Real Estate

Why won't my house sell - Honest opinion

  • Last Updated:
  • Aug 12th, 2018 5:11 pm
[OP]
Deal Addict
Apr 21, 2014
2188 posts
971 upvotes
Alberta

Why won't my house sell - Honest opinion

SEE PAGE 10 for updated question

I have my house up for sale for a few months now in Edmonton, Alberta. I have attached the link to the houses for sale in my neighbourhood below. The initial price was 825k and we have since done a couple of price adjustments down to the $799,900 amount. My agent has been advertising on all social media, even has a youtube of it etc. The house is vacant (as I have moved to the states). The area is relatively close to downtown and walking distance to the Whyte Ave area where there are lots of trendy bars/restaurants. There have been no showings at all in the last few weeks, and since the price adjustment down to the sub 800k mark, we have had 3 showings. Nobody had an issue with the price, just wasn't interested in making an offer.

My agent believes we are priced very well. The area is where a lot of infill activity is happening, and the last few sales in our similar price range have been new builds that were sold for 815k and 820k respectively. Those properties were of similar size (or even slightly smaller), with no landscaping/fencing and neither of them had a finished basement (which mine does). Is it just that there may not be many buyers in Edmonton looking in that price range? And if they are looking in that price range they are willing to spend 30-40k more for a new build? The weather has been pretty crappy in Edmonton from my understanding. Should we just hold tight to see what the spring market does, or...?

Any insight would be greatly appreciated. My wife and I are getting a bit stressed out now and not sure what to do.
Last edited by abc123yyz on Mar 2nd, 2018 1:48 pm, edited 2 times in total.
247 replies
Deal Addict
Mar 14, 2006
1318 posts
683 upvotes
Toronto
The market has slowed down but another reason could be that the Spring market has not started...most ppl don't look for house yet..the market will pick up in Spring...
Sr. Member
Aug 14, 2007
516 posts
275 upvotes
Ottawa
When the property is not sell, it is only due to two reasons, the asking price or the condition of your house. If you think your asking price is fair, then it must be the condition of your property does not meet the standard of your asking price. If you think your property condition is fine, then your asking price is just too high for what you have offered.

Historical price is only for reference, when the market condition has changed, then your asking price should adjust accordingly.
Deal Addict
Feb 5, 2009
2809 posts
928 upvotes
Newmarket
I don't know your area or the market so I will comment on the house and your neighbours.

What sticks out for me are the crappy house both on your left and your right, so I think the street is working against you.
I am also not a big fan of your siding, your house is either recently built or renovated, the siding to me speaks cost savings despite the fact the front is tastefully done, the back of the house looks like it was built in 1940.
Just imo.
Sr. Member
May 9, 2006
805 posts
124 upvotes
Mississauga
I wouldn't have clicked on your house looking at your first picture, it looks too busy, one picture capturing living room, dining room and kitchen area. Try changing that to your front of the house picture.
Deal Addict
Oct 29, 2010
4310 posts
656 upvotes
You mentioned new builds vs. yours.
How old is your house in comparison? Quite a few people are willing to pay premium for new builds and if you're asking for 799k and new builds without basement and without fencing/landscaping sold for 815k then I would argue the premium is worth more than that money wise.
But then again, if you had a few showings and nobody even entertained a number with your agent then maybe it's just because the market didn't pick up yet.
From my experience in the GTA, difference between new/old is often 100k+ but it obviously depends.

You also need to consider that it's much harder to get mortgages now, lenders are tight with their money and because of it so are buyers.
Banned
User avatar
Jun 8, 2008
3977 posts
1407 upvotes
Toronto
Caveat, I haven't bought a house in years and know nothing of your market area - but I find it strange that it isn't staged at all. There's no furniture. I can't picture living there.
Member
Feb 20, 2017
316 posts
97 upvotes
Barrie, ON
I was going to say I compared one of the prettier looking houses on the outside and it looks worth $800K, yours on the inside fits the price range, but the outside of the house might dissuade people from wanting to spend that kind of money.

I also don't know the Alberta Market however.
[OP]
Deal Addict
Apr 21, 2014
2188 posts
971 upvotes
Alberta
flafson wrote: You mentioned new builds vs. yours.
How old is your house in comparison? Quite a few people are willing to pay premium for new builds and if you're asking for 799k and new builds without basement and without fencing/landscaping sold for 815k then I would argue the premium is worth more than that money wise.
But then again, if you had a few showings and nobody even entertained a number with your agent then maybe it's just because the market didn't pick up yet.
From my experience in the GTA, difference between new/old is often 100k+ but it obviously depends.

