Why is my property not selling?
Having a property listed for an extended period is very
stressful and either delays, cancels or forces changes to one's plans. As we are in a period with some historically
high listing inventory levels, we are seeing a lot of properties on the market
for an extended period.
Here are a few things a seller can review or consider to
arrive at a course of action:
1) How does the
property show online? Are you happy with
the photos? Do the photos emphasize the best features of the property? Do online
visitors' view all the listing photos? How do the photos compare to the best
ones you see online? Have the photos become outdated? Is a reshoot warranted?
2) How does the
property show in person? Does it compare
with a model home or HGTV prepped and staged property? Does your property have a "WOW" factor?
3) Does your written listing and other marketing collateral
really sell the key features and benefits of the property? Does it
differentiate your property from other listings in the area? Why would someone buy your property over the
others? Does it appeal to the type of
buyer most likely to consider buying your property?
4) What is being done to promote your property? Where is it being advertised/posted?
(multiple channels are best) Does this
advertising highlight the key benefits of the property? What is the level of online activity or
"virtual showings"? How many in person
showings have you had? What has been the
feedback? Ditto for Open Houses?
5) Is your property readily available for viewings? Have you turned down any requests for
showings?
6) How long has your property been on the market? How long do properties in your area typically
take to sell? What are the competitive listings in your area (resale and new
construction) and how does your property compare? How does your property compare to those that
have sold during the time yours has been listed? Why do you think these other ones sold? Have you had any offers and if so, why were
you not able to get a firm sale done?
7) how was the listing price determined? Is the listing price still relevant compared
to recent sales and current competitive listings? Is the listing price at the high end of
properties in the neighbourhood? Has one
overestimated market value based on the cost of renovations, additions or
upgrades? What is the minimum selling
price that allows you to meet your selling objectives? How strong is your
selling motivation?
Most midrange properties should sell in 30 days and if they
don't it is likely that one of the foregoing factors (or a combination) is not
quite right. Have a thorough review of
these factors and a frank discussion with your REALTOR® to determine a revised
course of action and make some hard decisions.
Doing nothing is generally not a good option, as it would only result in
a continuation of an unsatisfactory extended listing period.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 oasisrealty@rogers.com
www.oasisrealtyottawa.com