The spring Real Estate market is upon us in Calgary and surrounding areas and we are undoubtedly in the midst of a strengthening sales environment. A testament to this turnaround is the fact that our Clients have been involved in numerous multiple offer situations over the past few weeks - and they are not alone.
Why has my home not sold? This is a question that sellers often ask themselves after being on market for weeks - or even months. There are likely clear-cut reasons, many of which can be avoided.
1) Pricing: Arguably the most important factor as to why a home sells or not. Like all consumer goods, homes have a value equation associated with them. The value that the buyer perceives in the home must be equal or greater to the asking price for an offer (and a resulting sale) to come to fruition. If you are entertaining numerous showings, without a resultant offer (or at the very least, a second showing), pricing may very well be the culprit. With the advent of the Internet, today's home buyers are more educated on the Real Estate market then ever before. As a seller, you are best served by 'pricing tight and negotiating hard' - keep in mind that you have nothing until you have an offer. A proven and experienced Realtor will prepare an in-depth CMA (Comparative Market Analysis) for your home - backing his/her pricing recommendation with both applicable homes currently listed for sale (i.e. potential substitute product for your home) and recent comparable sales.
2) Lack of Professional Marketing Exposure: The old adage that 'any exposure is good exposure' does not necessarily ring true when it comes to selling your home. A proven and experienced Realtor will tailor a marketing program designed to specifically showcase the features and benefits of your home to the intended audience (e.g. first-time home buyers, families, executives, empty-nesters, retirees, etc). Experts state that as of 2018, over 97% of all home buyers utilize the Internet during their respective home purchase - a strong, sharp, tantalizing online presence is key to getting your home sold quickly and for top dollar. An effective online marketing strategy starts with professional digital photography/video and goes far deeper than simply placing your home on the Multiple Listing Service (i.e. MLS) - it must include a plethora of top-rated online home databases, websites and social media backed by an avid follower base.
3) Poor Condition: For the most part, buyers are in search of a 'turn-key' home. The pace of life is busier than ever - the last thing that a buyer wants to do is move into a home in need of TLC. Ensure that your home is in good repair (both inside and out), is clean, clutter-free, staged to portray openness and smells pleasant - some of the most common and offending odors include cigarette smoke, pets, moisture/mold and cooking.
4) Not Being Flexible and Realistic: Failure to accommodate showing requests, not listening to showing feedback or refusing to negotiate an offer (with the right Realtor, even 'low-ball' offers can turn into gems) are all examples of hindering the sales process. Just like a loaf of bread, homes have a shelf-life - the longer they sit on market, the less desirable they become.
5) Hired the Wrong Realtor: There are undoubtedly a ton of Realtors in the Calgary and Area Real Estate market - well over 5,000 to be exact. All are jockeying for their piece of the respective pie - unfortunately not all are created equal. A proven and experienced Agent will not take an over-priced listing just for the sake of having a listing. They will provide clear-cut support for their recommended pricing, will provide information (and potentially recommend cleaning/maintenance/staging services) to ensure that your home has its best foot forward, will present your home in a desirable fashion via a professional and thorough online marketing presence and will provide recommendations and direction during the negotiation process. If you have hired a Realtor who doesn't promptly return your emails/texts/calls, does not provide clear and concise information or simply goes MIA after hammering a 'For Sale' sign into your lawn, chances are you have hired the wrong Agent. In Real Estate, as in most professions, you get what you pay for. An amazing mentor summed it up for me years ago by saying "if you are up on criminal charges, are you going to hire the cheapest lawyer, or are you going to hire the best?" I'll leave that answer up to you.
Closing Thoughts: Selling your home is undoubtedly an inconvenience - there are beds to be made, floors to be cleaned, dishes to be done, pets/kids to be removed...all within what can sometimes be short notice. Selling your home quickly and for absolute top dollar is the objective. Established in 2002, the Real Estate Experts at Bamber Real Estate are Home Marketing Gurus who have sold in excess of 630 homes in the Calgary and area market during the past 16 years; 80% of our current business comes via repeat/referred Clients. Feel free to reach out with any questions you may have with regards to the selling process - The Real Estate Experts at Bamber Real Estate are here to help.