Learn the Top Reasons Your House Isn’t Getting Showings and How to Attract Buyers
Selling your home in today's real estate market can be a stressful time for many homeowners, especially with the quickly increasing cost of living and the nerveousness of buyers making such a large finacial purchase.
Consult with your real estate agent to come up with a plan to target those buyers who best fit your home style. Many REALTORS® in Edmonton who sell houses are social butterflies and will run ads for your property targeting those buyers.
Adjust your price. Even the slightest change of $1 reduction can restimulate buyers who are in a position to buy today on our auto-prospecting system.
Change your photos. If your grass in the front has an old photo from the previous season, change it. We don't want your home to look like it has been on the market for a while.
Change the dialogue. Rewrite your property specific details to capture the lifestyle. Make the buyers want to come visit an inviting, welcoming home- not just another generic house. Make it special.
Once you recieve an offer - DON'T DISGUARD IT because it is not the price you wanted! Work with your REALTOR® to negotiate the best possible outcome. After all, the buyers chose to write an offer on your home and not the one down the street. They have an invested interest and have given you the oppurtunity to sell your home.
FInd those buyers who are relocating to Edmonton. Many people are now leaving other provinces and coming to Alberta because of the cost of living. Contact an Edmonton relocation REALTOR® and find out how we attract those home buyers.
How to Accurately Price Your Edmonton Home
Not sure what to ask for your Edmonton (or surrounding area) home? First, you should know the numbers on your remaining mortgage balance, payout penalties, closing costs and real estate commissions and what you will need in your pocket to be able to sell your property.
Pricing any real estate accurately is based upon a few factors. One of the main factors right now in Edmonton and the rest of Alberta is the economic and political factors. If there is no consumer confidence, a few thousand dollars can make a big difference in today real estate market when buyers are contemplating between your home and the comparable one down the street. It doesn't matter if you have just renovated your bathroom. Pricing is a key factor in a "downturn", "soft", or "buyers market".
When pricing your property - from the start - you need to take a step back and look at it through the eyes of a buyer and do some research. A few of the key components in choosing a realistic price when putting your home for sale include these tools which a real estate agent can provide you:
Your tax assessment is only a starting point:
Do not base pricing your home on this alone, Your tax assessment is a good starting point, but may have been over or under assessed depending on the real estate activity in your community over the last few years. Were there lots of homes foreclosed upon near you? Did you originally pay too much for your property when you purchased it? Were there several homes sales at the turn of the market? All of these factors are taken into consideration when the city does your property tax assessment.
Know your community absorption rate:
A real estate absorption rate is the number of months it would take to sell the current inventory in your community assuming no other homes are added to the market. An absorption rate is a great tool used by Edmonton Realtors to predict the rise and fall of real estate prices. Knowing the absorption rate of a community can give home sellers an advantage to pricing a property, knowing how many days they should expect their home to be on the market.
Is your home worth the asking price:
Does your home offer value: Foreseen residual or potential income can increase the value of your home. If you have a garden suite or a basement suite, ensure that you have the permit documentation. Value can be in other forms as well, such as living in a community that is undergoing a transformation. Items such as an oversized back yard or outdoor swimming pool do not necessarily add any value.
Is your property a money pit: Some homeowners think changing the flooring and adding a fresh coat of paint will increase the value of a property? This is only a quick fix and should be done will help and if there are any concerns during a property inspection, the buyer will no go forward without compensation or not at all. If you have an older home, there are several items that should be repaired, replaced or upgraded including the shingles, windows, exterior grading, furnace, electrical and plumbing. If you have not been diligent with home maintenance, price your home accordingly.
Location! Location! Location!
If you are situated along or near a busy road, train track, or a factory, your house price will be worth a bit less - no matter how pretty your home is and vice versa, if you are situated along a ravine, park or green space, in a community which is undergoing revitalization or has a positive economic factor, or feature a great view, your home will be worth more money.
