Blogged Ty LacroixWhy Some Houses in London Ontario Take Longer to Sell.


   I keep track of houses in London that are for sale, how long it takes to sell( days on the market) and what percentage of the sale price to the asking price. What is the reason why some houses sell for 98%-99% of the asking price or more and are sold within 26 days and others receive 95-96% of the asking price & are on the market an average 83 days or do not sell at all?

  No offers yet on your house in London

 When a house is not priced correctly the first day it goes on the market and if the price is too high, this is usually what happens:

  • LOW Final Sales Price - An overpriced house, still on the market beyond the average selling time, usually leads to a lower selling price. To sell it, you will have to reduce the price, sometimes several times. In the end,you’ll likely get less than if it had been properly priced at the start.

 

  • Limited Buyers - Potential buyers may not view your house, because it would be out of their buying range.

 

  • Limited Showings - Real estate agents may be reluctant to view your house or bring their clients because the listing is stale and buyers wonder what is wrong with the place.

 

  • Wasted Time and Energy - For example, a buyer who gets a bank appraisal on an overpriced house will quickly determine that they've wasted their time because the appraisal will not support the inflated sales price.

 

                       Weeks on Market For a House to Sell

Well kept houses in London Ontario,  properly priced when you first list it will always get you a quicker sale and  97% of the time the best price! 

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You, & Only You Determine When Your Home Sells in London Ontario


    Well Researched Pricing Leads to  Your House Selling in London Ontario

   Over 94% of home buyers surf the internet to begin their home search. That means home buyers are well aware of which houses are available & what the asking price is.

                  searching for a house to buy in London Ontario

  Today’s home buyers are wiser and have access to information that was not available years ago. Industry surveys show that the average home buyer sees 10-16 homes before making a decision!

  What that means in most cases is that home buyers and their sales representative know the market for homes similar to yours. Yes, every home may be unique and have different features but to get market value for those features and uniqness is another issue all together and that is what marketing is all about.

   Knowing that, now more than ever, pricing is the key to selling a house in London Ontario and area. Some home sellers think that a higher price will give them some negotiating room. But in fact many buyers don't even look at a property that is overpriced; much less make an offer on it. This can lead to the house listing becoming tired or in the worst case scenario, not selling at all.

 The first question a home buyer asks me when showing them a house to buy is “How long has this house been on the market?”

                               an expired listing

  If it has been on the market more than 20-25 days, buyers wonder if there is something wrong with the property. After a while, the home seller then has to drop the price, taking less than they might have if they had priced it correctly to begin with.

  Homes that are well-priced attract the buyers in their price range.

  If the buyer's perception is that the property is a good buy, then the seller is positioned to receive the listing price or close to it.

  In closing, when selling a home in London Ontario and area, how thorough is your research of the real estate market? 

 How would you like to have your house sold properly, at the lowest possible fee?