Whether it is considered a buyer’s market or a seller’s market, there are some properties that just seem to linger on the market. Not only is this frustrating for owners, it can also be incredibly costly and time-consuming. Failure to sell even in a favourable market often comes down to a few common mistakes:
• You’ve over-priced it. It is easy to overvalue one’s home and to expect buyers to pay a premium, especially when it’s a seller’s market. But this can cause it to sit unsold. Be realistic from the offset and enlist the help of an experienced estate agent to get a proper valuation and property analysis report. This will give you an accurate idea of what to expect so you can price accordingly.
• Your home is too you. Say, for example, you’ve recently remodeled with all the trendy appliances you love and you’ve filled your home with all sorts of idiosyncratic items. This will turn buyers off unless they share your exact taste, which is unlikely. When remodeling or decorating with the aim to sell, be sure to stay neutral and appeal to the widest variety of buyers.
• It needs work. Today, buyers are hesitant to purchase homes that are not move-in ready. They want a turnkey property. If you’ve let repairs and routine maintenance fall by the wayside, particularly major projects like roofs, it can end up hurting your chances of a quick sale at your desired asking price.
• It looks like it needs work. Some houses have great “bones”. That is, the structure is quite sound. But they look shabby or run-down. This tends to have the same effect on buyers as homes that actually do require extensive work. They can be dissuaded from buying because they see the endless list of chores ahead of them instead of the endless list of potentials. You can help them see the possibilities by doing some small upgrades, such as paint jobs, new hardware for cabinets, doors etc. and new lighting fixtures.
• You have the wrong estate agent working for you. Not all estate agents are willing to put in the level of effort and time it requires to sell your home quickly. If it’s withering on the market, you may well be getting poor advice.
Fortunately, resolving the last issue and getting an experienced estate agent can help you with all the previous problems! A qualified real estate agent can guide you through the process and help you achieve a successful outcome.