Comparative Market Analysis
A CMA or Comparative Market Analysis should not be confused with an appraisal. An appraisal is a price, usually completed by a financial institution and is based more upon what it cost to rebuild the current condition of the property. A Comparative market analysis is usually performed by an experienced Real Estate Professional, to determine a range of value for a Real Estate Subject Property.
It is the current value or price range of residential property in a community that has been compared to properties that would be your competition if you were selling in today's real estate market, properties nearby which have recently sold, and properties that were listed, but did not sell. Adjustments are made to these comparable properties to reflect the tangible and non-tangible differences in value between the comparable homes and the sellers' property.
Can You Afford to Sell Your Edmonton Home in 2021?
Although the Edmonton real estate market is still soft with dormant house prices, buyers are starting to come out of hiding to look in anticipation of our economic optimism and 2021 looks to be a better year to sell your Edmonton house.
If your planning on selling your Edmonton home this year, do your homework and estimate your closing costs to ensure you have enough money to make your move. There is nothing worse than sitting with your lawyer and not having enough funds to close your sale.
When a home is sold, the seller incurs various closing costs in addition to paying out the remaining balance on their mortgage and payout penalties. Typical closing costs for a seller may include any property taxes which are in arrears, encumbrances, the cost of a real property report with compliance and/or title insurance, any permits which were not obtained earlier, real estate commissions, any provincial, GST revenue, agricultural or business taxes, liens and legal fees. If the property is a condominium, the seller may also have costs of condominium documents, unpaid condo fees, levies and the estoppel certificate. When selling a house in Edmonton, the seller's costs vary from a few hundred to several thousand.
Since our Edmonton economy is not in the best shape and buyers have become nervous about making large purchases, there are several ways to maximize the value in your home without major renovations including staging and a little bit of home maintenance. Pricing your home correctly in today's Edmonton Real estate market is crucial and timing is also a factor. Read more on your community absorption rate and find out how long it will take to sell your home in Edmonton.
If you are not sure if you have enough equity in your home, contact one of our real estate experts for a free home evaluation.
Predict how many days it will take to sell your home
When homeowners interview real estate agents, sellers often ask "How long will it take to sell my house?" Although there is no magic way of knowing the answer, know what is currently happening economically and using a real estate absorption rate will give a good indication of how long a property will be on the market. An absorption rate will also tell us if it is a buyers market or a seller's market and is often used by real estate investors. It can also give a prediction on the demand of an Edmonton community.
Knowing how to use and calculate absorption rates using this real estate tool has several benefits. It's the best thing next to a crystal ball. An absorption rate It is a rate at which homes sell in a given area during a given time period. The absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.
For example, if there are 100 houses listed for sale in a certain area, and 10 houses sold over the last month, the absorption rate is 10/100=10%. Which means, assuming no other house listing are put on the market, it would take 10 months for buyers to purchase enough properties to absorb the real estate demand.
As a rule of thumb, an absorption rate of 20-25% or higher means that homes are selling quickly and the market favours sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favouring buyers. Community absorption rates predict the number of days it takes to sell a home in any real estate market.
A few other time factors to take into consideration are the correct pricing of your home, your agents' marketing for maximum exposure (not just putting your home on the MLS & expecting a sale), capturing those buyers who have expressed an interest but are still looking, offering a reasonable finders fee to the selling agents, proper negotiation of all offers, ensuring all of your real estate documents are current.
For those home sellers who are in urgent need to sell to avoid the foreclosure process, there are a few perks your financial institution may be able to help you with. Give them a call today!
If you are thinking about selling in Edmonton or the surrounding area and would like to know the absorption rate in your community, contact us for a free home evaluation.
How to Hire a Great Edmonton Realtor when Selling (& Buying)
Be cautious with any REALTORS who charge upfront fees! Most Real Estate Companies DO NOT charge up-front fees. All expenses should be paid by your Realtor from their own pocket. Once your home is SOLD, the Realtor will receive the remuneration you have agreed upon in your listing agreement. In the event your home does not sell during the term of the agreement - unless otherwise written - there is NO CHARGE.
