No question that the market today is not what it was in 2021. Not only that, it is not like it was in January of last year .. or in fact, July. We had a robust market where sold signs were popping up everywhere, and then, someone tuned the switch off. Showings are down, homes are not attracting multiple offers like they recently experienced and they are sitting and in many cases coming off the market not sold.
If you find yourself in this situation, rest assured homes are still selling. In fact, in Whitby, Oshawa and Clarington there were a total of 370 homes sold in the month of November. Homes are selling.
What I have learned is when a home doesn’t sell, typically, it is not the homeowners fault.
It might not seem so if you had your home on the market, kept is “show ready” at all times, spent time at Tim Hortons while showings took place or when an open house was conducted. Not selling is tough on homeowners and their kids. (And pets).
What I am seeing, after having sold homes in Durham Region for almost 40 years are many agents who have never seen a market like this and are still using the techniques that worked in a boom market with limited results. In 2012 we had 22,000 agents on our Real Estate board; currently we have over 65,000.
A recent experience I had is a good explanation of our market. I listed an older bungalow for sale at $799,999 and my instincts led me to believe it was worth somewhere in that range. I had an out-of-town agent bring an offer for $100,000 under asking price and do their best to convince me that the market was terrible and we should jump at his low offer. Later that week I sold the home to a client for over asking. I have to question if the same situation happened to a newer agent what the outcome would be?
In a shifted market what we did before to sell homes must be ramped up. 3D virtual tours, professional, magazine-quality pictures and floor plans become critically important. As does advertising. I see many agents cutting back in advertising when the budget needs to be increased to capture the interest of any buyers that might be looking.
If you have attempted to sell and are no longer represented by an agent I would love to share with you the strategies and techniques I have learned over the past 38 years. This is no time for an agent to learn how to deal with a shifted market, using a homeowner to figure out what works.
I can be reached at lindsay@buyselllove.ca or 905-743-5555
This is not intended to solicit homeowners currently listed for sale with a Broker.
Why homes do not sell in Durham Region:
- They are overpriced.
- The agent lack experience in dealing with a shifted market.
- The marketing plan is ineffective and directed to the wrong group of Buyers.
- The home is not staged or shows poorly.
- There is no marketing other than being on the MLS system.
- The strategies used by the agent are ones that worked in a low inventory market and are not effective today.
- The agent is not local, their experience are selling homes in a different part of the GTA.
I can be reached at lindsay@buyselllove.ca or 905-743-5555
This is not intended to solicit homeowners currently listed for sale with a Broker.