In nearly two decades of experience as a real estate agent, I have come across all types of properties. There are those that get sold within a week after just a couple of viewings. Along with those that seem to be perpetually listed on the housing market receiving no offers for months at a stretch!
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When I come across such properties, my brain automatically starts looking for reasons: what’s wrong with the property? Why isn’t it selling like other comparable homes in the neighbourhood? Most importantly – I try to find out what the main issue is: is it the selling strategy? Is it the property? Or, is it just that the current market conditions aren’t suitable to home sellers? Perhaps it’s even the sellers themselves?
If you’re a home seller who’s struggling to sell your property in today’s market, let me help you! I understand that you’re probably busy so here’s a short quiz to help you quickly identify what’s wrong with your current approach!
Home Seller Quiz: Is It You, Your Property, Or The Real Estate Market?
Why Isn’t My Home Selling In Toronto?
Your house may not be selling for a number of reasons. It’s hard to pinpoint or find the exact reason via a blog – so here’s a quiz attempting to do the same. Take this 10-question quiz to help you identify the main reason why your house isn’t selling in Toronto.
Location Matters: Is your home located in a desirable neighbourhood or area?
- a) Yes, it’s in a highly sought-after location.
- b) No, it’s in a less desirable location.
2. Pricing Strategy:
- a) Yes, it’s priced competitively or below market value.
- b) No, it’s priced higher than similar homes in the area.
3. Curb Appeal:
- a) Yes, it’s well-maintained, visually appealing, and stands out.
- b) No, it may need some exterior improvements or repairs.
4. Home Staging: Have you staged your home to highlight its best features and create an inviting atmosphere?
- a) Yes, it’s staged beautifully, and potential buyers can visualize themselves living there.
- b) No, it’s not staged or lacks the attention to detail needed to showcase its potential.
5. Marketing Exposure: Have you marketed your property well and to the right audience of prospective buyers?
- a) Yes, I’ve actively advertised and promoted my home through various channels.
- b) No, I rely on word of mouth. I haven’t spent on marketing or utilized online platforms to promote my listing effectively.
6. Condition and Maintenance: Is your home in good condition and well-maintained?
- a) Yes, it’s in excellent condition and move-in ready.
- b) No, it requires repairs or maintenance work.
7. Flexibility: Are you open to negotiating on price, closing date, or other terms to accommodate potential buyers?
a) Yes, I’m flexible and willing to negotiate to secure a sale.
b) No, I’m firm on my asking price and terms.
8. Professional Assistance: Have you sought guidance from a professional real estate agent or consultant?
a) Yes, I’ve received professional advice and support.
b) No, I haven’t consulted with a real estate professional.
9. Market Trends: Are you aware of the current real estate market conditions in your area?
a) Yes, I’m well-informed about the local market trends.
b) No, I’m not familiar with the current market conditions.
10. Feedback: Have you received feedback from potential buyers or their agents after showings?
a) Yes, I’ve received feedback and made necessary improvements based on the comments.
b) No, I haven’t received any feedback or made changes based on potential buyers’ preferences.
The questions where you answer (b) are probably the reasons why your home isn’t selling as quickly or for as much as you hoped for. But all of this can be fixed!
You just need to work with a quality team of real estate professionals to guide you through the process. If you want help, that’s why I’m here. You can book a free call with me today and I promise that I will help you complete your home sale – not just quickly but above the asking price!
Or, if you’re here for education – we’re just getting started! I’ll now break down some of the most important reasons why your house isn’t selling in detail. If you have a property that’s listed on the housing market today and that’s not receiving the reception that you hoped it would – I promise to put your mind at ease!
Before You Start Worrying About Your House That Isn’t Selling In Toronto… Breathe!
How Long Does It Take To Sell A Property In Toronto?
Taken from TRREB’s market watch archives for 2023 – on average, it takes less than 30 days to sell any type of property in Toronto. Detached and semi-detached homes sell quicker – with their average days on the market being under 20 days. The condos sold in Toronto this year took slightly longer to sell – with their average days on the market at 25 days!
However, don’t be too quick to jump to conclusions by looking at these numbers. The housing market is highly seasonal in nature. Properties listed in spring and fall tend to sell faster and for more money compared to those properties listed in the summer and winter months. As we’re now approaching the summer months, expect the market to slow down a little again!
