*all stats based on CREB® MLS® System sales data and average sale price since 2007
Every market has buyers, even a slow one. The key to selling in a buyer’s market is combining an attractive price point with a stunning listing that leaves zero doubts in the mind of a potential buyer. You need to appeal to their emotion and make them feel like your house is “the one.”
In terms of pricing, this means hiring a licensed REALTOR® that knows how to perform a proper comparative market analysis. They need to understand how and why similar homes recently sold in your neighbourhood and compare them to your property when setting a list price. Again, details and features matter here. For example, you will never get as much for a house on a main road as you will for a home on a quiet street.
Sometimes, if the market is so slow that nothing is moving, there are too few recent sales for a comparative market analysis to be statistically valid. This in itself could indicate that current listing prices in your area are too high or there is not a lot of demand for your property type. This is where experience makes the difference as a skilled Realtor should be able to develop a pricing and marketing strategy despite this.
When it comes to creating a stunning listing in a slow market, you may want to invest in some basic cosmetic improvements. For example, depersonalizing and decluttering your home; or finding low-cost, low-effort ways to freshen up your key selling areas such as kitchens and bathrooms.
Travis does not typically recommend renovating to address larger deficiencies. In general, it’s best to just disclose these issues and let the next owner decide what they want to do. The key to listing in a slow market is also about getting your listing up as fast as possible, so waiting for six months to complete a renovation is not going to do you any favours.
In our case study below, you learn how Travis helped Christine and Raymond quickly sell their detached bungalow in the mature Calgary neighbourhood of Acadia, despite listing in the off-season during a slow market.