Do You Think There May Be a Problem Selling Your Home?

Many homeowners believe they may have difficulty selling their home in London, Ontario. Below are a few solutions!

Older Home Without The Modern Features of Newer Homes

Older character homes

While 20% of buyers prefer older homes for location or lot size, many older homes offer more than 80% want: small bedrooms, no walk-in closet, no primary ensuite, or one-car garages. These factors can cause buyers to pass on a listing without even visiting it. Sometimes, newer homes with contractor-grade materials are harder to sell than character homes with unique features.

Solution?

What features of the home are not up to today’s standards? Sometimes, a home seller can complete a renovation, market correctly to the right buyer, or adjust the price.

Obvious Issues Like Visible No-Nos, Broken Fixtures, Etc.

Paint and fix-ups for a house

Many buyers prefer to avoid potential homes that appear to need work. Small maintenance tasks add up, like flaking paint, a dead lawn, or worn-out carpets. Larger, more noticeable issues, such as awkward property features or outdated plumbing and electrical work, can make selling extremely difficult.

Solution

Do not bury your head in the sand. Be realistic and review other homes for sale in your desired price range to understand what you are competing with. Or work with a competent Realtor who will not be afraid to tell you the truth!

Price

Overpricing a property will deter qualified buyers and leave the listing on the market, prompting questions such as, ‘What is wrong with the property?’ For some homes on the market, high monthly fees, upcoming assessments, and current interest rates affect the monthly cost of the mortgage and taxes, which in turn affect what a buyer can afford.

Solution

Price right the first time, and if necessary, for a condo, offer a few concessions to cover the condo fees, etc.

All homes will sell; it comes down to price, condition, creditworthiness, buyers’ comfort zones, or third-party fear-mongering.

Solution

I tell every client I work with I have no control over the market, but I have control over understanding the market and taking the appropriate, consistent action to get the result of the home selling.

Poor Communication

Lack of communication is a significant problem. You or your Realtor should not act like you are in the witness protection program!

                                             Solution

Be open and upfront. Get your concerns addressed. At a minimum, weekly feedback from your Realtor and you is imperative. If the same challenge keeps popping up, address it!

Poor Marketing

If you are not getting showings, marketing is the problem. However, if the place is overpriced or the home’s condition or location is poor, no marketing will help, and your outcome will be didly-squat! Cell phone pictures will not do you any favours; a professional photo shoot with video and floor plans will, nine out of ten times, outshine your competition!

                                                                     Solution

Accurate information, minimal embellishment, and marketing to the right buyer persona are key. The question to always ask is:” What type of buyer is my home the right fit for, why and where do they search for homes, and how?”

Curb Appeal

You have ten seconds or less to make a good first impression! I cannot tell you how many homes I have shown with clients who, within the first minute, lost interest.

An informative guide to help you increase the value of your home and perhaps avoid costly repair rip-offs when getting estimates & quotes!

I hope the above helps you think hard and long before putting your home on the market. That old real estate tagline “Location, location, location” should be replaced with the three Ps: “Price, Product and Promotion.”

If you were thinking of selling your place in London, Ontario, and the area, what price would you list it for, why and how would you market it?