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Nov
08
Is your listing selling someone else’s house?
Written by radu
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These days, we’re starting to see some changes on the Canadian real estate scene. The number of listings being offered for sale — otherwise known as ‘inventory’ — is growing, so it’s starting to take more time now for homes to sell. However, while your home may be on the market a little longer because there are more properties for buyers to consider, prices are still staying strong. But what if you’re getting lots of showings, but never any offers? If that’s the case, it could be that your home is listed at too high a price for today’s market.
One indication to watch out for is when the same salesperson repeatedly brings in different buyers to view your home, yet never comes with an offer. You need to ask yourself why this is happening. Why would a salesperson continue to show a home to different people, when none of their buyers have ever shown any interest? Well, chances are this very same salesperson may have their own listing in the area and is using your property as a basis for comparison. It could be that their listing is either being offered for a lower price, or it’s a similarly priced listing with superior features. The bottom line is, next to your highly-priced listing, their listing looks like the better value. Your listing is essentially being used to sell someone else’s property.
The best way to ensure that such an undesirable scenario doesn’t happen to you is to price your property smartly in the first place. Some home sellers list at the very highest price range assuming they can always come down later if need be. However, as any Coldwell Banker real estate professional can tell you, the first few weeks on the market is when a property normally generates the most interest. Now that the listing inventory is growing, your property is competing against a larger number of properties for buyer attention. The best strategy is to price your home competitively with today’s market. Ask Radu Medan to show you what prices similar homes have sold for within your local neighbourhood and get the benefit of his expert advice.
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November 8th, 2006
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