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Sutton Group Summit Realty
Martin Zielinski, Sales Representative
1100 Burnhampthorpe Rd. #27
Mississauga, Ontario
FREE Tel: 1.866.630.8070
WHY DIDN'T YOUR CONDO SELL?

WHY DIDN'T YOUR CONDO SELL?

Have you tried to sell your home with no success? There may be many reasons why you’ve been unable to hang a “Sold” sign in front of your home. There has been a recent slowing down of the real estate market and the result has been a slow down in house sales overall. Through no fault of your own, you are not able to list a house through a broker and sell the very next day. You have to accept the fact that we will not be seeing a market like that for some years to come.

However, there is some good news. Properties in Toronto, Ontario are selling very well. The tax records and the Toronto MLS show thousands of sales in the last several months.

If you want to sell your home, you need to do some analysis to figure out what needs to done. There are six basic reasons why your home is not selling

1. No pro-active marketing plan

You’ll need a realtor who has a proven marketing plan. Your realtor should also have experience in working with other agents, because most buyers will be working with a realtor. Your realtor is responsible for marketing your home to buyer’s agents and getting the word out on your home. Professional realtors will always provide you with feedback from other agents on how your home can be improved

2. Lack of Realtor Experience

Realtors are in charge of showcasing your home to potential buyers and making it saleable. This is not the time to choose a friend or relative, or a realtor that tells you he or she can get a huge price for your home. Hiring a professional is one of the best ways that you can ensure the sale of your home. Professional realtors will give you an honest evaluation of the value of your home. They will not tell you a huge amount so that they can get your business, and then chip away at that sale price afterward. Lowering the sale price of your house again and again lowers its value in the eyes of buyers. They wonder what the problem with the house is. As a seller, you have the most leverage when your house first goes on the market. A professional realtor knows this and will price your house accordingly to begin with.

3. Accessibility

Homes that are easy to find and get to will sell more quickly than homes that are difficult to show. Remember that your potential buyers and their realtors are busy. They will skip seeing your home if it is too troublesome to see. You should always use a lockbox so realtors can access your home while you are away. This way the buyer and their agent can easily see your home. Electronic lock boxes keep a record of who accessed your home.

4. Location, location, location

If you live in a desirable location, your realtors marketing plan should showcase that! If not, you can take steps to making your home’s location more appealing to potential buyers. Consider the noise level around your home and make sure to build a hedge or wall to reduce noise pollution. Capitalize on nice views and other perks to your home.

5. Minor problems

There are some simple cosmetic changes that you can perform before you sell that will greatly improve the value of your home. The condition of your home is the biggest factor in its value, and even little things can make a difference. Painting is a simple step that can brighten your walls. If you do not have time to paint, make sure that you clean the walls. Other things that can be improved easily are soiled carpet, dirty floors, leaky faucets, pet odors and garish paint colors. Buyers will pay more for a home that they do not have to improve themselves.

6. Your Condo/Loft Price

If you live in a desirable location, your realtors marketing plan should showcase that! If not, you can take steps to making your home’s location more appealing to potential buyers. Consider the noise level around your home and make sure to build a hedge or wall to reduce noise pollution. Capitalize on nice views and other perks to your home.

If you suspect your home may be overpriced, find out how other homes in your area are selling. Take an average of at least three similar sized homes in your area to find the median price for your location. If your price is above that, you’ll need to adjust your strategy. If your home’s price is in line with the average, try making some cosmetic repairs first before lowering the price any further.

Overpricing your home may seem like a good strategy to getting top dollar for your home. However, if you are overpricing, your home will not appraise properly when it is sold. There are several other problems with this strategy.

  • You will lose your negotiating position because your house will be on the market for a long time.
  • Overpricing your home actually makes the other homes in your area look like a better deal.
  • You will lose out on a lot of buyers who are looking for a more moderately priced home in your area.
  • You may have to settle for less than market value because when you continually lower the price of your house, it looks less attractive to buyers.
Selling a home can be simple if you follow the previous steps. Try to prepare your home, and your price, as much as possible for a quick and fair sale. If you need help in selling your home, please call me at 905.897.9555 or find out your condo or loft value by filling out the form.
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