If you have your house on the market and are asking this question, first, consider how long it has been on the market and compare that to the average days on market for your area. If you’ve been less than or pretty close to the average, patience may be all you need. Not too much mind you. The averages don’t leave a lot of room for error.
If you have been for sale for more than the average time, you should consider the fact that the two primary reasons a home doesn’t sell are price or the sales representative. This is not to suggest you should fire your current sales rep. I’m afraid that’s likely not the problem, but it could be. You need to sit down with your sales representative and discuss what has been happening. Hopefully you have had regular contact with your rep, so this discussion should just be a refresher on what has transpired and what they have been doing to actively promote your property.
If upon review you feel that an effective marketing plan has been created and implemented, it’s time to have the dreaded price discussion. Your rep should sit down and go through an updated Comparative Market Analysis with you, thoroughly reviewing the properties similar to yours that have sold recently, what has been taken off the market and what has come onto the market.
The ones that have sold during the time you have been listed may have been bought by people who also looked at your house. You need to consider why they bought the other house when they were given the choice of yours. The properties that have come on the market are now your competition. Do they show better than yours? Are they better priced? These are all things you need to consider.
It is quite possible that both you and your sales rep believe that time is the answer. It is possible you are at a price point in the market where very few properties are selling. In such a situation you may feel waiting is the answer.
Hamilton is currently experiencing a market that favours the seller. In such a market, well priced homes generally sell in shorter periods of time. If you have determined that your property has been properly exposed, you truly do need to reduce your price to get it sold. REALTORS® often comment that ‘price fixes everything’. This can be very true. Perhaps your home needs updating, or it doesn’t show like a ’10’, or it is not in an ideal location… There are lots of reasons, but if it’s well priced to reflect these issues, there is a buyer out there for it.
As I read this over, I’m thinking I should consider taking my own advice. I’m ready to get my house sold… It’s been on the market long enough!