These days, Ottawa is experiencing a "sellers' market," which happens when there aren't enough available homes to meet demand. With more buyers than sellers, buyers find themselves competing for properties, which drives up prices in many segments of the marketplace.
Despite the competition and high demand, a property that is priced too high may linger on the market longer than expected. Here are some signs that your property may be listed for too high a price, and what to do about it.
Your agent will show you data from similar properties that have sold in your neighborhood over the past few months. Sometimes the data will show a clear trend in terms of pricing, but in other cases outliers can skew the trend. Discuss these comparable properties in detail with your agent, and decide on a pricing strategy that aligns with what buyers are willing to pay to live in your neighborhood, or in the type of home you have to sell.
Feedback from Buyers and Agents
When an agent books a showing at a property, they receive a request for feedback when the showing is complete. This feedback can be tremendously important when it comes to positioning (or re-positioning) your home in the market. If agents consistently say that their buyers feel the price is too high, it might be time to consider a price reduction.
Properties that are priced too high can often by identified by a lack of agents and buyers asking to book showings. Buyers may view the property online, but decide that they aren't willing to pay the price based on photos alone. Or, buyers may not even see the listing online because the price puts it outside their search parameters. Sometimes homes see a flurry of initial activity, with lots of buyers and agents coming to showings and open houses -- but the showings soon dry up, and no offer materializes.
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