Having your home not sell is more than frustrating, it is costing you money! If you have had many showings and your home is not selling, it is time to make some changes. The longer a home sits on the market, the more the sale price can fall below list price. Statistically, every week your house doesn’t, the more likely it is going to sell for less than even market value. Here are 4 reasons why your home isn't selling in this hot Regina real estate market.
Price
One of the biggest reasons your house is not selling in Regina’s real estate market is price. The listing price is a buyer’s first impression of your home. If you are not realistic with your house price, you could price out potential buyers early on and the house will sit on the market for a long time. It is tricky to price a home to sell as there are many determining factors. These include market conditions, comparable homes in the area, house conditions, and seller’s circumstances. The longer your home is on the market, the more likely buyers assume something is wrong with it and devalue your home. In this market, you will know within 10 days on the market if your price is right or wrong. It’s important to be realistic when looking at comparables and take your agent's advice.
Condition Of The Home
The second most important factor is the condition of your home. If you are getting showings but your home is not selling, it could be a few things. These include poor condition and needing repairs, bold or unique home decor, or it needs a good cleaning. Not everyone wants to take on a project even if the bones are good. Many buyers want a turnkey home or one that won't cost them a lot to repair and design. It is important for buyers to envision themselves living in your home. Try to aim for a neutral appearance with no clutter or bold design choices. Staging your home will make your home feel fresh, clean, and welcoming. If you are willing to spend some money on updating your house, it would be a good idea to get some professional advice on how to spend it to get the highest impact for the lowest cost. It can make a big difference if you clean, paint, patch holes, freshen things up, and reduce clutter and furniture. If you are not willing to spend money to update your home then the listing price needs to reflect this. Prospective buyers will feel deterred if they need to make serious improvements and are not ready to make the repairs themselves.
Accessibility
Another reason why your home isn't selling in this hot Regina real estate market is accessibility. You need to be flexible with your schedule to accommodate buyers wanting to view your home. It is hard to sell your home if buyers can never get into view the home, you give them a short time to walk through the home, or demand an unreasonable notice period to view the home. You should not be turning down showings just because it is inconvenient for you. If the showing request time does not work for you, try not to decline it outright but suggest another time that will work for you. This allows the buyers to know you are trying to work with them and not be difficult sellers. Plus, it is important to keep your home clean day in and day out to accommodate these short notice showings. It is a lot of work but it will help you sell your home quicker.
You Are Selling A Condo
Lastly, it will be harder to sell your home if you’re trying to sell a condo. Even though Regina real estate market is a seller’s market, it is still a buyer’s market for condos. People tend to avoid buying condos because of limited or no yard space, unappealing views, street or parking problems, condo fees, or limited population for resale. Additionally, Regina is facing an oversupply of condos. Condos are still being built which is causing people to struggle to resell their condos and driving the price down. This may cause potential buyers to avoid purchasing a condo as they believe it will be hard to sell in the future and they will not be able to sell it for the price they paid. Selling a condo is more complicated but there are a few things you can do to stand out against the competition. You can provide an incentive such as offering to pay closing costs or condo fees in advance. Hire an experienced professional who will market your home, hire a professional photographer, provide detailed descriptions and find a way to make your unit stand out. You can price your condo slightly below the market competitive prices to grab buyer’s attention.
It is not too late to get your home sold with the right adjustments to your home price, condition, and accessibility. There will always be a buyer for every home. It is important to figure out soon why your home is not selling because the longer it sits on the market, the fewer showings and offers you will get on it. You need to identify and fix the issue that is preventing you from receiving an offer to help speed up the process and get your home sold.
Contact Me
If you have any questions about why your home is not selling in Regina’s hot real estate market, please give me a call at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.