The market has been absolutely fantastic for over 10 years now and at the same time, we couldn’t realistically expect to have homes sell within 3 days with multiple offers forever. Contrary to media reports. the Toronto real estate market is continuing to be strong, however even in the best of times, homes don’t always sell and Seller’s feel emotionally let down by their results. When homes don’t sell in the anticipated time, we need to evaluate the reasons and accept input and advice from your experienced RE/MAX agent(s). In these technologically advanced times, all consumers have easy access to information and everyone feels like an expert. Many times, when a home doesn’t sell, understanding the reasons would be a great head start.
- Personal Goals. For some, the desire to “beat” the average price of the neighbourhood. For others, it may even be to “beat” the guy next door who sold his home last month by fetching more money results in overpricing. For others, it’s a refusal to accept that their home is worth less than what the paid for it, or less than what they want to accept it’s worth;
- They aren’t serious about selling. Some homeowners- those who lack any determined motivation to sell- will list their homes at an unrealistically high price in the hopes that someone will bite. The usual comment is “they can always make an offer”. If someone does, great; if not, no harm done, as the owner doesn’t have to move. This is known as “testing that market”.
- Lack of professional guidance. How does this home compare to others that sold? What are buyers looking for and have market trends affected values? Some homeowners list their homes without professional representation like the type provided by their full time RE/MAX agent. Because of their lack of current market knowledge, many sellers end up overpricing their properties. Others are misled by friends , family or the Internet into believing they can get a certain amount for the property.
- They let their financial wants and needs determine their asking price. Rather than basing their asking price on what comparable type homes in the area are selling for, some sellers overprice because they’re moving to a higher-priced area or have debts to pay off and need extra funds.
If you’re considering putting your property up for sale, remember that a professional real estate sales representative can provide the information and objectivity- you need to price your property to sell in any market. A real estate professional will educate and walk you through all the complexities of preparing your home to achieve the Ultimate price and terms.
RE/MAX Ultimate Realty Inc., Brokerage