Why Isn't My Home Selling ?

By
Real Estate Broker/Owner with Hants Realty Limited NSREC#1739
https://activerain.com/droplet/4YNs
Why Isn't My Home Selling?
No one controls the market. We all are subject to the market circumstances at the time we are trying to sell. There are 3 types of markets 
 
1. Sellers market (Like Toronto with too many buyers and not enough houses with bidding wars where houses sell for more than the asking price.) 
2. Balanced market where there are enough homes and enough buyers and buying and selling is normal. 
3. Buyers market where there are too many homes for sale and not enough buyers making it hard to sell your home for a good price. (This is the market we are in here locally.) 
 
A number of things have caused this  
1. Birth Control  We stopped having babies. A generation ago we had 5 to 15 children in a family growing up and buying houses. Now the average Canadian family is 1.6 children. 
2. Our economy and migration many of our young people move away for work. 
3. Credit tightening !! Because of the hot real estate (Sellers) markets in Toronto and Vancouver and the fear of a national housing collapse the federal government has been making it harder to get a mortgage by changing the lending rules. In Canada most markets across the country are sellers or balanced markets only the east coast is experiencing a buyers market because we have little immigration or job growth. 
The end result for all of us here is a buyers market with too many houses for sale and not enough buyers too buy them. 
 
               So what do you do if you are a home owner trying to sell in a buyers market ? It depends on your own circumstances. 
There are two types of circumstances. 
 
Number ONE-I'll sell my home if i get enough money. (Under no pressure and can wait until the market and prices improve.) 
Number TWO- I need to sell my home because of pressures beyond my control personal or financial usually. 
 
Solutions.
Number ONE - List your home at a price you are comfortable with and wait understanding the market is like the lottery and you can't win it if you aren't in it. 
Number TWO -Waiting is not an option have your agent do a competitive market analysis. This compares your house to the houses you are competing with. Then make sure your home is the most competitively priced.
 
All of our circumstances are different but time is the main common denominator. How long can you wait for the market to improve if you want a better price ? Time once lost can never be regained. Circumstances where you do not normally have time to wait can be health (You are sick)  financial (You are being foreclosed on) Personal (Going through divorce or separation) 
 
Early in my career I would go out and give some one a recommended asking price to list their house at. They would want more and because real estate prices always went up I would list it and quite often inflation would catch up with their expectations and we would sell their home at a price they were happy with. They were in no hurry and prepared to wait. As demand and available qualified buyers have lessened that is not happening in our current market. The past few years some of my elderly customer's partner's have gotten ill and passed away while waiting for the market to improve. Now when someone tells me they are under no pressure and have lots of time I feel obligated to tell them nobody has lots of time because we all die. Time once lost can never be regained and I've never seen a hearse with a U-Haul. We can't take anything with us. 
 
Over my career I have seen so many people waste so much precious time with their life on hold while they are trying to sell a house. Time that they will never get back and time that is lost forever.
 
This is time with a loved one, time with your kids, time with your grand kids, time starting a new life in a new location. Precious time.

 

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Rainer
476,910
Lori Gardiner
RE/MAX River's Edge - Bristol, RI
GRI, SRS, ABR, e-PRO

Good Morning Larry, Great advice for Sellers. Thanks for sharing on AR.

Have a great weekend.

Jan 14, 2017 06:06 AM #1
Rainmaker
2,738,319
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I agree with Lori and you of course....never enough time too!

Jan 14, 2017 06:52 AM #2
Rainmaker
304,306
Larry Matthews
Hants Realty Limited - Halifax, NS
Larry Matthews AMP DAC

Thanks Lori and Kristen all the best for 2017 !

Jan 14, 2017 07:10 AM #3
Rainmaker
142,180
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

Good morning!

Great advice for sellers to know.  I hope they will read this blog post.  Have a wonderful weekend!

Diana

 

 

Jan 14, 2017 09:36 AM #4
Rainmaker
534,846
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Greetings from Toronto Larry Matthews .  You are so right about the Toronto market.. its is absolutely nuts!  We are expeirencing a severe shortage of listings in this area, creating a frenzied market with multiple buyers submitting offers on one listing.  In some cases in Toronto, they are selling $400,000 - $600,000 + over asking price.....I wish it would return to a normal market... 

Jan 14, 2017 10:33 AM #5
Rainmaker
304,306
Larry Matthews
Hants Realty Limited - Halifax, NS
Larry Matthews AMP DAC

Thanks Diana same to you.

Jan 14, 2017 02:19 PM #6
Rainmaker
304,306
Larry Matthews
Hants Realty Limited - Halifax, NS
Larry Matthews AMP DAC

Hi Gloria  I was on an appraisal course in Toronto last month and the appraiser giving the course said that he refuses to do some appraisals because they can't keep up with the market and I'm sure afraid of a correction. It must be hectic for Realtors (TM) There.

Jan 14, 2017 02:22 PM #7
Ambassador
3,488,354
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Larry love this reason that you gave:

"We stopped having babies. A generation ago we had 5 to 15 children in a family growing up and buying houses. Now the average Canadian family is 1.6 children."

Canadians must not have watched much TV back then

Jan 16, 2017 09:10 AM #8
Rainmaker
304,306
Larry Matthews
Hants Realty Limited - Halifax, NS
Larry Matthews AMP DAC

I would say not George

Jan 17, 2017 11:55 AM #9
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Larry Matthews

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