Let's start with a "Note to Home-Sellers: STOP listing your homes for LESS than you are willing to ACCEPT!!!!"
So here is the scenario: I've got a buyer, pre-qualified and approved for up to $200,000. This week, we find a nice home, listed at $196,000. The home-owner has tried the "Showings Start Friday, Offers on Tuesday" deal, in an effort to bring in multiple offers and drive the price up. Alas, its July and they only had a handful of showings, and no offers.
So my buyer decides to write a very nice and clean offer, and we present it to the Listing Agent and the owner. My buyer is 'pumped'.... could this be the one? I'm excited too. ... Until we get the call that the owner has turned down the offer! And NOT JUST turned it down, but refusing to even counter-offer it. As the Listing Agent explained, the owner had her sights set on $20,000 more, and would not sell for the asking-price.
And so my initial caution from up top: DON'T list your home for less than you're willing to accept!"
I understand that there are times in the year when a low-pricing strategy will work. It's a pretty safe bet that, given our current market, if you list your home with a REALTOR® in the spring time, and the home shows well and is priced well, you're going to get multiple offers. Unfortunately, some agents rely on this strategy ALL YEAR LONG, but guess what: Marketing Strategies are not like Spandex pants: One Size DOES NOT fit all!
Even Winnipeg's hot real estate market will have slow times, such as July and August, and again in December-January. a strategy which works in April or May, could backfire on you in July, when Winnipeg Home Buyers traditionally 'take a break', and instead of 35 showings, the home receives only 6 (or even fewer).
Experienced agents, who have been thru these seasonal cycles, understand this, and create special marketing plans for these situation. (Actually, the Marketing Plan should fit not only the season, but the type and style of home as well.... ONE SIZE DEFINITELY does NOT fit all situations).
Now for the good news: Just because the market is a little slower, does NOT mean you wont get as much money as your neighbour did in the spring!! It just requires a different approach, a plan that does not simply count on "Low-Price = Bidding War" type of thinking.
So if you are a home-owner thinking of selling their home, call me for your special and customized marketing plan. One of the first questions I will be asking is "When are you thinking of selling?"..... because the timing is an important factor in creating the proper marketing plan for your home.