Why won't my house sell - Honest opinion
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.