Why Isn’t My House Selling?!
So you’re in agony because your house has languished on the market for weeks (maybe even months) and still no bites. Here are 4 reasons that may be keeping the buyers away:
1. Your Home is Overpriced
Sorry, but this is the number one reason houses don’t sell in a timely manner. The truth is that buyers set the value of your home; if they’re not making offers anywhere near the list price (or perhaps not making offers at all) then it’s overpriced.
When you ask an unrealistic price for your property it can set into motion a process that will work against you, let me explain.
There is a “honeymoon period” when it comes to listing real estate for sale; it’s a 2-3 week period when everybody looking in that price range will want to see your house. If it’s overpriced by even as little as 5% it will be duly noted and interest in your property will wane.
For example: if you’ve got a house that really should be priced at $300,000 and it’s listed at $350,000 you’ve committed a number of errors. Firstly you’re trying to compete against houses that actually are worth $350,000 and your house isn’t going to compete well. Secondly you’ve priced out buyers who might have qualified for financing at a more reasonable price. And thirdly even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart.
2. Your Home Doesn’t ‘Show’ Well
Your home is competing against shiny new houses with their attractive prices, incentives and community amenities; and in Calgary where they seem to build a new house every 15 minutes this is especially so.
Face it: Even the best old house needs a makeover if it hopes to attract a qualified buyer.
The good news is most of the work is cosmetic and relatively inexpensive (if it’s not cosmetic and repairs are needed, they must be done before you list the house anyway). At the very least go through the house and pack away all non-essentials (anything personal or “stuff” that is taking up space). A new coat of paint is the least expensive way to make everything shine and a thorough cleaning of the floors and carpets should be done as well.
3. You’re In a Bad Location
As a real estate agent it pains me to say this but “they’re out there.” Realtors® who mislead, misfire and misbehave. Their bad advice can cost you plenty in time, money and the sheer hassle of keeping your house show-ready all the time.
Don’t let an agent with a high list price talk you into the impossible. As stated before, if it’s overpriced it aint gonna sell! Be realistic about pricing but also ask questions about your agent’s marketing approach.
There may be other factors like market conditions and rapid market changes that can affect the sale of your Calgary property. However, a good listing agent should be on top of these and be talking with you regularly to strategize on ways to combat them. If you're Realtor® isn't communicating with on a weekly basis at minimum you're not getting the service you deserve.