top 5 reasons your home may not be selling

1. Market Conditions

Times have changed and homes are often taking much longer to sell in our Kingston real estate market. In fact, market conditions across the country can affect how long it takes for your home to sell.

It is important that your REALTOR® regularly provides you with homes comparable to yours that are active and recently sold so you can note the days on market, listing and selling prices etc so you can get a feel for the current market.

It's also important to know if you are in a balanced market, a buyer's market or a seller's market. In a buyer’s market, there are many homes to choose from and buyers have the choice. In a seller’s market, the reverse is true. There are very few homes for sale and therefore the sellers hold the cards. Generally speaking, homes are substantially harder to sell during buyer’s markets, so as a seller you and your agent need to strategize so that you stand out.

2. Price is Too High

One of the main reasons for a house not selling is price. Homebuyers pay attention to overpricing and it's the buyers who determine what the house is worth. To predict what buyers would pay, you need to carefully review recent sales and make adjustments to your property based on competitive differences. If you priced the home yourself, ask for a real estate agent’s opinion on whether you were too ambitious.

Strategic pricing is paramount when it comes to listing and the rest comes down to good presentation and marketing. Once your home is listed, it's important to listen to the feedback you’re getting from people at open houses and showings. Were they disappointed at the home’s quality compared to the price? Is your home is priced higher than nearby homes with better features and more upgrades? If either of these are true, your problem is likely related to price.

A price improvement may be the last thing you want to do but in reality, price reductions are quite common and sometimes necessary to reel buyers in.

3. Location

In the same way market conditions can affect your home’s ability to sell, so does the location. If you’re selling in an area that really only appeals to a specific type of buyer, you may find the property taking a bit longer to sell due to a smaller group of potential buyers.

If your home is in an area that could be classified as undesirable, then you may find it difficult to sell it right away. Instead of throwing in the towel, you need to find ways to make this sale happen. Make sure you sit down with your real estate agent and discuss changes you can make inside and outside the home to help your situation.

4. Season

Homes sell all year long but if you are listing in the winter, that might be part of the reason your home is sitting on the market longer than you had hoped. 

November and December tend to be slower months but after the Christmas season is over with, you may find that activity picks up come January. There are not as many people who want to move in the winter so the inventory is likely less and there are buyers that come out of their shell in the new year.  Plus, if you wait to list in the Spring, you will find that many other sellers are doing the same and you will have more competition. Moral of the story: don’t take your house off the market because it’s the holiday season!

5. Home doesn't show its best

Presentation is key to getting buyers to book showings. This means quality photographs, video and virtual tours and strong marketing to make your home stand out to the buyer pool. However, you need to make sure your home shows well before and during the listing period. 

The first area to focus on is curb appeal. If a buyer is approaching the home and immediately noting concerns or its rundown appearance, that’s a bad start. You’re already giving the impression there’s been a lack of care for the home. First impressions really do matter. Do your best to make your home show well immediately - whether it's landscaping, a new garage door or some flowers, it will all help!

Next comes the inside of the home - Here are some tips on how to make your home show its best:

• Present a blank canvas for your potential buyer, so they can envision themselves within the home;
• Eliminate distractions and/or clutter that might take away from the features of the home;
• Minimize areas of the home that may be less desirable;
• Make the home feel spacious and functional; and
• Identify and address potential problem areas for buyers prior to any showings.

Home maintenance is crucial during homeownership, because when it comes time to sell, a poorly maintained home can deter buyers straight away.  When a property has not been well taken care of, or has been neglected and is obviously in very poor condition, a buyer will assume there are major expenses that will be coming. For a buyer to move forward with a purchase, desire has to be high and fear has to be low. Usually with a home like this, fear is often high and desire is low.

To avoid the impression of your home being a money pit, be sure to assemble documentation demonstrating how the home has been cared for through the years - Age/maintenance of the major expenses such as the furnace/AC unit, roof and windows will be useful to buyers as well as a list of any recent upgrades or renovations you have made in the home.

Please reach out if you have any questions or concerns about your home. I am happy to help!

Kim Purcell

I have been working as a Realtor in Kingston for over 6 years now and work under the Sutton Group Masters Realty Inc., Brokerage. I especially like working with first-time buyers, first-time sellers and clients interested in buying or selling condominiums in the area. I was born and raised in Kingston and know the city and local real estate market very well. If you are considering a move , please reach out to me by phone or email and I will answer any real estate questions you may have. I look forward to hearing from you!

Kim Purcell - Kingston Real Estate Agent

1650 Bath Road
Kingston, ON K7M 4X6
613-985-9371

Sourced from REALTOR.ca article by Meagan Kelly.