A realistic look at all your options
Why Didn't My Home Sell?
Hopefully, this is a question that you as a seller will never have to ask. Occasionally, though, offer day comes and goes without any offers being submitted. Perhaps it is an issue of showings; there haven’t been many (not enough buyers have visited your home in person). Or perhaps there have been plenty of showings, but no actual offers.
The first plan of action is to refresh the MLS listing and renew the marketing efforts, including open houses, ads and online campaigns. If that still doesn’t produce serious interest in your property, there are other steps to take. Firstly, it is important to examine what the issues may be so they can be addressed, rather than taking a directionless approach to why your home might not have sold.
In most situations, homes fail to sell quickly for three main reasons:
- Asking Price: Everything will sell if the price is right. Looking at a price reduction might be indicated, if there are too many homes on the market in your neighbourhood and not enough buyers.
- Home Condition: This refers to some major maintenance problem, such as an ancient roof or termite problem that has been neglected. Feedback may indicate this is a barrier to selling that you might have to overcome by making the necessary repairs or adjustment to price.
- Staging: Sometimes if a home is vacant, buyers can have a difficult time picturing themselves in it; renting furniture and décor from a staging company may be indicated. Conversely, if you haven’t de-cluttered your home sufficiently, it may be suffering from too much ‘personality’. Sometimes sellers do not listen to the tried-and-true advice to de-clutter their homes and instead leave personal items like wedding photos, knick knacks, personal papers, boxes, craft projects and the like to clog up the walls and surfaces of their homes; it really is a big turn off to buyers, especially when there is competition from homes that have been staged to look much more spacious and open.
In order to compete on the open market, depending on market conditions, your home may need to show beautifully and be very competitively priced. Worst case scenario, especially in the case of unique properties that only appeal to niche markets, be prepared to wait longer than the city average for your home to sell.
Jamie will be happy to do the extra work of cancelling and re-listing your property on the MLS so that any price changes, changes to your home’s structural condition, or changes to its aesthetics, appear as New on the MLS. This will minimize any stigma your property may have acquired from sitting on the market too long. Your home will appear again in buyers’ daily matches. Often, this is all that’s required to produce a renewed burst of energy – and offers – from buyers.
One thought on “What to Do when There Are No Offers?”
Great post. You pay attention to something that most ignore. I am currently trying to sell my old house in Toronto. These tips gonna benefit me a lot. Thanks for such a post.