The current real estate market is complicated, and it seems to be getting more unpredictable day by day. On the one hand, demand is unprecedented. Increased immigration and a growing population mean there are more people than ever who want to buy a home. 

By all accounts, this looks like great news for sellers. But no matter how favourable the market appears, not every home sells. As a result, some homeowners are perplexed that their listing hasn’t received any offers at all. Why is this happening, and more importantly, what can we do about it? In this post, we’ll examine some of the reasons buyers may pass you by and how to generate more interest in your home.

How Economic Factors Are Affecting the Housing Market

Basic economics dictate that high demand and low supply should result in a robust market with fast sales. In real estate, every listing should generate massive amounts of interest and multiple offers. However, a key component is missing from this equation. When listing your home, you must take into account a buyer’s ability to buy. 

As we mentioned, there are many people out there who want to purchase your house. But with the high prices of housing, the pool of potential buyers who have the means to buy is much smaller. Even in a high-demand market, you can’t take anything for granted. You must still prepare your house for maximum appeal and market your listing extensively to an ever-shrinking group of qualified buyers. What are some of the other reasons you may not be getting offers?

A compelling price point and comprehensive marketing strategy are essential to a successful sale. The posts below will help you with everything you need to know:

• What’s Your House Really Worth?
• A Back to Basics Guide to Maximizing Your Sale
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home

Inaccurate Pricing

When offers fail to materialize, it could be due to the size, location, features of your home or outside factors. However, more often than not, it comes down to price. Over or underpricing your home are common mistakes that can prevent you from selling successfully. 

• One outdated strategy that is still prevalent is to set your price above market value in the hopes that buyers will negotiate with you. However, in this day and age of fast information via the Internet, this approach generally does not work anymore. You may get a lot of showings, while offers are few and far between as qualified buyers pass you by.
• Underpricing your home is another misguided strategy. At best, you’ll sell your home for less than it’s worth. Buyers may also try to lowball you, believing that you are selling out of necessity. At worst, the most qualified buyers may worry that your low price reflects a problem with the home that they don’t want to deal with. The end result of over and underpricing your home is the same. The people who are most qualified to place an offer lose interest and move on.

How do you know what the optimum price is for your home? A local real estate agent can perform a CMA (Comparative Market Analysis) based on up-to-date information and accurate statistics. The right price is the one that generates the most interest from qualified buyers in the market right now.

Are you curious to know how much your house is worth in today’s market? There is no reason to guess. You can book a free home evaluation right here.

Under Promoting

More than ever, advertising and marketing your listing to the largest pool of qualified buyers is essential. And it isn’t just about reaching the most people. It’s about reaching the right people, the ones who are pre-approved, highly motivated and ready to act. 

A lack of promotion is one of the reasons FSBO (For Sale By Owner) listings often fail. A qualified and experienced real estate agent ensures your listing gets advertised on the MLS® and Realtor.com, as well as being promoted through various real estate boards. Many brokerages also come with lists of buyers who have already been vetted and are just waiting to find the right home. This extensive networking and comprehensive marketing exposure can help to bring in the offers even when facing challenging conditions.

Skipping Steps

When demand is high and buyers are frantically searching, it’s easy to become complacent during the selling process. It’s understandable, especially if you believe your home will sell regardless.

Getting your house ready for the market can be expensive, not to mention a lot of work. There’s the cleaning, decluttering and minor repairs. And let’s not forget the yard work to make your house appear beautiful right from the beginning. And if you really want to get results, you might consider staging your home in a way that instantly captivates your buyer’s imagination. All of these pieces come together to help your listing stand out from other homes in your area. If any competing sellers decide to skip any of these steps, you will have the advantage!

What should you do to get your home ready for results? The posts below will give you some ideas:

• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results
• Worth It or Not? What Renovations Really Help When Selling Your Home

Realistic Expectations Are Essential

Is it possible to do everything right and sell your house successfully but still feel like you did something wrong? Selling during a shifting market can make even the best results feel disappointing if you don’t know what to expect. 

Many transactions simply cannot live up to what homeowners have come to expect after the last few years of a hectic seller’s market. Resetting these expectations to align with the current reality will make the entire process more enjoyable and less stressful. 

Taking longer to sell than you had initially hoped isn’t always because of a mistake or failure to advertise. Some houses just sell faster than others. Even with up-to-date statistics, no one can predict how long it will take until the offers come pouring in. 

But at the end of the day, what matters most is finding the right buyer and achieving the highest amount possible from your sale that the current market will allow. Even if it doesn’t happen as quickly as you thought, expert guidance and following all of the steps without fail gives you the best chance of receiving favourable offers on your home.

Do you have questions about selling your home in a challenging market? We are here to help every step of the way. Reach out right here or call 905-332-9223 for more information or to get started today.