5 Reasons Your Toronto Home May Not Be Selling
Written by: Erica Mary Smith
Posted on: December 1, 2015
With Toronto’s housing market hotter than ever, it may seem like any home for sale will be picked off the market in no time. The demand for homes in Toronto is high and shows no sign of slowing down. Yet, even in Toronto, some homeowners find their homes languishing on the market, failing to catch interest from buyers. No matter how good the market, houses for sale in Toronto still have to be priced competitively and marketed effectively. With the number of Toronto homes for sale, you need to be able to make yours stand out from the crowd.
Here are five common reasons which can explain why your home isn’t selling.
It doesn’t matter how good the housing market is if your home is still more expensive than most other homes on sale. Realistically, your home should attract interest within a couple of weeks on the market. If it hasn’t, that’s a good sign it’s overpriced. Setting the right price for your home requires research. Look into other homes on the market and in your neighbourhood. A Toronto realtor can help you determine a competitive price.
Some homeowners may think they can just drop their house on the market and have it scooped up, but even when there’s high demand, you need to be marketing your home. Many buyers use social media to look for listings, so your home needs to be marketed through these online platforms. As well, any marketing material—such as photos and videos of your home—should be created by a professional who can make your home look as attractive as possible.
Off-Peak Listing Times
There are good times and bad times to list a home. The same house can be snatched off the market in an instant one time of year but sit for weeks at another. The best time to put your home on the market is in the late spring and early summer when there are more buyers. Summer vacation, the start of school, and the holiday season can all put a damper on the housing market.
Condition of Home
Your neighbour’s house may have sold for over a million, but that can be partially due to expensive renovations and remodelling, luxurious additions to the home, and other things which may separate their home from yours. The state and condition of your house play a part in how much it will go for. If renovations are going to be necessary after the purchase, you can expect to price your home a bit lower than it would go for otherwise.
Sometimes, a home may go for less because of some feature of the house or neighbourhood that is unattractive to buyers. For instance, if there’s a commercial development being constructed across the street, some buyers may not want to deal with the noise for the next few years. However, even smaller things can be a turnoff to buyers. Figure out what buyers may have a problem with and determine a way that you can address it. A professional realtor can help you find these problems and figure out how to best tackle them to make a sale.
Condo Chicks from Stomp Realty Inc. is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please call us at (416)-366-3033.