Saturday, April 14, 2012
My Home is Not Selling. What are YOU doing besides asking me to Drop the Price?
Pretty common complaint from Homeowners in Calgary. 'All you Realtors do is tell me to drop my price'. Lets look the common factors that influence how long a home takes to sell:
Obviously some things are in our control and others are not. Like always, we MUST focus on the things we can control:
Location is one issue which we cannot influence and only in rare cases can be mitigated. For example if you are near the C-Train or Major road way, you could construct a berm or sound wall which can mitigate some of the effect of sound. However this is a cost prohibitive and not something that makes sense financially for most homeowners. Obviously some locations are less valuable to buyers and your asking price must reflect this.
Condition of the property is one that can usually be controlled unless the condition is so poor as to render efforts useless. Usually the condition of your home is obvious prior to listing the property, but sometimes feedback from prospective Buyers and Realtors does uncover hidden issues. Very often, something as simple as a professional paint job will create a dramatic improvement in value and appearance. Other times you need to commit cash and resources to other repairs and improving the home to bring it up to current standards. If you are not prepared to do this then you must be willing to drop the price.
Time on market is literally Days On Market. MyHomeAgent provides you with average times on market for similar homes to sell and you should allow for at least this length of time in our marketing efforts. If the average time required to sell your home is NOT within your personal constraints then you must be prepared to drop your price.
Marketing is what MyHomeAgent does to create EXPOSURE for your home in today's competitive marketplace. Our Marketing strategy is tested and true and we commit full resources to selling your home. We exhaust all reasonable efforts to sell your home and have been doing this successfully for a long time.
Design concerns are lack of windows, small bedrooms, poor lighting, constrictive floor plan, small yard, etc etc. Some homes are faced with a serious dilemma of poor design and very little can be done to fix this. For example, creating open space by removing wall(s) may not be an option because of cost or engineering. If your home has negative design features then you must price the home accordingly.
Price must be market driven. Sellers need to understand it is detrimental to ask for more than comparable sales in the Calgary real estate market. So why does this happen? Most Sellers think their home is worth more than market value. Homeowners are emotionally attached to their home and usually get their information from asking prices in the neighbourhood or from friends. Good Realtors use current sales data to understand the market and homeowners are usually very surprised that the neighbours house sold for XX Dollars less than it was listed. At MyHomeAgent, we analyze market prices every day to ensure our pricing is always up to date.
Overall it becomes obvious that there are really only three factors we can control: CONDITION, MARKETING, PRICE.
So why do Realtors always suggest to DROP THE PRICE? 3 reasons:
What if the home is priced right and the marketing plan is valid? Sometimes it takes TIME. The price could be right, the marketing could be proper - but the home just needs time for the market to work. Ultimately some homes only appeal to select buyers.
MyHomeAgent uses the our exclusive ELITE SELLERS PROGRAM to deliver the best results for our Calgary clients. We focus on Results Driven Strategies that sell your home in Calgary's current Real Estate Market. Call MyHomeAgent today to discuss.
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