Related: How Long Does It Take To Sell A House [Or Condo] In Toronto
Why Do Some Real Estate Listings Not Get Offers In Toronto?
Toronto is a very competitive market and to succeed you need to ensure that you show the best version of your home to any prospective buyer. Finding the right listing agent can help you avoid this issue. Using their years of experience, they are positioned to help you navigate through the entire selling process likely without a hitch! In Toronto, many homes often end in multiple-offer situations. You want to make sure you have the best real estate agent on your side to help you navigate that scenario.
When you work with us, we take care of everything needed to ensure that your home sells above the asking price and for the highest value possible. Toronto is a very expensive, real estate-obsessed market and it helps to have a trusted ally to rely on. If you’re looking to sell your home in Toronto for top dollar – book a call with me or my team today.
Related: Learn How To Win A Real Estate Bidding War In Toronto – From The Experts!
3 Common Reasons Why Your House Isn’t Selling In Toronto
Taking Things Into Your Own Hands Doesn’t Always Help: For Sale by Owner [FSBO]
Some people believe that selling their homes on their own ( For Sale By Owner) is better than working with a real estate agent because it will help save them money. We always recommend working with a Toronto Real Estate agent because they can help you sell your home faster and for more money. They have valuable knowledge and experience that you can’t duplicate.
If you’re going the FSBO route, you have to do some legwork to make sure your pricing strategy is right. I can’t remember how many FSBO listings I have come across that have their whole pricing strategy set backward. There are many ways to determine your home’s fair market value. Pricing your home correctly can be difficult without the appropriate experience.
FSBO is also not beneficial when trying to sell a home because the majority of real estate agents will refuse to work with FSBO properties due to the Seller’s lack of experience in selling homes. Using the right strategy to get you the right price is worth the cost of a realtor’s service because it will net you more money in the end. A good real estate agent will help you price your home correctly. This will eliminate the option of overpricing your property which can be the reason some listings don’t get offers.
If you still choose to sell your home without using the services of a real estate agent – brace yourself because you may not attract the right type of potential buyers. Real estate agents specialize in buying and selling properties on a full-time basis. They have many clients and marketing strategies that can help you sell your home faster – with more offers as well!
I have nearly two decades of experience selling homes within the GTA. I have facilitated over half a billion dollars in real estate transactions. When you hire me to sell your home, it is my job to get you the most amount of money for your property. When selling your home yourself you may come across many legal issues and problems you aren’t fully educated on. As a Toronto real estate agent myself, I am professionally trained in the process of selling and buying homes. Should there be any mistakes or mishaps, real estate agents carry the appropriate insurance that will cover them.
If you’re still in doubt or are currently using the FSBO route to list your property but aren’t happy with the results, book a free call with me or my team and let us help you!
Related: 5 Reasons Why Selling Your Home Yourself May Lose You Money
First Impressions Matter – Don’t Overlook The Benefit Of Staging Your Property!
Home staging helps buyers see themselves in a property and envision what the full potential for space is. Whether it’s deep cleaning or small repairs that are needed, it’s important to make a positive first impression. When you list with us, we offer complimentary home staging services for all our clients. We will help you show off your home’s assets and fix up the little things that distract people from your beautiful home. Speaking from experience, each time we have the opportunity to stage a property for our clients, we end up selling it for more than the last comparable sale.
When you hire me to sell your home, we take care of everything from start to finish. Whether it’s a home or condo staging in Toronto, our approach is comprehensive. We look at everything in your home ranging from windows and wall paint to artwork and of course, opening up of your space through proper design. Most importantly we address any repairs or other limiting conditions that may impact the overall value of your home.
Related: How To Increase The Value of a Toronto Home Before Selling
If It’s Broken, Fix It! Small Home Renovations Go A Long Way!
Home renovations can help add value to your home and make it stand out amongst the competition. Toronto is such a competitive market, which often ends in multiple offer situations. Some home renovations and updates can be beneficial to you when selling your home as it increases the value of your home and can make it more appealing to potential buyers. Home renovations don’t have to break your wallet. It can include small things like paint upgrades, cleaning up the yard, fixing up appliances that are broken, etc.
