CONTACT

The 5 Biggest Mistakes Sellers Make in Sellers’ Market

Despite a rise in listings last month, Calgary’s resale housing market remains firmly entrenched
in sellers’ market conditions.


The Calgary Real Estate Board’s latest data shows that even though more buyers listed their
homes in May, it wasn’t enough to offset demand. While overall months of supply increased to
just over two months, it wasn’t enough to lower prices. Last month’s unadjusted benchmark
price reached $455,200 – one percent higher than last month and nearly 11 percent higher
than last year. Interestingly, homes priced above $600,000 represented 26% of all sales in May,
as opposed to last May when it only reflected 16%.


Depending on your situation, this could absolutely be the right time to sell your property. If you
decide to list, here are 5 mistakes you don’t want to make even though it’s a sellers’ market:



Pricing your Home Based on Emotions, Not Data

In a sellers’ market, it’s so easy for people can get sucked into the emotion and hype.
They think the sky’s the limit when it comes to pricing their home. A competent
REALTOR® will use accurate data so a market value can be determined. It’s critical to use
this information to make the best decision and to obtain the highest, quickest sale
before market conditions change.


Selling it Privately

I’m not just saying this because I’m a REALTOR® – I’m saying this because I’ve seen so
many deals go so, so wrong. Remember, MLS® System exposure is just one element of
getting your home sold and unless you have experience selling, you are potentially
leaving a huge amount of money on the table trying to market your most valuable asset.
I’ve even seen a few lawsuits due to unknown negligence by a seller who didn’t know
what they were doing. The 6K they were trying to save in commissions ended up costing
them 20K in damages and court costs.


Skipping out on Staging

Buyers in a sellers’ market still need to instantly fall in love with your home and that’s
where staging comes into play. If buyers can’t easily picture themselves living in your
home due to clutter, lack of flow, or over-personalized décor, they may still make an
offer, but it won’t be top dollar.


Not Making your Home Walk-through Ready

Yes, the market is hot, but you still want to make the best first impression when
showing your home. A professional, thorough cleaning (to eliminate any potentially
offensive odors) is non-negotiable. Clean your carpets. Paint if that isn’t enough. Nasty
smells and stains may not keep your property from being sold, but they’ll sure lower the
value of your home in buyers’ eyes.

No Digital Marketing Plan

Today’s buyer does the majority of their research online, more so since the pandemic.
Your listing needs to start with stunning photos, but it doesn’t end there. Buyers expect
to see floor plans and virtual tours or videos before they even consider booking a
showing.



According to the Canadian Real Estate Association, this trend is only increasing. In 2020
alone, the use of virtual tour or video in all MLS® System listings on REALTOR.ca
increased by 10% compared to pre-pandemic levels.


These marketing assets also need to be used as part of a digital marketing plan that
includes everything from winning SEO to social media ads. Remember, the goal in any
market is to get your listing in front of as many buyers as possible so you get as many
offers as possible.


This sellers’ list may seem like a lot of effort with some upfront costs, but it will pay off.
Something else to keep in mind: if you hire a Realtor that offers full-service representation,
these items are often included as part of their commission fee. That’s why it’s important to
interview at least three Realtors before choosing one. Make sure to ask what they are including
in their commission fee and to explain the data behind how they arrived at their home
evaluation figure. Due diligence is a must in any market.


As always, if you’re interested in learning more about the latest sales data in your
neighborhood, or your curious about what your home may be worth in today’s market, I’m
happy to chat.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.