Your Kamloops home has all the benefits: hardwood, fresh paint, a great security system, heated pool, and a built-in barbecue pit. But, why is your perfect home still on the market after 4 long months? In today’s buyers market, your home may be overpriced. That may be a tough pill to swallow after all of the hard work you put into your home, but the market just isn’t on your side right now. So, how can you tell if your home is priced to sell or priced to stay? Here are a few warning signs that you’ll be holding onto that mortgage for awhile:
- No showings
After two months, you’ve only has one prospective buyer through your Kamloops home. This is a huge red flag that something is wrong. If no one is bothering to view your home, you have no chance of selling it. Even if you are getting lots of hits online and the box of flyers out front keeps running empty, there is a reason no one is following through to see the home. Chances are it’s because your home may be priced too high.
- No offers made
So, you’ve made it over the first hurdle and people are coming to look at the home. But, there are no second looks and no offers coming in. While it may be due to poor design choices, wall and floor colors and outdated cabinets, much of that can be overcome if the price is right. Again, in today’s market, it all comes down to money.
- You have the highest priced home on the block
With the current market, many people are looking for a great deal….or even a steal. Homes that are priced higher than those around them are tougher to sell, even if they are worth it. First, be sure your home is worth the extra money –does it have more luxurious finishes or unique features that other homes lack? Is its curb appeal and condition significantly better than other homes in your neighborhood? If so, your home may be appropriately priced. Selling a higher priced home requires even more expertise and strategic planning than moderately priced homes for the obvious reason that you’re are selling to a much small market. Your Realtor® needs to be able to position and market your home in such a way that it will not only attract offers but the kind of offers you want!
- Consistent criticism
Hopefully, your Kamloops real estate agent is getting feedback from showings and is sharing that information with you. Are you seeing a trend in the feedback? Is there some aspect of your home that several potential buyers have disliked - maybe it’s the blue bathtub and toilet, or the worn-out carpet in the living room. In any case, your choices are to lower the price or fix the issues if you want to get the home sold.
- Other homes in your neighborhood are selling
It’s easy to blame the current market for our home not selling, but is that really the case? Are other homes in your neighborhood selling while yours is sitting there? If so, the problem is not with the market. Consult your real estate agent on which homes are selling and how they compare to yours—amenities, size, age, and price. Then, let your agent guide you in the best way to get the best possible price for your home.
No one wants to sell their home for less than they think it’s worth. However, in today’s market, home values are lower than they were 5 years ago. While small steps toward a market rebound have been made, there is still a large inventory of homes on the market - competing for the same buyers. In addition, this puts the buyers in the driver’s seat. In order for you to sell your Kamloops home quickly, you will need to listen to the advice of your realtor, look at the comparable sales around you, and price your home accordingly.
When you are ready to sell your Kamloops home or relocate to the area, call me, Eric Putoto! I am the ONLY Canadian Realtor to have been granted an exclusive license for the most advance home selling system ever developed: The “Maximum Value Home Selling Systems."TM