Yes, even in a Sellers' market, it's possible not to sell at anything close to list price or to sell quickly. Here are the top 5 mistakes that some Sellers are making:
- Incorrect pricing-the market sets the price NOT the Seller so listing too high will turn Buyers off, not on. There is an art & a strategy to pricing to get the best possible result.
- Failing to market the property effectively-is it easy for Buyers to view, has sufficient time been set aside to get all interested parties in, is the description accurate & focusing on key features for Buyers, etc?
- Not staging the property-if a property is vacant, staging will make a big difference to speed of sale & sale price. Staging makes a home look larger & shows Buyers how a space can be used. I've even used partial staging, editing & adding to existing furniture. Professional stagers know how to stage for the target market.
- Hiring the wrong agent-hiring a professional & experienced agent will eliminate a lot of potential problems. The property should be ready the day it's listed complete with all necessary documentation. I've experienced too many listings where strata docs aren't available, the agent doesn't know the area or the type of property &...don't hire your brotherinlaw who just got his licence , at least not without another experienced agent.
- Not aligning on goals-have an honest discussion with everyone involved in the listing, from the agent to partners about availability for showings, timing of offers, list price, needs & timing for next property, & more. Your agent has a fiduciary duty to you so all conversations are confidential & goals must be clear to all parties.
On a recent scan of sales over the last month, some took over a year & discounts were up to 30% from list price. Not necessary!