There are almost 4000 licensed REALTORS® to choose from to help you sell your Edmonton home. When a municipality is a hot market, anyone can sell a property, but great real estate agents are able to sell in any market.& In a soft market or "buyers market", it is crucial to choose a REALTOR® who knows how to sell houses or you can become an expired statistic. Currently (2019) in Edmonton about 40% of homes are selling.
There are a few questions to ask a listing real estate agent prior to having them in your home, which will eliminate inexperienced agents and save you time and money. When REALTORS® are on a "Listing Appointment", the intention of the agent is to get you to sign the agreement to put your home on the market. After an agent has completed their marketing plan, strong agents will ask for the business. A weaker agent will not.
The three biggest mistakes sellers make when selecting an agent is basing their decision solely on commission, price, and the ability to market your home.
Lowest real estate commissions:
Agents in Edmonton have business expenses, which can run into the thousands every month. Part of these expenses is the cost to market your home. If an agent is listing your home for a lesser commission, don't expect them to pay money they don't have to market your property. A good agent will not ask for any money upfront. Why would you pay someone for a job which has not been done? There is always a reason why a broker or real estate agent would discount a real estate fee. Ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?
Highest Asking Price:
In the real estate industry, there is a term, called "Buying the Listing". This means, an agent has told you, your home is worth more than it really is, just to get you to sign the listing agreement. Expect to reduce or price once or twice during the agreement or worse, be added to the Expired list (Homes that do not sell). REALTORS® already have an idea of what your home is worth, even before stepping into your home. Beware of an agent who is trying to buy the listing.
Ability to Market Properties:
Today, almost every buyer and seller start the home buying and selling process online. You may want to use "Mom and Dads REALTOR®, but are they tech-savvy? There is so much more to marketing a home than putting it on Realtor.ca. Anyone with a real estate license in Alberta can do this, you don't even need to live in Edmonton. Finding a qualified buyer who is ready, willing, and able to purchase your home is more valuable to you than generating leads.
If your home is not exposed on the internet, by a tech-savvy Agent, buyers will not find it. Online advertising and property websites are now a basic requirement in modern home buying and selling. REALTOR®’s success also depends on how well they can market homes. Google the agents' website, prior to inviting them into your home. Find out how many listings the agent is carrying. If the Real Estate Agent only has one or two listings, they may be part-time, may be more comfortable working with buyers, or may not know how to market your home. An agent who is carrying too many listings can be overwhelmed and you may end up becoming a number instead of a client. A good rule of thumb is, hire an agent who carries 10 - 20 listings at a time, this is usually an indication of an above-average real estate agent.
The bare minimum marketing you should expect from your agent is:
- Professional yard signage.
- Lockbox with electronic monitoring
- Follow-up reports on buyer showings with feedback to the seller
- Staging advice to make your home more attractive to potential buyers.
- Digital targeted marketing.
- MLS exposure with a minimum of 30 professional photographs
- Virtual tour.
- Distribution to major websites.
- Updated CMAs after 30 days including the recent sales
- The ability to track online buyers
During the listing appointment, there are a few things that need to be noted which include how long was the agent in your home. Eliminate agents who view your home and arrive at a "listing price" within a short period of time. Although their price may be accurate, they haven't taken the time to show you how they arrived at the price or what they do, and how they get homes sold. A good listing agent will show you comparable sales, pending sales, actives, educate you on the current market, and show you their marketing plan. If the agent has no statistics, home sales are located in a different community, or are not prepared, could be a red flag.
A great Edmonton Real Estate Agent will have spent time prior to meeting you, completing research on your home. They will have all the necessary information to price your home accurately. (highest possible asking price to attract reasonable offers) The agent will be prepared for anything including objections or concerns you may have. They will take the time to complete an accurate CMA, community absorption rate, thoroughly go over their marketing plan, and address any unforeseen concerns they may have prior to asking for the listing. This is a valuable asset to the hiring experience.
