How To Make Money Selling A Home In Calgary
The first step is, to be honest with yourself about what your home is worth. Get the stats for the most recent sales and look at it from a buyer’s point of view. Without a buyer, there will be no sale.
So who are these buyers? Serious buyers at any given time are out looking at homes with a Realtor. No Realtor is out looking at homes with people that are not ready to buy today if they find the right property. Buyers will look at 5 to 30 properties depending on their price range. Buyers are more up-to-date on the market than sellers because they are looking at lots of properties. Sellers are passive participants. Buyers are active participants.
When your home goes on the market, there will be a rush by the active buyers to see it because they’ve seen all the other homes already on the market. You will feel powerful because of the attention. You will fool yourself into thinking they all want to buy your house. The truth used to be that we’d get one offer for every 10 showings on a properly priced home. Now it’s more like 15 to 20 showings before getting an offer in writing.
Check out the Monthly Home Sales Stats, and you will see not all listings sell, but some do.
How to Make Money Selling A Home In Calgary is about understanding buyers and avoiding bad pricing strategies so that your home sells quickly.
What’s a bad pricing strategy? Price it over market value because you can always come down. That is a strategy that costs money 99.9% of the time. The needle in the haystack you are hoping for is someone paying cash with no concern about the market value or financing. Those Unicorns are there but very, very rare! Pre-internet days that strategy worked, but the internet killed it.
Problem #1 is the buyers know you’ve overpriced it and are using that strategy. They are happy to wait you out as you get fewer and fewer showings causing you to drop the price over time to even fewer and fewer qualified buyers. On the first day you listed, you had the most attention from qualified buyers you will ever get. After that rush, you wait for new buyers to enter the market. Waiting and waiting and looking to blame everyone except the person who insisted on using a lousy strategy.
This seller strategy is loved by savvy Realtors working with patient buyers that want to make the money you lose when they buy.