You also need to consider that it's much harder to get mortgages now, lenders are tight with their money and because of it so are buyers.
The house was built in 2015. My area is 1940's 1950's bungalows that are being torn down and replaced with new builds. The houses beside me are both old, the houses beside them are both new (2014 onwards)
[OP]
Deal Addict
Apr 21, 2014
2188 posts
971 upvotes
Alberta
wirebound wrote: Caveat, I haven't bought a house in years and know nothing of your market area - but I find it strange that it isn't staged at all. There's no furniture. I can't picture living there.
Did you look at the right house? It's the one for 799,900 it has all the furniture.
[OP]
Deal Addict
Apr 21, 2014
2188 posts
971 upvotes
Alberta
djjungly wrote: I wouldn't have clicked on your house looking at your first picture, it looks too busy, one picture capturing living room, dining room and kitchen area. Try changing that to your front of the house picture.
Good point. I've been playing around with what picture to use. We have changed it a few times. That's not the dining room, that's the eat in Kitchen. There is a separate dining room.

I wanted to avoid using the front of the house, because as people have mentioned, it's not as nice as the outside of some of the others.

Of all the pictures that are on the site i linked to. Which one would you recommend that I use as my main picture??
Deal Addict
Feb 5, 2009
2809 posts
928 upvotes
Newmarket
I would take a photo that shows the front of my house without showing the neighbours at all. If I look at real estate listings and the main photo is of the inside I always think the outside will be ugly, and I am right more often than it, they often are houses renovated on the inside with old crappy exterior.
Banned
User avatar
Jun 8, 2008
3977 posts
1407 upvotes
Toronto
abc123yyz wrote: Did you look at the right house? It's the one for 799,900 it has all the furniture.
Hah, whoops!
Deal Addict
Oct 29, 2010
4310 posts
656 upvotes
abc123yyz wrote: The house was built in 2015. My area is 1940's 1950's bungalows that are being torn down and replaced with new builds. The houses beside me are both old, the houses beside them are both new (2014 onwards)
I honestly can't consider 2015 as being old so that can't be it, IMO yours is much better than the one listed for 830k.
Personally I don't like carpets anywhere and people are paying premium for hardwood, especially darker colors but I doubt it makes sense for you to change that. Another thing I don't like is the separate garage, if I had an option (and you have plenty of options for that in the GTA), I wouldn't touch a house with a separate garage, but then again, it seems standard for your neighborhood, so might not be it.

Probably just the season and the condition of the market as a whole, no traction yet.
If you're worried and want to try new things, you can always try to list it for $1 and see if the number of showings go up and if people are throwing some numbers your way.
Just because it's $1 doesn't mean you have to accept anything less than what you're asking now, but at least it may generate some movement and will give you the option to consider what people have to offer. If you're not happy, just let it sit there or take it off the market and put it back in a few weeks.
It also doesn't help when you have multiple similar properties as it turns it into a buyer market and not a seller market.
Deal Fanatic
Jul 3, 2011
5768 posts
2930 upvotes
Thornhill
Personally I think it's a very nice home.

I don't know the Edmonton market so I can't comment on price except to say that compared to the others I see yours seems to be the better value. That you've had 3 through since the price adjustment suggests you're more or less in the right range but you need to attract more eyeballs and thus visitors.

I agree with djjungly, the first picture is not the ideal one to introduce the property because it is showcasing too much. There's nothing wrong with an interior shot, I've used them successfully but it should be a teaser shot to get the buyer to look through the rest.

My suggestions are:

Some of the other pics should also not encompass so much of mutliple rooms at once as it's distracting in that's there's also a lot of furniture.

I think a few adjustments would attract the eyeballs - remove some of the furniture for example the side chairs in the family room and the brown couch in the bedroom; throw in some bold splashes of colour in the downstairs pics as the decor, even though it's lovely reflects as monotone. Splash of colour too on the beds and bathrooms; rearrange that one bedroom if you can to move the bed away from the wall or delete the one picture showing it that way; remove the clock from above the door and delete the pic showing the front door/dining room/closet, open the bathroom door for the picture.

Leave the ceiling lights off - they're not needed and draw the eye away from what the rooms have to offer and along the same lines...

If the blurbs in the virtual tour are smaller and as a font overlay only, the rooms would be fully showcased.

Once you please the eyeballs the trimmed down furnishings would allow visitors a better sense of space and placing of their own.

Best of luck! Let us know how it goes.

Top