Were all of your concerns addressed: Pay close attention as the REALTORS® goes through their marketing plan. Many of your concerns will already be addressed by a good agent. Pay attention to what is said. If it is mostly about how many homes they personally sold and how quickly, expect them to suggest a lower selling price below the true market value. These agents want to get your home sold as quickly as possible and move on. If the agent has not addressed most of your concerns. This can be a red flag.
Hire a professional: A huge misconception is every agent deals with the same type of buyers and sellers. In fact, there are agents who only list and agents who only deal with buyers. Not all agents work in all price ranges. In Edmonton, there are real estate agents who specialize in mobile parks. They know how important it is to have the "criminal check" completed prior to writing an offer. An agent who specializes in luxury homes should have the extra knowledge required for selling a home under a company name, know the differences between the brands and grades of hardwood.
If you are relocating, a relocation specialist is the best. They have contacts with other relocation REALTORS® who they have already done business with and can recommend a great agent for you at your destination which will make for a smoother move. Go with your instinct: Selling a home is a major decision. You need to like, trust and feel comfortable with the REALTOR® you choose. Personality and character traits are also extremely important but don't show on paper. Buying and selling homes in a soft market, can take time, and choose the right agent will be a positive experience. Choosing the wrong agent can lead to months of frustration and an unsold house.
Contact us today for your FREE HOME EVALUATION
How to find a QUALIFIED buyer
Finding a QUALIFIED buyer for your home is not easy. Everyone wants to own real estate, but not everyone can qualify. If you have been trying to sell your property and are finding it difficult to find a buyer for your home, there are some tricks to the real estate trade. Especially now with the government restrictions put upon us with qualify at 2% higher than your interest rate.
Open Houses in Edmonton can be hit and miss. You can't put up signs and expect a buyer who is in a position to purchase, who thinks your home is perfect and is qualified to purchase to walk off the street and put an offer on your home. It is not that simple. Keep an open mind. Most buyers attending Open Houses are still in the "looking stage". Open Houses can receive constant foot traffic if done right. Read more on how to have a productive open house.
Adjust your expectations
Not everyone who inquires about your home is really interested. There is no such thing as a perfect home. You may love your home, but the reality is, your home is only a tangible commodity. Appraisers, inspectors, lawyers, financial institutions, and BUYERS can appreciate the effort of any upgrades, but it really comes down to money. Even if you find a buyer who is willing to pay more for your home because it staged, does not mean it will be appraised at the agreed-upon price, therefore cannot sell.
Talk to REALTORS
Expect calls from Edmonton Real Estate Agents. Listen carefully. You will know in the first few minutes if they are looking to help you sell (list) your home or have a qualified buyer who has inquired through them. Buyers who are working with real estate agents in Edmonton, are under a signed Buyers Brokerage Agreement and must fulfil their obligations if interested in your home. The real estate agent will be asking questions, lots of them. The agent is working in the best interest of their client buyer and is working in the best interest of their client.
The agent may be looking for more business and is calling to list your home. Take the time to talk. You may not want to list your home at this time, but if you are the one asking questions, you may learn something which will help you sell your home on your own. There are many real estate agents who do not deal with buyers and specialize in listings only.
There is more to marketing a home than putting your property on the MLS which impacts Realtor.ca, putting a sign in the front yard and adding a key box to your entrance. Advertising by word of mouth is a big advantage. There are almost 4000 Real Estate Agents associated with the Edmonton Real Estate Board who talk to each other. Tell your friends, family, co-workers, doctor, dentist and everyone you meet. Marketing your property to attract buyers who are qualified and in a position to purchase a property takes work and experienced, tech-savvy REALTORS have the know-how. This includes knowing the absorption rate in your community.
Top 5 Interview Questions to Ask Edmonton Realtors when Selling
With so many types of residential real estate, Edmonton agents are beginning to specialize in a wide range of residential fields. Over the last decade, there have been ample changes in the real estate business and specializing has become the norm. These fields can range from buyer agency, infills and new builds, relocation, luxury homes, seniors, military, condominiums, foreclosures, etc. There are over 3500 real estate agents licensed with the Edmonton Real Estate Board, most actively practising, allowing homeowners several choices finding a Realtor who can properly target market their property. Below are the top 5 questions to ask any Edmonton Real Estate Agent.
