It’s not uncommon for some listings to not get any offers. Languishing on the market can be incredibly stressful for homeowners looking to sell!
So, Why Don’t Some Listings Get Offers?
It’s quite simple.
There is something wrong!
The marketing strategy could be inferior! We see this a lot!
The number ONE reason why some listings don’t get offers is that the listing is overpriced. The target market is below the asking price, not just below but typically substantially below the asking price.
A Helpful Sales Analogy:
Imagine walking into a Tim Horton’s looking to purchase a cup of coffee. You have two dollars in your pocket because that’s what the cost has been for your entire life. However, this time, you walk into your local Tim Horton’s, and the price is twenty dollars for the same cup of coffee!
Would you offer your two dollars to the cashier? Probably not, as it would be futile. In all likelihood, you may get annoyed, state your frustration with the new price point, then walk away, never to return to Tim Horton’s.
The same process happens when a house or condo is overpriced in Toronto. The biggest difference is that the seller and the listing agent may have no idea that you thought the home was priced too high since you never communicated this fact; instead, you moved on to the next available listing that was reasonably priced.
The issue lies in the fact that the silence is defining for professional and experienced agents. The silence states to a seasoned Realtor that the price is too high!
How Over Priced Is My Listing?
If a professional Realtor does their job correctly (by serving their selling client’s needs), they will list the house to ensure that you get lots of online traffic. We track the analytics very carefully as our site is one of Toronto’s top independent real estate sites! A high number of in-person showings, and produce a successful offer (or more, depending on the current market conditions) in the shortest realistic timeframe.
- If you have a decent amount of showings without receiving an offer typically means that your home is 5% overpriced.
- If you have good online traffic, few showings, and no offers, you are typically overpriced by 6-10%.
- If you are receiving online exposure but almost no activity or showings, you are typically 10%++ overpriced.
If you miss your target buyer due to pricing errors, you need to adjust immediately. But we go a step further; we don’t make pricing errors, so you get the right buyers into your home, and you will see a quick and successful sale for the maximum price!
What Should I Do?
The most straightforward answer is to hire a professional real estate agent who will guide you through the necessary steps to sell your home quickly, stress-free and for the most amount of money. The “going to market strategy” with the correct pricing strategy is essential. We ensure that our approach is best suited for our clients and their specific needs. If, along the way, we learn valuable information that will aid our clients, we will make the necessary revisions to ensure that the most money is kept in our client’s pockets. Period.