No Offers on a House For Sale

You’re chasing the curve, but never ahead of it

If you’re in a cooling market and still aren’t receiving an offer, it’s likely because you’re chasing the curve but haven’t priced ahead of the curve. (i.e. you finally agreed to reposition your home, but your new price is 2 months too late)

Therefore, if prices are dropping every month (or even faster) then you’ll want to be ahead of the curve to avoid a continuation of price adjustments moving forward. The most recent sale sets the benchmark, and if those recent sales are trending downwards then It’s better to price ahead of the curve now than to constantly be too late and not receive an offer.

Solds are the only successes in the marketplace. They are the most important metric to pay attention to because it shows what people are actually willing to pay for a home today. Active properties are an indicator of your competition but also show the price at which homes have not yet sold. Pending transactions are important to look at because they’re a leading indicator of where the market is going.

The marketing is lacking

Marketing is a very important part of the real estate selling process, and it’s important that your realtor is utilizing both online and offline marketing to increase exposure.

When it comes to selling a home, more exposure means more offers. If no one sees your home, or your home is marketed poorly then it will hurt your chance at receiving an offer.

These are some signs that you have a marketing problem:

• Your photos are terrible, minimal or non-existant
• You don’t have a virtual tour or videography to market your listing
• You’re missing room measurements or a proper floor plan
• Few people are making appointments to see your home.
• There is no captivating description for your home, and the public remarks lack lustre.
• Your home is not being advertised on social media.
• Your pricing strategy is totally out to lunch. (pricing is marketing too!)

If you have a marketing problem, then you hired the wrong agent!

It doesn’t show well

It’s difficult for buyers to imagine the potential in a home, so it’s important that your property is staged well, kept clean, decluttered, depersonalized, and always showing at its best.

The better your home shows, the more the buyer will feel that it is cared for and well maintained – which will communicate a higher value than one that is left messy or in poor condition. 

Your home is difficult to show

If you are restricting showings, your tenant is not cooperating, or your realtor is difficult to get a hold of for showings then this could greatly be impacting the ability of your home to sell.

Statistics show that for every buyer that puts in a showing request, for every request denied only 50% of buyers re-book a showing. For this reason, it is so important to do your best to accommodate every showing that is being booked because it could be your one and only chance!

“There’s too much work”

If the feedback you’re receiving from buyers coming through is that there’s too much work involved with the sale, then it’s typically with regards to one or both of the following:

• Cosmetic upgrades
• Maintenance/Necessary upgrades

When it comes to maintenance, it may be the rotting deck outside or the leaking roof that you’ve been meaning to replace. If you know there are things that need to be done on the property to bring it up to the basic expectation of a buyer coming through, then it’s best to do those before your list or at least factor this in to your price.

Cosmetic upgrades will often depend on your competition and what’s expected in your market place. Many buyers will want to have a renovated kitchen, bathroom, and floor – so if your home has not been renovated but you’re pricing in line with renovated homes then the buyer will likely feel that your home needs more work than other competing properties.

The key to selling real estate is the price – everything sells for the right price. If you have not factored in the effort and cost it will take a buyer to perform upgrades perceived as necessary by the buyer, then you likely have a pricing problem as the buyers can’t see the value in your home compared to other upgraded properties.

You hired the wrong realtor

It can be hard for realtors to accept that they may be part of the problem, but in many cases it is true that their lack of experience, marketing, professionalism, or effort is hurting the sale of your home.

You will know that you hired the wrong realtor if:

• You’re lacking professional photography, a virtual tour, and an enticing description
• You answered yes to any of the marketing questions (you have a marketing problem)
• Your realtor hasn’t shown up to any of the showings
• Your realtor hasn’t provided you with any feedback from the showings or open houses
• You’re feeling bullied
• Your realtor hasn’t provided you with proper comparable properties, a market update, or isn’t able to properly communicate what’s going on in the market to you.

You’re priced too high

Beyond the marketing, your realtor, and the temperature of the market, the most likely factor when it comes to a lack of offers on your home is the price.

Your realtor should be showing you the sales, active properties, and expired/terminated properties in your neighbourhoods in the last 30-90 days.

These recent comparable properties will help to determine your listing strategy and also a rough estimate of what your home should sell for. How does your home measure up to those properties?

When sales are low and buyers are scarce, the ones that are looking are looking for the best VALUE. Keep in mind that value doesn’t always mean the best price, but if two homes are the same price and one is more renovated, or larger, or on a nicer lot than the other then it will have a better value.

—–

If you’re feeling frustrated with your current realtor and are looking for a second opinion on how to get your home sold then call or text us today at 604-319-0200. Or email us at [email protected] to start a conversation!