It’s a new year and you have goals, some new and some old. One of them may be that this year is GOING to be the year you sell your home. And before you get your home back on the market you’re wondering why your home didn’t sell last year.
Let’s take a look at a few factors that would have affected your home sale last year and what can be done this year so you WILL sell your home.
Factor: Market Conditions
Last year’s market conditions is out of anyone’s control. We entered the 4th year of a declining market. What does that mean? It means that homes sold in February for example, sold for less in April, June, etc. The price continued to drop and the number of buyers out there were fewer then years prior.
Solution: This means you need to have the right combination of marketing, pricing, and how your home shows – in order to make sure you have the best chance of selling. You also need to be proactive in followup with the showings that you have in your home. Did you find out from agents why your home wasn’t the home their buyers wrote an offer on? Did you have a professional, full time Realtor working for you? What was their plan?
Factor: How Your House Shows
When you had your home ready for photos and showings, what did you do to prepare your home? If your answer was nothing, then there’s a huge issue there in itself. Unless you are living in a show home, there are some major things to consider when putting your home up for sale. There are thousands of choices for buyers -what is going to make your home stand out and be that home? Last year your house may not have sold because of some little details that could have been taken care of prior to showing.
Solution: Did you depersonalize the home? Or are all your family photos still hanging up? Did your home look cluttered or too bare? Sometime staging isn’t about putting everything all away. Nor do people think all the kids toys “can help them imagine their family”. When you work with Melody at the reLIFE Team at REMAX Elite she hires a stager as part of our team. The stager walks through the home with you giving you a tangible list of things to do to the home to make it pop in pictures and in person!
Factor: How Was Your Home Marketed?
When you had your home on the market last year, how was it marketed? Where did you see the home? How many websites was it on? How many photos were put on MLS (Was it on MLS?), you can have up to 40 photos on MLS – were they all used? Was your home on social media platforms? What strategy was taken to get your home seen on social media?
Solution: What you did last year won’t get you where you want to go next year, so make sure that whatever you did for marketing this year is different; I’d suggest more aggressive for this coming year. Did you hire a professional? Having someone who does this full time will definitely help leverage the eyes on your home. We have a team not only do I, as your Realtor get word out to other agents and keep an ear to the market, my team of of assistants also helps me in marketing your home to ensure that you get the most coverage.
We have your site syndicated on over 10 websites, if you want to know what we do for our social media strategy contact us today and we will be happy to talk to you more. We maximize all the photos on realtor.ca and we also ensure that your photos are taken by a professional, plus we have an inhouse videographer that will make the best video to market your home.
This is the hardest factor for home owners to consider logically and not emotionally. You need to take a look at your price you had your home last year and think, how did I determine this price? Did I have a professional who knows the Edmonton Real Estate market price my home? Did I factor in what I FEEL my home is worth? Did I factor in too much money for the upgrades I did in my home?
At the end of the day, the reason why your home didn’t sell usually always falls heavily on the PRICE of your home. You may have an idea of price because you need a certain amount to buy your next home or to move on, but the market doesn’t go based on emotions…if anything it goes off the buyers emotion on what they think your home is worth – not the sellers. Which is why the above is so important to help align your emotions.
Solution: The solution isn’t just to randomly decrease your price by $5 or $10K, you should have a new market analysis done prior to when you are about to list so it is the most accurate. But you also want to figure out what your pricing strategy is. Are you working with an agent? Work together with them to determine the best price point. I like to work with my clients on their pricing strategies so we have a plan of action when the house hits the market and what we do in the days and weeks to come to ensure that we get the most amount of money in the shortest amount of time.
Hopefully this article shed some light as to why your home didn’t sell last year but not just why didn’t it sell but HOW you can sell your home this year.
I’m happy to talk to you anytime about your home sale in Edmonton, you can email me email@example.com or contact me at 780-945-7821. I do wish you the best for your home sale this year, 2020 is the year to get your home sold!