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It's Been Months and My House Hasn't Sold

Currently in Saskatoon, we are sitting at a 38% absorption rate. That's a fancy way of saying 38% of homes listed are selling. Obviously that's consistent with the drum we've been beating for the last couple months, and that's reminding everyone that we are squarely in a buyers market. This also means a lot of properties, good, well maintained homes are sitting on the market for prolonged periods, watching their value go down and down. Is it fair? Of course not, but the market doesn't care about fairness.

If there is a 'silver lining' here. it's that you aren't alone. Due to the sheer amount of inventory here, buyers simply have the 'Cheesecake Factory' problem, which is their menus are too big. If you do have a home sitting for an extended period...like more than three months for example, although that definition could change from seller-to-seller, there are some things you should be examining, and you can read them here.
-Ask your agent questions about the market. If you are satisfied with how the listing appears on MLS, and how it's being advertised, inquiring about the market on both a micro level (neighborhood movement, for example) and local (city trends).

-Take a look at your initial expectations for the property, and figure out if you need to adjust those. Everyone has dreams of peaches, creams, and top-dollar/swift home sale when their home first hits the market, but if it's been sitting for a while, it might be time for you to reassess what's realistic for you to get the house gone. This might include small-medium sized renovations, or maybe just some trim.

-That obviously leads to the next point: is it priced correctly? Maybe what the house needs to be at is below one's bottom line to make the numbers work, which isn't uncommon in this market. If it is, it's time to adjust that bottom line or just remove the home off the market. Either way, sitting there with your house in limbo above market value isn't doing anybody any favours.

-I don't really love mentioning this one, because I do see it too often in tough markets (blaming agents)...but sometimes it's a good move. If you're considering switching, here are some things to consider:

Are they keeping in touch with you? Do you feel in the loop with what's going on, good or bad? Feedback being provided? How do the pictures look, do they look great in comparison to the competition? Have they had the cajones to tell you some ugly truths to get it gone, or is it all just sunshine and rainbows? These are all very important aspects to consider when it comes to switching representation. I would like to implore you, however, to not be reactionary and just blame the agent if it's not selling. We aren't magic makers, and while it's fair to hold us to high expectations in terms of how we market it, present it, how we communicate with you, etc...there always are factors beyond what agents can do in terms of a home sale. It's just important to identify what those are, and what you should expect from your agent.
Until next week!

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