, you will determine the right price for your property.

PHOTOGRAPHS

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Photo by Maria Orlova on Pexels.com

Professional photography, floorplans, video marketing, targeted online campaigns, just designed to maximize the amount of visibility that your listing.

  • Staging is the unsung hero of listing marketing tools, and combined with professional photography, can really do wonders. It is pricey, but you’ll likely make a return on the investment once you sell.

TRANSPARENCY

NO CATFISHING!- It helps to be upfront with your buyers, whether it’s providing all of the information about the physical condition of the home or highlighting all of the changes you’ve made during ownership. Providing a pre-inspection report or mentioning any renovations that you’ve done will paint buyers a clear picture on the property so they can justify the value and risk level of your home.

If you have recently had the furnace or any other Home Maintenance services done – Its always a good idea to provide receipts. It could look good and work, but how well has it been maintained? Especially if the furnace is dirty inside. Proof of a recent furnace servicing will give the buyer some peace of mind

ONLINE PRESENCE

We have known for a while, that almost entirely all Real Estate Searches begin online. If your property is not aggressively marketed online…it may get lost and not be visible to buyers.

With open houses now prohibited in many regions amid the COVID-19 pandemic, real estate agents are looking for ways to showcase their properties without putting their clients and potential buyers at risk. Enter the video walkthrough, a feature typically reserved for the sale of luxury homes with generous marketing budgets. 

READY TO BUY/SELL?

We are ready to Help.

For more info and resources, check out the links below.