6 Things To Consider If Your Property Isn't Selling

By: Steven Kim

6 Things To Consider If Your Property Isn't Selling

Tags: Sellers, Homes in Toronto, Home Owners, Toronto Real Estate

The market has shifted in a big way. As interest rates have gone up, demand and property prices have come down, and it’s gotten more challenging to sell a property. So what’s a seller to do? 


If you’ve got your place on the market and it’s not seeing any action – or you’re not getting the price you want for it – here are some questions to ask yourself. 


1. Is your home priced right? 

Poor pricing strategy is the #1 reason properties don’t sell. I talk to a lot of sellers who think they can still get peak pricing, but those days are in the rear view. It’s the market that decides what a property is actually worth – not the agent and not the seller. Buyers aren’t going to pay February prices right now, so if your place isn’t priced right, it’s just going to sit. And in a market where average prices are dropping every month, you’re losing money every week you don’t sell. 


So how do you price it right? First off, see what comparable properties are selling for in your area, then proactively reduce your price to one that’s slightly lower than the last sale. Make it attractive to buyers. Don’t keep the number high thinking a buyer will negotiate. That happens a lot less than you might think. Plus, if they’re only searching for properties in a certain price range, they may not even see your listing. 


2. How motivated are you to sell? 

If you’re just testing the waters to see what you can get, this probably isn’t the right time to put your home on the market. But if you need to sell – your place isn’t big enough for your growing family, you’ve already bought another place, you can’t afford your mortgage – you’ll be willing to do what it takes to sell in this market. 


3. Have you given it enough time? 

Right now, homes are taking longer to sell than they did earlier in the year: it takes the typical home an average of 33 days to find a buyer. Check how long it’s taking other homes in your area to sell and base your expectations on that. If you’re getting antsy after a week but it took the folks down the street a month to sell a comparable property, you may just need to be a little more patient. 


4. Is your property staged? 

GTA buyers expect staging. So if your home isn’t being shown to its greatest advantage, people will wonder why. You won’t generate as much interest – and you probably won’t get as high a price. And if it is staged, has the staging been done right? Is it set up to appeal to the right buyers? That makes a difference too. 


5. Have you thought about timing? 

Putting your place on the market just as an interest rate hike is being announced is just bad timing. So is listing over a long weekend or holiday. Even snowstorms and other weather events can put a wrench in a home sale. 


6. Are you working with the right agent? 

An experienced agent knows how to pivot when market conditions change. They’ll guide you in pricing your home strategically – and won’t promise to get you an unrealistic price. They will market your home so it gets seen by as many of the right people as possible, and help you get it ready to sell. 


Concerned that your home isn’t selling? Ask yourself these questions, and be honest with your answers. Then talk to your agent about what your next steps should be.