The 8% Challenge

Home sales is not a matter of getting in a long single line and waiting your turn. It is lining up against the gym wall and being selected for the competitive sports teams.

As a realtor or as a home seller how are you handling the 8% Challenge?The Sales to Listings Ratio (Total Sales in Month to Total # Active Listings at the end of the month) over the last 2 months in Oakville, Ontario, Canada is around 8%. What does this imply? Out of 100 available homes for sale in Oakville 8 will sell this month, 92 will not. Will your home be one of the 8 or one of the 92? You might think that next month your chances are greater to sell your house because now there are only 92 homes available and you know that 8 of those will sell and eventually the market will get around to buying your home. It is just a matter of time. The reality is that there are 16 new listings added each month replacing the 8 that sold so next month we may sell 9 out of 108 homes to maintain that 8% sales/listing ratio.
The message is that in Oakville if you want to sell your house this month the entire "package" better be in the top 8%.
Your home must be priced in the top 8%.
Your home must be staged in the top 8%.
Your home must be available, clean, inviting, and fluffed in the top 8%
Your realtor must be doing a top 8% job in marketing and selling your home.
Now the ratio mix may change and you may have a great realtor but not so great stager and still sell your home but on average with all things considered you need to be in the top 8% to sell your home this month.

What are you doing to ensure that one of the homes sold next month is yours?
What are you doing to meet the 8% challenge?
Cheers  Doug Izon P.Eng., Broker, Century 21 Dreams 905-599-1265


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