Should You Start Worrying About A House That’s Not Selling In Toronto?
When To Worry If Your House Isn’t Selling In Toronto?
Before you start having a panic attack – look at the numbers or book a call with a local real estate agent to understand your local market conditions before coming up with an ultimatum for yourself to close the sale! Toronto’s real estate market is highly fragmented. Each neighbourhood has its own set of levers regulating the demand and supply. You could have a buyers’ market in an up-and-coming neighbourhood like Gerrard St. East and at the same time, be operating in a sellers’ market in an already established neighbourhood like High Park, for example.
Most people will not be able to tap into the currents of Toronto’s real estate market just like that when they want to sell their property. It takes a lot of time and years of experience to see and understand what’s happening around you from a real estate investment perspective. If you’re trying to figure things out on your own, the other disadvantage is that you often don’t have access to treasure troves of listing data by neighbourhood that your real estate agent has access to.
If your property has been on the market for more than 45-60 days, I strongly recommend that you speak to your real estate agent and re-evaluate your strategy. If push comes to shove, prioritize yourself first. Consider switching to another real estate agent who you think can help you achieve your objectives!
Remember – just as every property is unique so is every home sale. There are some factors that influence a home sale that you can control and there are others that you have absolutely no control over. Patience is one of the strongest virtues. In the real estate industry, you will often get tested. You need to pass this test.
What To Do When Your House Isn’t Selling In Toronto?
If your house isn’t selling due to changes in macroeconomic factors such as – inflation, rising borrowing costs, new rules and regulations, immigration and employment numbers, etc. – do nothing. Sit tight, tighten your seatbelt, and wait. Don’t make hasty decisions that can hurt your future due to a slow market or ill-advised counsel. Just wait for things to clear up and then sell your property.
If macroeconomic factors aren’t the issue, the problem is closer to home. The good news is that it’s in your control. You can do something about these reasons and here are a couple of basic things that you can start with:
Re-evaluate your pricing strategy with your real estate agent. Understand the market value of your property today. Avoid over-pricing your property because you saw something listed for that much on MLS. I repeat: there are a number of factors that determine pricing. Your real estate agent is best positioned to guide you through the process. Sometimes, listing your property at a lower price can be more beneficial than listing it at a higher price. You could get multiple offers that ignite a bidding war and ultimately help you get to that higher asking price.
Be flexible. Avoid rejecting or rescheduling showings or open houses based on your schedule. Work to the timelines requested by your prospective buyers. Additionally, hear them out. If they express certain concerns about the way your property shows, listen to them and understand how you can add value to your property. Can you fix the buyers’ woes by renovating your place? If yes, do a cost-benefit analysis to ensure that you’re never spending more than the value that you’re adding to your property!
Consider marketing your listing. If you’ve just put up your listing on the MLS site, odds are that you haven’t reached all the fish in the sea. Use other communication channels like social media, word of mouth, flyers, public relations – whatever is in your budget. Just get more eyeballs to your listing. [FYI – this includes having professionally shot photos of your listing]
Stage your home or hire a professional staging company to help you prepare your home for sale. Depending on the size of your property – home staging can cost you between $2000 – $10000. But the benefit? These properties get sold 5x – 11x times faster and often for more money than unstaged homes [between 4% – 20%]
Finally, if nothing else works – consider working with a different real estate agent. All relationships have an end. If you’re not happy with the services of your current real estate agent, don’t be afraid to jump ship. There are over 70,000 realtors in Toronto and we have some of the best on our team!
When you work with a real estate agent, they should be doing a preliminary walk-through of your home and recommend renovations that will help add value to your home. When you are looking to sell your largest asset you should work with a great real estate partner who will help ensure you get the best offers for your home.
I have experience selling homes in record time frames, sometimes before it even hits the market. With a team of trusted professionals, we have the resources to ensure you get the most amount of money for your home. If you are interested in learning more about why do some listings not get offers in Toronto, you can book a call with us today or download our free Seller’s guide to learn more about the services we offer.
Disclaimer: Pierre Carapetian Group Realty is an independently owned and operated Brokerage. This is not an offer for sale. Not intended to induce breach of an existing agency agreement.
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