How long have you been in the business?
You may have found an agent online, because they are extremely tech-savvy, but may lack experience. An "old-time" REALTOR® may have several years of experience but lack the marketing knowledge they need to expose your property to qualified buyers. A long time in the real estate business is always a benefit because it creates the experience. Agents who have been in the real estate business for a few decades have experience in both good and bad markets and will know how to adjust. These real estate agents usually have larger databases, are the most creative and think outside the box.
Do you have another part-time job?
Listen carefully to the answer. REALTORS® who are not full time, may not be as motivated to get your home sold. Real Estate is an expensive business with company fees, licences, photographers, graphic designers, vehicle maintenance, office tools, conveyancing fees, signage, desk fees, websites, internet syndication systems, etc. and if an agent needs another part-time job to survive - that agent may not care whether your home sells or not. Every REALTOR® must be full-time to join our REMAX team to ensure our client's top-notch service.
How do you prefer to communicate and how often?
This is a two-way question. As licensed real estate agents in the province of Alberta, we are obligated to work in our clients best interest. This means, if you prefer to be notified of showings via phone calls, emails or text messages, your agent will need to know this. Some agents will only send you a text and assume you received it. Ask how and how often you will be notified of feedback from other agents who have shown your home. Ask how they plan to stay in touch with you. You do not want an agent to list your home and you don't hear from them until either you receive an offer or your home is about to expire. Select an agent who communicates well to eliminate confusion.
Do you do Open Houses?
Not all real estate agents do open houses. If you live in an apartment condominium, it may also not be allowed. - Check your bylaws! Some REALTORS® love doing open houses because it gives them the opportunity to pick up more buyers and sellers. Some agents prefer not to due to the fact they are responsible for every person entering your home during the time allocated.
Other Questions you may also want to ask include
- Education. Ask about degrees and certifications.
- How many transactions have you been involved with in your entire career?
- How many transactions have you handled year-to-date?
- Have you ever been subject to disciplinary action?
- Are you a listing agent or a buyer's agent?
- What price range do you generally work in?
- Do you have a network of other productive agents which you work with?
- What would you say are your strongest attributes as an agent?
If you have a selling question, feel free to ask. We are here to help.
Welcome those buyers into your home!
When hosting open houses for your home, you will need to do more than a simple advertisement in the local paper, putting it on the Realtor.ca website and put out yard signs. There are several other real estate marketing tools you can use to attract people who may be looking to buy into your home.
Take the time to knock on your neighbours' doors and personally invite them. You never know if they have family or friends who may be looking to purchase a home in your community or maybe they want their family to move closer.
- Become tech-savvy - Put your Open House on as many websites as you can. If possible, search engine optimize all of your website traffic to ensure buyers who are looking online will be able to find your home.
- Blog it! Add a blog link to all of your traffic including Facebook and ask your friends to share it.
- Pictures say 1000 words. Make sure every photo you use on the internet is clear, in the right format and has the proper pixels. Do put on photos that are dark, have bad curb appeal, etc.
- Facebook Ads - Facebook ads are great! Just choose your search criteria, upload your photos, add the dialogue and input your payment. You may want to do this a week in advance. NOT the day before.
- Sell your community! Add information about your community to your feature sheets. Give the reasons why a buyer would want to live in your area. Do you have a dog park nearby? Community events? Ravine walking trails? Add some more photos.
- Build a website for your home and add it to your feature sheets for the buyers to look at your home at their convenience. Add as many links as you can. Don't forget to have them open in new windows. You will want to keep them on your page. Add a video: Videos are easy to make and can be uploaded online. Make them fun and entertaining (No more than 2 minutes)
- Flyer! Drop off flyers with your community. This is also a great way to meet your neighbours, find out more about your area and is great exercise. Ask them to drop in for coffee, the more strangers you have in your home, the safer you will be.
