WILL MY HOME EVER SELL? – HANG IN THERE!!

 

With the midway point to summer fast approaching, some sellers may be losing hope in the quest of selling their home. Some are left scratching their heads and asking, “Will my home ever sell?” or “Wow this market changed fast”.

From a Real Estate professional standpoint, let’s have a look at some factors.

Summer is traditionally a slower month in all aspects, open houses, showings, closed deals. It only makes sense though, people like to make the most of their summer, camping, boating, road trips, cross-country family reunions, the list goes on. We all know the mortgage rules in Canada changed significantly on January 1st of this year (209 days ago to be exact, so hats off if you are still 209 days into your new year’s resolutions!). This change is affecting what people can qualify for and the implementation of a new stress test. But there are sales stats from January to now showing properties have still changed hands! So we cannot use that as an excuse anymore. There will always be buyers and sellers. (I recommend speaking to your mortgage broker for more info on the changes if you have any questions, or call me).

OK, so what else? Wouldn’t you agree that there is A LOT more inventory across the board in condo’s, townhomes, and detached homes? Ok, so let’s dig a little deeper. Did you know this year is the biggest year Canada will see for mortgage renewals? In 2018 in Canada we have close to $160 billion dollars in mortgages up for renewal! To put that into perspective, The Dallas Cowboys stadium in Austin Texas cost $1.2 billion to build. So that would be the equivalent of 160 Dallas Cowboys stadiums being built! Maybe that can attribute to our extra inventory…

So what can you do as a seller to hang in there? Well, a good relationship with your Realtor is where it all starts. Get weekly updates on showing feedback where you are being seen i.e. Instagram, Facebook, websites, craigslist, etc. Deals are happening all the time of social media, I myself have done a few and so have my colleagues. I bet you may not have known that was happening! Keep the exterior looking sharp and appealing by keeping the grass trimmed and watered (if allowed), throw some fresh bark mulch on flowerbeds. In some cases, 1 in 4 homes are selling (based on specific parameters in the Langley) so this means price and curb appeal need to still stand out! Get weekly sales reports from your property specialist – Realtor, have them send you what is selling at what price to see where you are in relation to your asking price. And if you are having to reduce your price, remember it is not always a bad thing because the chances are the home you are purchasing, whether it be a Condos For Sale In Langley, Townhouses for sale in Langley, or detached home, are all probably thinking of doing the same thing. It’s all relative.

One of my suggestions I give my clients if we have been on the market for a while is to take a couple days and getaway. Refresh, recharge, and relax. Take your mind off the whole selling experience. I can still show the home well they’re away and when they get back we discuss a game plan moving forward. It’s in everyone’s best interest.

One of my mentors says it best, “You can sell a house that sits on train tracks, you just need to appeal to the buyer that will pay to move it to its end location.” – R.R.

Hang in there!