If you’re like most Canadians, you might think that any home in any condition is going to sell immediately in this hotter than hot Seller’s Market. We’ve all heard the stories of the million-dollar tear-downs in Toronto.
But is that really fact or is it #FakeNews? In some cases, sure, a house can sell in almost any condition. If it has the right location and other benefits and amenities that make it worthwhile but that’s not every case.
If you’ve recently listed your home on the market and it’s just not moving the way you want it to, there are a few things we can do to assess the sitch and find out exactly why your home isn’t selling like the hot commodity it is.
Here’s how we would assess and fix a house that isn’t selling the way it should:
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1. There’s No I in Team
As amazing as it would be, there is no real estate fairy who can wave a wand and make your home immediately sell. Selling a home takes some teamwork and collaboration between the seller and the agent.
If your house is struggling on the market, it might help to take a step back and make sure you are aligned with your agent on your goals and expectations. Your agent should explain everything upfront and set expectations from the very beginning. If you’re not sure, here are a few questions you can ask to get started:
- What does your selling process look like?
- How does the timing of the sale work?
- How do you manage showings?
- When do we review offers?
- Will you be available to me when I need help or advice?
- Will you provide feedback?
Your agent should be aligned with your goals and should have a deep understanding of your specific needs.
2. The Price is Right–Or is It?
Bob Barker should not be your inspo for pricing your home. There’s a lot more nuance and strategy involved with pricing. It’s not just about listing for the lowest price to incite a bidding war. There are a lot of factors at play when pricing a home.
Knowing how to price is a skill and not one that all agents have in equal measures.
You need to consider things like the value of the home, current market conditions, similar properties, and more. There are a lot of factors that go into that final list price, and if you get it wrong by even a few thousand dollars, it might result in your home going unsold.
You also need to be honest with your agent and share your pricing expectations so you don’t get disappointed. Based on your expectations, your agent might suggest one pricing strategy over another.
3. The One Time You Shouldn’t Showcase Your Sparkling Personality
Take a look around your home. Is it completely clear of clutter? Does it look like you’re about to be featured in an Architectural Digest home tour? Is your home ready for the MTV Cribs tour?
Probably not. If you’re like most people, you probably have a little clutter here and there, kids’ drawings on the fridge, family photos on the wall, and maybe even a dog bed or two in the living room.
All of these things might seem like small details but buyers notice them big time. I always say that no one sells the way they live. And for the most part, depersonalizing your home, staging it, cleaning, and decluttering will make a world of difference.
A buyer should be able to picture themselves living in your space and small little changes like a fresh coat of paint on the baseboards or installing new doorknobs can take your home from drab to fab almost instantly.
I always say, staging a home is like putting makeup on an already pretty girl. It just enhances all the best features.
4. Does Your Agent Have The Right Stuff?
When it comes to marketing your home, your agent should be smooth like Joey McIntyre at getting buyers excited to see your home. A top-notch marketing plan starts with an agent who has the right stuff.
Find someone who speaks to the demographic who would most likely buy your home. And make sure they speak to you as well! They need to be on the same page about your home and be genuinely excited and interested in your property.
Some questions you can ask a potential agent include:
- How will you showcase my home? Can I see examples?
- Do you have experience with my property type/neighbourhood?
- What is your online presence?
- Do you offer staging?
You need to feel confident that your agent has the resources, skills, and experience to expertly market your home to the right audience.
If You Build It, They Will Come
Can you relaunch a home after it didn’t sell? Absolutely! We’re in a very strong market and the buyers are out there. There’s an inventory shortage, which is what is currently driving prices at the moment.
If your home isn’t selling, all is not lost. You simply need to take a step back, reassess these four items, and figure out where the breakdown is occurring. I promise you that once you find the disconnect, look at things from a different angle, and make some adjustments, you’ll find more success.
As always, I’m here to help with all your Toronto real estate questions. Whether your home didn’t sell or you’re just thinking about making a real estate move, text or call me at 647-973-8392 or subscribe to my newsletter right here!