- Create a sign-in sheet! Have your Open House guests sign in once they arrive. You will be able to follow up with them later to see if there is any interest. It may seem like a lot of work, but holding an Open House in Edmonton takes time to make it effective.
" Have fun and good luck with your Open House
What is a Comparative Market Analysis & How to Use it
Edmonton real estate agents can provide comparative market analysis, also known as a CMA, for any property including properties subject to divorce, civil enforcement, foreclosures, estate sales, city tax purposes, etc. It takes time for real estate agents to complete accurate home evaluations. Unless you have plenty of experience in buying and selling real estate, online home evaluations may be completely misleading and should never be used as a realistic asking price.
Seller Comparative Market Analysis
When working with sellers, a comparative market analysis is used to determine a realistic and accurate asking price. A Seller CMA is based on comparable properties which are currently active (homes for sale), recently sold homes (usually within the last six months), expired (homes that did not sell for various reasons) and the history of these homes. Other factors will include the current Edmonton real estate market, supply and demand, the condition of the property, the location, community absorption rate and many other factors. An experienced, professional Edmonton Realtor will take the time to go through all of this data with you, together with determining a true asking price for your Edmonton Home.
Buyer Comparative Market Analysis
When working with buyers, a comparative market analysis is similar to a bank appraisal and is used to write a reasonable offer to purchase. A buyers CMA is based on both current homes for sale and recently sold home price in Edmonton taking into consideration all relevant factors including the condition, size and location. For new builds, this process is a bit different and is based more on the cost to build, economic factors, building quality, and the reputation of the builder.
Free Comparative Market Analysis
If you are thinking about selling your home or if your home did not sell due to other factors, feel free to contact us for a professional no-obligation Edmonton home evaluation. We also service Morinville, Bon Accord, Gibbons, St. Albert, Spruce Grove, Beaumont and Devon. Our Homes & Gardens Real Estate Agents will take the time to help, educate and inform you on all real estate aspects of your community to determine the right value for your home, ensuring you receive the highest possible price. Simply CLICK HERE to fill in the form and we will get in touch with you shortly.
How to Get Top Dollar for your Edmonton Home
Edmonton is a large municipality which means you will have plenty of nearby competition and making your home the prettiest will bring the highest offers, especially in a slower or buyers real estate market and an undesirable location, it is very important to show your Edmonton home at it's very best to maximize its value. Below are the top 5 actions you can take.
Disassociate Yourself With Your Property
No matter how long you have lived or how much love you put into your home, look at your home as a real estate commodity and decorate as though, you are giving it away to your favourite member of your family. Make your home appeal to as many buyers as possible by neutralizing every room of the house.
Declutter as much as possible
Declutter as much as you can including your kitchen cabinets, linen and coat closets and your garage. As a rule of thumb, if you won't use it in the next three months, pack it away. Yes, this includes those boxes in your basement which have not been opened since your last move. This is also a great time to donate everything you haven't actually used in the last ten years or have a "priced to sell" garage sale.
Go on a shopping trip
Your home deserves a little freshening up and a shopping trip to spruce up your homes is also on your selling checklist. Purchase colour coordinated linen for your bedrooms and bathrooms. This will add both a warm ambience and a fresh, clean feel to your rooms. If your furniture is dirty - clean it or replace it. Don't get carried away by all of the available staging items. Keep it simple.
Clean everything inside and outside
Serious buyers will be snooping in your home. They will be looking in your oven, fridge, cabinets, and closets. Make sure these are clean, neat and tidy. You don't want buyers to think there is a shortage of storage space, or think your home is not taken care of. A dirty house will be reflected in a buyers offer to purchase. Don't neglect the backyard, garage, and storage sheds. Make your home sparkle!
Have a Pre-sold dinner party
Celebrate your hard work of getting your Edmonton home ready to sell and invite over your closest friends and open the wine. Ask them to walk around your home, point out any imperfections and for their honest opinions. Bring a notebook. You will be amazed by the feedback. If you have any questions about getting your home ready to sell, contact us.