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<\/a>Photo:\u00a0christian koch<\/a>\u00a0\/\u00a0Unsplash<\/a><\/em><\/p>\nIf you thought selling a home was as easy as plonking a \u2018for sale\u2019 sign on the lawn and waiting by the phone, think again.<\/p>\n
In many competitive real estate markets across the country, it\u2019s no secret that sellers have had the upper hand for a while \u2014 multiple offer scenarios, properties selling in less than a day, and bully offers have become more common than not. But just because you have a property to sell doesn\u2019t necessarily mean you should expect a flood of buyers knocking down your door.<\/p>\n
\r\n SEE ALSO:<\/span>3 budgeting tips that every new homeowner needs to know<\/a><\/strong>\r\n <\/div>\nWhen properties don\u2019t get the traction they need \u2014 whether they have something wrong with them or not \u2014 they sit on the market. Your home is now what the industry calls a \u2018stale listing.\u2019 Stale listings are like stale doughnuts \u2014 they might look great, but once people know they\u2019ve been sitting around for a while, they tend to get suspicious and avoid them. An untouched listing lets homebuyers speculate that something is up.<\/p>\n
\u201cThe first assumption that jumps into every agent and buyer\u2019s mind when it\u2019s been sitting is, \u2018It\u2019s probably overpriced,\u2019\u201d says Cam Woolfrey, a sales representative with Royal LePage Realty\u2019s Storey Team.<\/a> \u201cThe second thing that would come to mind would be something is probably wrong with it.\u201d<\/p>\n If your home has yet to see the hopeful buyer you\u2019ve been waiting for, never fear. As Woolfrey explains, sometimes your property just needs to restrategize and receive a kick in the pants to get on the right track.<\/p>\n Labeling a listing \u2018stale\u2019 depends entirely on what you\u2019re trying to sell and for how much.<\/p>\n Generally speaking, Woolfrey outlines that entry-level freehold homes that haven\u2019t sold past 20 days are considered to be \u2018sitting on the market.\u2019 For entry-level condos, it\u2019s about 15 days. In the luxury market, there\u2019s a little more leeway, but freeholds that haven\u2019t budged in one and a half months, or luxury condos that haven\u2019t moved past one month, are stale.<\/p>\n Photo:\u00a0Wiktor Karkocha<\/a> \/ Unsplash<\/a><\/em><\/p>\n Woolfrey explains that buyer cycles change approximately every two weeks \u2014 buyers come through, examine the product on the market, and then move on. It\u2019s also the time when fresh listings will get the most exposure in automatic searches. Hence, the first few weeks in a listing\u2019s life are the most important. If your listing is coming close to passing its freshness date, it\u2019s time to change course.<\/p>\n A real estate agent who is familiar with current market needs and has a good sense of direct competition can best decide how to rework your listing strategy so your home entices buyers over competitors. Your agent should keep an ear to the ground and make decisions based on market condition analysis at the time of sale, especially in a fast-paced spring or fall market when you might be up against neighbouring properties.<\/p>\n \u201cThey should be able to analyze the current market, analyze what your direct competition is, and position your asset in a way that favours people looking at your [listing] over others,\u201d says Woolfrey. \u201cOr, if it\u2019s not looking at yours, then\u2026 find a way to create that competitive advantage versus who you\u2019re listed against.\u201d<\/p>\n When it comes to moving the needle from \u2018for sale\u2019 to \u2018sold,\u2019 pricing is paramount.<\/p>\n Woolfrey stresses that the right listing price is key, otherwise, if your home sits on the market, it could cost you all of the leverage you have in a seller\u2019s market.<\/p>\n Photo:\u00a0Nik MacMillan<\/a> \/ Unsplash<\/a><\/em><\/p>\n \u201cThe longer it stays on the market, the more leverage the buyer gets to have, which, nine times out of ten, is likely the case because of the fact that, whatever the reason is that it\u2019s not selling, you\u2019re able to position yourself as a buyer and say, \u2018Listen, this house should have sold. There\u2019s a reason why it\u2019s not selling, so here\u2019s our price. Take it or leave it,\u2019\u201d he says.<\/p>\n Some homes may use overpricing as a listing strategy to force competition or \u2018test the market\u2019 but Woolfrey explains that this is counterproductive. Even if you\u2019re priced 10 to 15 percent above market prices, Woolfrey says it could cut your buyer pool by half, or cause the property to sell at market value or lower.<\/p>\n \u201cYour strategy should be to get as many people through the property as possible,\u201d he says.<\/p>\n If your price isn\u2019t the issue, perhaps your listing\u2019s marketing strategy sucks \u2014 those darkly-lit, portrait-mode iPhone photos of your untidy kitchen probably won\u2019t attract the buyer\u2019s offer you want.<\/p>\n \u201cYou\u2019re going to want professional photography, floorplans, video marketing, targeted online campaigns, just designed to maximize the amount of visibility that your listing has,\u201d says Woolfrey. \u201cIf you don\u2019t have that, that would be the first thing I\u2019d reevaluate and suggest.\u201d<\/p>\n Staging is the unsung hero of listing marketing tools, and combined with professional photography, can really do wonders. It is pricey, but you\u2019ll likely make a return on the investment once you sell, or your listing brokerage may even cover the cost for you.<\/p>\nYour listing is past its best before date<\/h2>\n
<\/a><\/p>\nThe price is right, or so you thought it was<\/h2>\n
<\/a><\/p>\nThe property had an ugly picture day<\/h2>\n