Selling your home in Ottawa has been getting TOUGHER these days. After several years of having a Seller's MARKET, the tide has definitely shifted. We are seeing homes sitting on the market longer as inventories of unsold homes build up. Recent changes in mortgage rules brought down by the Finance Minister, coupled with looming layoffs in the Federal Civil Service, and falling consumer confidence in the face of global economic difficulties have taken the steam out of our housing market.
However, HOMES ARE STILL SELLING.
So what mistakes can you AVOID in order to improve your odds of getting your home sold and getting a fair price in this market?
Here are 3 Common MISTAKES to AVOID;
PRICE too high - It seems that at some level everyone knows that overpricing is a gamble but human nature drives sellers ask for a much higher price than FAIR MARKET VALUE in the hope that someone might pay their inflated price, or in the vain belief that they can outsmart negotiators by "starting out high". It rarely works. More often than not it leads to bad results! So how do you determine the "right price"? Knowing how to set the price is part art and part science. Getting it right can make the difference between success and failure.
Poor TIMING - Many sellers plan to make price adjustments as time goes on. What they fail to realize is that a home that sits on the market for a long period of time can develop a stigma as potential buyers start to feel that the home is defective. Seeing that FOR SALE sign sitting on a home's front lawn for months on end can be depressing. The other factor with respect to timing, is that dropping prices when chasing a falling market trend only leads to more loses then if the home had been priced reasonably from day one. Don't play CATCH UP on prices. It could be costly.
Inadequate EXPOSURE - Naturally, in order to sell your home for top dollar in a reasonable amount of time you need to get your message out into the marketplace. Most buyers today start their search online, and MLS.ca is the largest home-listing website in Canada today. So it is critical that your listing be well crafted and supported with high quality photos and even a multimedia presentation. Of course there are many other popular websites too, but let's not forget traditional media. We have found that printed media can still be an effective tool in marketing your home. The point is that there are many ways to find qualified buyers for your home, and you might want to consider using all of the tools available to you to help you meet your goal.
We can show you how!
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