Why Do Some Listings NOT Sell?
If a listing is sitting on the market for too long without selling, it is a very stressful scenario for the seller. It is especially unnerving if the seller needs to move soon, like if they are about to close on a new property. They need their current place to sell. Yet, whether it’s a seller’s market or not, some properties linger longer than others. Why is that?
If a listing is growing old on the market, there are common factors that usually have something to do with it. If you’re wondering why a listing is going unsold, or want to avoid potentially making a mistake when listing your home, see the Top 5 Reasons Why A Home Doesn't Sell:
1. It’s Listed Too High.
Of course you want to get the best price possible for your home. Who doesn’t? However, that isn’t best achieved through overpricing it. In fact, Homes that are overpriced have been proven to stay on the market longer.
Buyers will avoid putting in an offer on a home that is priced too high- or even avoid looking at it altogether. (In online searches they probably set a maximum price and won’t even see any properties listed above that). It’s better for them to see your property, love it, and then decide to put in a competitive offer.
To sell for the best price, your ideal scenario is attracting multiple buyers and multiple offers. In a hot market, many buyers know they will probably wind up paying over-asking, many putting in competitive offers on properties that were actually listed below their max budget. You can attract more buyers by listing at a “sweet spot” price point rather than scaring potential buyers away with an asking price that is too high.
How do you set that “sweet spot” price? Research and the help of an experienced real estate agent in your area. Seeing what recent comparables (homes like yours/in your neighbourhood) have sold for is a great first step.
What IS the purpose of this room?
2. The Listing Looks Bad.
Many buyers get their first impression of your property from the online listing. Primarily the listing photos. If you have dark, blurry, or generally poor quality photos your listing will turn away buyers who might otherwise have been interested. Professional photographers make listings pop. They know how to highlight your home’s best features and make it look bright and inviting.
A well written description is another way to make your listing attractive. You want to be informative, while also describing exciting things the buyer might not know. Does the home have any interesting history or character features? Are there cafes and shops nearby? The more people who look at your listing and like what they see means more buyers are likely to tour your home in person, increasing your odds of making a sale.
Listing photos can also look bad even with a professional if there is badly laid out/dated furniture or clutter.
Which also brings us to…
Phew, That's better!
3. It Isn’t Staged Well.
If you want buyers (online and in person) to see your home in its very best light, staging is important. By decluttering, cleaning, and strategically arranging modern furniture a space can be transformed in an unbelievable way. Oversized or dated furniture will leave many buyers unable to see the potential of your home. So will personal memorabilia and photos, so pack those away for the move to your next home. You want the buyer to see what’s great about the property, and also be able to picture it as their home.
By using minimal furniture in deliberate ways, you are showing buyers a vision of what each room can be. Even spaces you thought were useless can be given a purpose through staging. A well staged home looks much better in listing photos than a cluttered home or a home with no furniture.
Think of it this way: There are two similar properties on the market. One is staged and one is not. Which one will stand out? Which one will buyers better be able to picture as their home?
See more about the impact of staging in Should I Stage My Property?
4. You Need to Do (Some!) Updates.
We’re not saying renovate. Unless you want to do large scale renos, there are minor changes that will still greatly impact buyers’ impressions of your property. Start by asking your Realtor for advice specific to your property.
Some common updates you can consider: Add a fresh coat of paint (at least in the main rooms) in a neutral colour, replace damaged baseboards or flooring, touch up the exterior of your home to add curb appeal. Then, have the home professionally cleaned and staged. Even without a renovation, the difference after you make these smaller changes will be impressive, to you and to buyers!
See more ideas about easy updates that add value in 5 Secrets For Selling Your Home FAST.
Of course, even homes that need work shouldn’t sit on the market too long if priced right and marketed well.
Which brings us to the final reason homes don’t sell…
Is your agent honest with you?
5. The Real Estate Agent is Mishandling the Sale.
One of the ways all of the above problems can be corrected is by not making them in the first place. How? By hiring an experienced real estate agent who knows their stuff and will work hard for you. This is one of the biggest financial undertakings of your life, and you want it to go well from the start.
If you hire someone who is inexperienced, or worse dishonest, your listing can unfortunately go badly. Just because an agent says they can get a temptingly high price for your home doesn’t mean they are the right choice. They might try to attract you by promising a higher price, ultimately to have the listing sit on the market too long without selling.
You want to research agents who specialize in your property type and area, who come well recommended, and have demonstrated experience and success working with sellers. Meet with more than one or two agents to compare their services and plans for your sale. Among their many responsibilities, your Realtor will appraise your property, advise you about any updates you should consider, carry out a great marketing plan, and list it at the right price to attract buyers. They will also advocate for you in negotiations and make sure the sale goes smoothly.
Sold!
See more about finding the right real estate agent:
These are some of the common reasons some properties doesn’t sell. Hopefully now you have an idea of what tactics will (and won’t) get your home sold. No matter what the current market looks like, we are here to offer you individual advice about successfully selling in Toronto. Give us a call any time!
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