No matter how challenging the market conditions, some homes sell fast for close to list price. No matter how hot the market, some great homes do not sell. I originally grew my Real Estate practice in Edmonton by specializing in consulting to people who had failed to sell their homes once, twice and some cases multiple times. Today it is still a big part of my practice. Each home is unique and so are the reasons, or combination of reasons they do not sell vary. However, here is a few of the more common reasons.
1. The home got lost in the crowd. Sometimes when there is a lot of inventory available your Realtor has to be very creative to launch the marketing campaign in a way that gets attention and keep it top of mind with those most likely to effect a sale. If you are selling a home in a market with a lot of competition ask yourself; “How am I going to differentiate my home.” Often you will decide how to best differentiate by understanding who will be the typical buyer of a home like yours...
2. The home was not marketed to the right demographic. For any home, in any market careful there is a demographic group most likely to purchase. An analysis of the most likely buyer leads your agent to a specialized plan to target this group using traditional methods and new technologies. The shot gun approach to marketing can be overcome in a hot market. In an average to weak market, not defining and targeting your most likely buyers is a critical error. Ask yourself “Who is most likely to buy my home and how are we going to make that group look to us first.”
3. The home does not show well. Everyone knows the basics of getting a home ready to excite a home buyer. But homes that show best appeal to all five senses. We have interior design consultants walk through our listings to offer an impartial eye and expert opinion. It’s worth every penny they charge, because if my clients take their advice their homes sell faster for more money. If your Realtor does not use a professional design consultant hire one yourself.
4. You missed a market shift. Sometimes real estate markets can change very quickly. It can literally be weeks between multiple bidders and buyers running to the sidelines scared. Sometimes, the best advice a realtor can give you is to take your home off the market for a while. Other times, as the majority do just that you can succeed in a changed market with some creative approaches. But you have to be aware of market conditions and how they are affecting those most likely to purchase your home.
5. You got bad advice on pricing. I put this last, because too often people blame price and fail to look at the other aspects. If a good price alone sold a home; for sale by owners would be a lot more successful. That said, it is human nature to be want to believe the Realtor that claims he can get the most for your home. We prefer to educate our clients to the point where they understand how asking price affects sale price and so they know how to pick an asking price that will help them achieve their goals!
These are just a few of the common reasons why, in my experience even great homes sometimes don’t sell. If your own home has not sold, do not be discouraged. Most often when we take the time to analyze why a home was unable to sell and address the cause we can quickly execute a sale on the same property. We have some great examples of this from recent sales in Kelowna.