Reason #1: Bad Timing
If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception.
When demand outpaces supply, it’s considered a seller’s market and homes get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer.
Now What?
In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We can estimate how long a home like yours should take to sell given current market conditions.
Reason #2: Ineffective Marketing
Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy.
Take a look at your listing description and photos. A clear description and high-quality photos are crucial. Many buyers use these to decide whether or not to visit your home. Another factor to consider is whether your listing reached the right audience. Some properties require a more robust marketing approach to be found by the most interested buyers.
Now What?
If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate.
Want to learn more? View our complete Property Marketing Plan.
Reason #3: Poor Impression
If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property.
Start with your home’s structure and systems. Are there any “red flags” that could’ve scared away buyers, such as large cracks in the foundation or water stains on the ceiling? What about neglected maintenance and repairs? Finally, was your home properly prepped to maximize its appeal? A clean and decluttered space helps buyers more easily picture themselves living in your home.
Now What?
When we take on a new listing, we always walk through it with the homeowner and point out any steps that should be taken to boost its sales potential. In some cases, we will recommend that you utilize staging techniques that are shown to help homes sell faster and for more money. We can help you determine the appropriate budget and effort required to get your home sold.
Reason #4: Price Is Too High
It’s possible your home’s original asking price was set using sales data from before a market shift. But regardless of the economic climate, pricing a home is always tricky because so many factors can impact how much buyers are willing to pay.
Many homeowners are reluctant to drop their listing price. But the reality is, buyers may not seriously consider your property if they think your home is overpriced. If your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated.
Now What?
If you aren’t in a rush to sell, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price.
However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs. We can help you determine a realistic asking price given today’s market conditions.
Reason #5: You Hired the Wrong Agent (Or No Agent At All)
If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way.
Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. That can be an equally frustrating experience—and research shows it can actually cost you time and money in the long run.
Now What?
If either of those scenarios sounds familiar, we should talk. By now, you owe yourself more than the status quo when it comes to your real estate representation. Our multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process reconnect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities.
Ready to Make a Move?
DRAGA Kapetanovic
From an IT Professional to a Real Estate Agent, Draginja (Draga) Kapetanovic’s philosophy in life comes from the book, "The Secret." She strongly believes in the law of attraction, gratitude and giving back to the community.
Draga’s success comes as a result of loving people and helping them find their dream home whether they are first time buyers/sellers or repeat buyers/sellers. Combined with a winning attitude, she attracts clients from all walks of life. Many of her clients have attested to her shear enthusiasm being so contagious that the buying and selling experience has become exciting for them.
FOCUSING ON YOU
To Draga, focusing on you means listening to you, identifying, and exceeding your expectations, as well as, anticipating future needs. Draga recognizes that buying and selling a home is one of life’s most important decisions. Draga understands the process can be challenging and complex, which is why she focuses on taking the pressure off you, so you can make clear decisions throughout the process. Clients choose to work with Draga, not only because Draga is an award winning agent, but also for her strong work ethic, extensive knowledge of the residential real estate market, and excellent negotiation skills. Draga is putting extra efforts in finding off-market deals for buyers. Draga is happily serving her investor clients, when time comes to search for the best tenants for them, as well as helping newcomers to settle in their first home in Canada.
Whether she is enjoying a relaxing evening with her kids, reading a book, knitting, hiking or helping her clients reach their goals, Draga’s enthusiasm, attention to detail and commitment to help people gets her the most out of life.
Draga aims to provide the highest level of service to her clients and takes deep pride in helping them achieve their real estate goals.
Royal LePage Realty Centre, Brokerage
Mississauga, ON L5B 1M8
Canada