With the increased levels of listings in Calgary many buyers, especially first timers are being very cautious in their decisions to buy a home. With such high inventory the market has sided with buyers offering opportunities to pay less than list, which a recent Royal LePage survey helps confirm. This expectation, citing the survey, outlines that 71% of Albertan buyers expect to pay less than list price which is above the 65% of people nationally.
These numbers simply reinforce what many already know about the market situation in our city. With the reduced number of sales year-over-year and so much inventory sellers are going to have to be more in tune with their listings. Over pricing in a market like this will no doubt result in a long term “stagnant” listing, with buyers opting for more competitively priced homes. This is an obvious mistake and could result in a seller “chasing the market” so to speak with gradual price reductions which will only lessen their market exposure. The fact that only 26% of Albertans surveyed said they would pay asking price for a Calgary home offers insight for sellers and should prompt them to be very objective when listing.
If you are selling your home in this market an intuitive approach to the process will greatly increase your chances of selling. Overlooking minor repairs or anything else that could leave a negative impression (cluttered house, paint chips, scent of animals etc..) will only deter buyers who as we know, have no lack of product to choose from.
Highlighting all the best your home has to offer is paramount because the features and unique touches of a property are often times what sway a buyer to purchase a specific home. Highlight absolutely EVERYTHING that you have enjoyed about your property and make it easier for a buyer to want it more than your competitors. In short effective pricing, staging, and high exposure marketing should be a home owner’s main focus now more than ever to gain an edge over competing listings. The market will turn around and gain pace as it always has, but if you are selling your home, now is always better than later.