Why isn’t my house selling?
BY SCOTT MOORE, REALTOR There’s nothing more frustrating than getting your house prepared to sell, listing it, preparing the home for showing after showing after showing, and ….. crickets.
Being trapped in the cycle of cleaning up, being out of the home at inconvenient times, living on edge, and getting rejection after rejection is exhausting.
When selling your house is standing in the way of your plan to get a bigger house, to move to another province, to reduce your bills, or whatever your reason for selling may be, there is likely one question at the top of your mind…
“Is it my realtor’s fault?”
In all my years of selling real estate, I can tell you that I’ve seen some things that have made me raise an eyebrow or two, but what I can say about that question is: its normal to wonder if your realtor should be doing something differently.
Here are some signs that your realtor is doing their job correctly:
1. The information on the listing is complete and correct. Anything that specifically justifies the price of the home should be front and centre. If you have a finished basement, that should be noted and the finished square footage should be listed. If there are special features or upgrades, like a lake lot or a pool, that should be clear.
2. The pictures are bright, in focus, and easy to interpret. The home is clean, and clear of clutter in the pictures. There should also be video.
3. Timing. There are two dead zones in the Winnipeg real estate market that coincide with people’s holidays—December and July. Regular buyers disengage from the process, leaving only the bargain-hunters looking for deals. Being on the market through these dead zones makes you accumulate days on market when the chance of selling the home for a realistic price is very low. Once the market picks up again, those accumulated days on market will reduce your sale price.
4. The marketing doesn’t stop after the first week. Your realtor remains engaged in the sale of your home and continues to communicate with you about their marketing activities.
If all those things are happening, then your realtor is probably doing a great job with the marketing. However, marketing is only one side of the coin: the pricing is the other side, and without honest and accurate advice about pricing, it’s almost impossible to sell your home.
How long do most houses take to sell?
Because of the extreme demand for housing during the pandemic, homes were selling as much as 20% more than value. Pricing has now corrected to normal levels, but if your home is priced at early 2022 pricing, the pricing is off-base, and that is very likely the reason it isn’t selling.
The problem with overpricing a home “just to give it a try” is that most buyers see enough homes to be able to instantly tell whether your pricing is correct. When they perceive a home to be overpriced, their focus switches to the reasons the home is NOT worth the price, which prevents them from bonding to or appreciating what the home has to offer.
Which isn’t to say that underpricing is the solution either—I’ve never been to a listing appointment in my life where the clients say “nah, we don’t care, just get us the lowest price.” Universally, vendors want the maximum amount of money.
How to set the value of your home?
The key is to get the maximum amount of money for a home is to price the home at fair pricing—and then market the heck out of it to create demand and secure the highest possible sale price. Finding that fair price starts with the data. An experienced realtor will work with you to understand the multiple factors that determine a fair listing price, as well as recommend strategies specific to both your neighbourhood and your price point to maximize the sale price.
If your marketing and pricing are correct, the only other box left to check is patience! As difficult as it is to wait, sometimes it takes time for the right buyer to come along, particularly in a changing market.
An experienced realtor, like our realtors at The Moore Group, will continue pro-active marketing, will remain engaged with the process, and will give you the best possible advice to meet your goals. If you have questions about real estate, feel free to give me a call: 204 995 7355.