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Why Your Coquitlam Home Isn’t Selling In A Sellers Market,

Posted by Harvey McCallum on July 21, 2017
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Why Your Coquitlam Home Isn’t Selling In A Sellers Market,

According to Crazy Smart Realtor.  Most Realtors will tell you it is the price.

Houses are selling fast in Greater Vancouver to Coquitlam, this makes you think your house will sell fast for maximum dollars. You don’t need to take any advice about decluttering, curb appeal, or staging your home, right?

Awww, Think Again My Friend.

True the Greater Vancouver real estate market is a seller’s market. There are houses lingering for a number of weeks even months without selling, other homes are selling in days.

“If you have multiple buyers viewing your home weekly without an offer, you need to reassess your pricing is how a lot of Realtors would solve the issue,” says Harvey McCallum, a real estate agent with Team 3000 Realty in Greater Vancouver Coquitlam area.
Harvey believes selling a home in a seller’s market should not be fast at all, time is on the owner’s side and the Realtor should Pre-MLS market the home to create a buyer following before having an open house or showing the home to buyers.

McCallum says “most real estate agents fix all selling issues with reducing the price or something the homeowner should do like stage the home. When will the Realtor take responsibility for the home not selling and market the home properly? For 25 years Realtors have blamed he obvious price and condition of the home not the marketing as the culprit for no offers”

The real estate industry does not embrace change, like Pre-MLS marketing and coming soon listing signs. Most of the Realtors selling residential homes today are using the same selling methods as 50 years ago. They put up a sign, list the property on MLS, hold an open house and hope it sells. Many real estate agents believe high-quality photos and knowing neighborhood history will sell the home. They fail to see there is a difference between selling a home and selling a home for the most bucks.

Price has always been a contentious point with Realtors and homeowners. Sellers interview agents and many times pick the agent offering to list their home for the most money. Over pricing, the home is a tactic many Realtors use to get listings. Even in a seller’s market, a home can be over priced. Unless your home is the only one on the market your price must reflect other sales in your area.

“Have buyers ever been more and better armed with information about your home?” McCallum says. “Buyers know what your tax assessment is, what the asking price is for every home for sale within ten miles, and they ask for the real estate agent for the latest sales.” says Harvey. Buyers are picky when there are lots of homes on the market so your price needs to be sharp, but a sellers market can push buyers to pay way up for your home if you have the right conditions.” says McCallum. Buyers will pay over your asking price when home prices are rising or there are not many listings for sale he says.

“The home that can emotionally reach out to a buyer will get many offers. Everyone loves a home that has curb appeal, in a good area, that is clean, decluttered, and staged. Sellers know this and so do real estate agents. But the Realtors might be afraid to ask the seller to do the work and the seller might not want to spend the money of time.” says Harvey

“A tactic I use is to pre-market your home for 30 days, to give the seller time to tidy-up and time for me to build a buyers list who are interested in your home. I don’t interrupt your life by showing the home day after day. I hold a catered open house and invite everyone who might be interested in your home. The more people the more offers the higher the offers will be. Have you noticed how people are drawn to crowds?” says Harvey.

7 Things Realtor Tell Homeowners If A Home Is Not Selling.

The price on your home is too high. All homes, in any condition, will sell when the price is not too high. Buyers want a discount for if your kitchen is dated, if the plumbing is old, if the paint is peeling, if the decor is 20 years old, if the colors are not neutral and even clutter. Setting the price too high means we will have to drop the price until we get an offer. High priced homes are on the market longer and buyers will think something is wrong with your home. The best pricing policy is listing at the right price the first time.

Your home has a bad first impression. We need to make your home lighter and brighter with drapes open for showings even though it is dark and vacant. Dark wood paneling needs to be painted or replaced and you have too much furniture in your home.

Buyers are having a difficult time getting in to see your home. Some sellers make it hard for buyers to see their home. Don’t require unusual restrictions and times when buyers can’t see your home. You want to be flexible and don’t require a lot of notice before you will let buyers in. If we can’t show your home to buyers we can’t sell it. It should only take one phone call for a buyers agent to make an appointment.

Even with the use of a professional photographer the pictures are not inspiring buyers to make an appointment to see your home.
When the seller knows the photographer is coming to take pictures or video they must clean their home and declutter. Buyers use photos and videos to determine if they want to see a home. So photos showing your home in the best condition it can is crucial.

The price of your home must reflect the condition and updating if any. A dated home with an old kitchen and a 70’s bath will sell but the price must reflect the condition.

Some homes are not insurable which will come to a surprise for many real estate agents and buyers. In some areas, you cannot get homeowners insurance unless you have a written inspection of the electrical, plumbing, roof and cooling system. Homes that are not insurable have fewer buyers even at a lower price.

Can the buyer get a mortgage if they buy your home? Some buyers will pay anything for a home but mortgage lenders require proof of value in a certified appraisal.Lenders won’t lend on the home. The Federal Housing Agency is particularly picky about what standards a home has to meet before it will issue a mortgage. But other lenders may also set guidelines on the condition of roofs, electrical systems or other components. If these parts of the home are in poor condition, a lender may not be willing to lend to a buyer interested in the home.

Harvey McCallum
Team 3000 Realty