Why Did My Neighbour’s House Sell but Mine Didn’t?

It can be incredibly annoying to watch your neighbors sell their homes in a flash while yours lingers on the market. You’re likely ready to move on, but snagging a buyer is essential for that to happen. With homes nearby flying off the shelves, it’s perfectly normal to question why yours isn’t getting the same attention.

Let’s take a look at what influences home sales and some straightforward tips to increase your odds of selling.

Key Takeaways:

Selling your home requires careful attention, from setting the right price to ensuring your space feels welcoming.
The housing market can change in an instant, so it’s crucial to stay updated on trends and collaborate with a reliable real estate agent.
Presenting your home in the best light, both inside and out, can significantly impact how potential buyers perceive it.

What Affects Home Sales?

They always change, and sometimes so rapidly that people who own houses maybe do not notice it or are not forced to. For instance, between 2020 and early this year, there was a high rate of homes being mover in the market with buyers offering above the official market price for the homes. However from mid 2022, the Bank of Canada hiked interest rates and this makes borrowing more expensive hence reduced the rate of purchasing houses. It changed what was already a very seller-oriented market back into a buyer-orientated one and it has since gone up and down.

Currently, and getting closer to 2024, these trends have persisted with the market being somewhat operating at the edge of the buyer and selling advantages. These are some of the events you need to keep an eye on in order to make sound decision with regards to when and how to sell your home.

Tip: Be aware of the market and make sure you are able to be adaptive to the market changing as it comes.

When did you last carry out a home evaluation?

In fact, most real estate agents provide a complimentary market analysis to help you estimate the market value of your house before listing it for sale. But remember, these estimates do no remain infinite! The information is outdated, for instance the housing market may have shifted a few months after the time a home evaluation was conducted. This was even the case in 2022 as the market kept changing within the few months it took to write this paper.

Tip: If your evaluation is more than a few weeks old, then it is wise for you to get yourself a new one to avoid either overpricing your home or underpricing your home.

Is Your Price Right?

In real estate, there’s a saying: “If it’s not the price, it’s the price.” This simply means that price is usually the major factor that makes a house stay on the market. If the house has been on list for a long time with very few people showing interest, then the price should be changed. This can be established with the help of a local real estate agent, who is in a position to advice on the most appropriate price based on various factors such as size of the house or its location and recent renovations.

Tip: Selecting the right prices from the onset can prevent wasting time seeking new buyers.

Trends in Your Neighborhood

There are fluctuations in the property market and in the recent past volatility has really swung between low and high. Some persons have postponed acquiring their first home due to high inflation and increasing cost. However, this need is high, especially in the preferred streets and neighborhoods, therefore, the demand is still high. It is also useful to learn about the current trends in your field so that you obtain some idea about what buyers may be interested in receiving.

Tip: You should consider what other similar homes are selling for in your neighborhoods and not just their listed prices.

Are You Choosing the Right Real Estate Agent?

Since real estate markets are characterized by dynamism due to changing market conditions targeting serial investors requires that one engages the services of a relevant and competent real estate agents. It is recommended to employ a person who has experience in difficult markets. The right real estate agent should be of knowledge, prompt in his/ her responses and determined to assist you.

Checklist for Choosing a Real Estate Agent:

Experience: How long have they been in the business?

Market Knowledge: Are they up to date with the current market?

Sales History: This brings another question: How many homes have they been selling recently?

Online Presence: Does it contain professional website and good reviews?

Communication: What is the average time taken to attend emails and calls?

Is Your Home Ready for Showing?

While it may be true that slow markets can have their advantages, firstly it is important to get your home noticed. When you’re selling, you are not selling a house; you’re selling a future home. Ensure that the appetite of the buyer is kindled by seeing himself and or herself living the lifestyle that comes with particular house. Often you don’t have to en-masse remodel the house, but little alterations can go a long way.

Tips for Preparing Your Home:

Declutter and Clean: There is definitely positive correlation between the absence of filth and mess and general perception of spaciousness in a house.

Fresh Paint: It can be seen that it is better to choose light and non-concrete shades to create an impression of the presence of additional space in rooms.

Curb Appeal: Trim the lawn and ensure this add some form of enhancement that makes the first impression of the house perfect.

Consider Staging: When done professionally, it makes home look better and gets sold quickly compared to other homes.

Do’s and Don’ts for Selling Your Home

Do’s

Do’s	Explanation
Be flexible with showings	Let buyers view your home as often as possible.
Use professional photos	Quality photos attract more buyers online.
Be open to negotiations	Be willing to negotiate when you get reasonable offers.
Keep your home show-ready	Tidy up often to ensure your home looks great for visits.

Don’ts

Don’ts	Explanation
Rely on smartphone photos	Poor-quality photos can drive buyers away.
Be present during showings	Buyers feel more comfortable if the homeowner isn’t there.
Ignore market feedback	Listen to feedback about price and presentation.
Overprice your home	High prices can discourage potential buyers from making offers.

Where Are the Buyers?

Once your home is all set and priced well, it’s time to start attracting potential buyers. Sharing your listing on popular real estate sites like MLS® and realtor.com is just one piece of the marketing puzzle. A savvy real estate team will whip up a plan that covers online ads and networking with other agents and buyers.

Selling a house can take a bit of time, planning, and teamwork. But with the right help and some good prep, it can be a smooth process. If you’re considering selling, give Lesley Tucker a call for more info!