Updated: Nov 28, 2019
Top three reasons why your home in the GTA is sitting on the market without any offers too long.
You've listed your home for sale and now you anxiously wait for offers. But as time goes by, your home either hasn’t received any showings or you aren’t receiving any suitable offers. And now that your home has been sitting on the market for over 30 days, you should be questioning the reasons why it is not selling and making necessary adjustments.
The average days on the market, or the number of days it takes for a home to sell, is different in every area in Ontario.
In Vaughan - 20 days
In Newmarket - 21 days
In Aurora - 22 days
In Richmond Hill - 23 days
In King city - 32 days
“But generally, you can expect your home to sell within the first 30 days, considering it is priced according to its market value, and your real estate agent has spread the net wide and is promoting it strategically across various marketing platforms,” says Jay Frenkel, Toronto’s Agent Relations Manager at Onlywith.ca team as part of Right At Home Realty Inc.“
WHY ISN’T MY HOME SELLING?
While there could be many reasons why your home isn't being looked at or haven’t had any decent offers, more often than not, the main reason is the price. If the price is in fact the problem, the rest won’t carry as much weight, but should be looked at and re-assessed to ensure you aren’t putting the success of your home in jeopardy.
Here are the top 3 reasons why your home isn’t selling:
Your home if overpriced
Under-exposure due to insufficient marketing
#1: YOUR HOME IS OVERPRICED
One of the most probable reasons why your home isn’t selling is the price.
It is natural to want to get the most for your home, and often sellers set the price based on their personal wants or what they think they should get, rather than what makes sense for the current market conditions.
Today’s buyers are informed and tech-savvy
If you home is overpriced, your buyers will know it. Even before booking an appointment to see your home, your prospective buyers are able to assess the home’s worth, using various online home valuation tools and market assessment reviews provided by their real estate agents.
Comparative Market Analysis
Your real estate agent should do the same for you when pricing your home. A good agent will do a proper comparison market analysis of recently sold homes in your area, within the past 30-90 days (or more depending on the state of the market).
This type of analysis helps establish a realistic and fair price range and eliminate the guess-work out of what price a home will likely sell for. Neither you, nor your agent are able to guarantee with 100% accuracy what your home will sell for. But doing a proper strategic assessment will get you close to what it’s likely sell for.
#2: UNDER-EXPOSURE DUE TO INSUFFICIENT MARKETING
With the growth of digital media, the real estate industry has also evolved drastically – enabling access to numerous marketing and promotional tools and strategies. If your real estate agent doesn’t utilize these online platforms, it might be one of the reasons why your home isn’t selling.
Social media alone is an outstanding channel to maximize the exposure of your home to thousands of people. At the end of the day, your prospective buyers are on social media, and most of them use it daily.
Here are some staggering statistics to highlight the power of social media and what it can do to help sell your home.
As an informed and digitally-savvy home seller, you have to expect the same (and higher) level of marketing expertise from your real estate agent. To sell any product, and especially at a high-price point, you have to cast a wide net with promotional strategies and leverage as many available strategies from the list below:
Local newspapers and magazines
Professionally designed and crafted brochures to leave behind
Listing callout on the website
Social sharing buttons on property pages
“With an impressive in-house marketing team, we have an inside-joke here at OnlyWith.ca that we’re running a high-end marketing agency within our real estate team. But that’s because we recognize the impact of proper marketing efforts on the successful sale of our clients’ homes,” says Jay Frenkel of Onlywith.ca real estate team.
#3: NEGLECTED CONDITION OF YOUR HOME
While professional photos can often mask the problems within your home and attract buyers to view it, a physical visit to the property won’t be able to hide the imperfections.
If you home shows any visible damage, cracked walls, water stains on the ceiling, outdated kitchen cabinets, leaking faucets, or strong odors – your prospective buyers will see this as a “project”. And unless the price reflects the poor condition, not everyone wants a fixer-upper. Neglecting to take care of the home’s problems ahead of time, might affect how long your home sits on the market.
Preparing your home for showings, fixing what needs to be fixed, undergoing minor renovations, and ensuring your home shows well can be a deal breaker.
Knowing what type of renovations will have the biggest impact on the successful sale of your home is critical. Check out our latest article on 11 steps to get your home ready-to-list and sell fast.
GET HELP IN UNDERSTANDING WHY YOUR HOME ISN’T SELLING
If your home has been sitting on the market in the GTA area without any offers, it’s time to reassess your situation and understand what are the contributing factors to the lack of activity. Reach out to one of our agents at Onlywith.ca and we’ll be happy to take on the sale of your home and help you make the necessary adjustments in order to sell fast and with a fair profit. An experienced, resourceful and knowledgeable real estate agent is often the difference between a successful sale and an expired listing.