November 30th 2014 By Philippe Vaillancourt

Unlocking the Secrets to Selling Your Home: A Comprehensive Guide

Is your home lingering on the market without attracting any offers? In 2014, Philippe gained recognition in the French real estate community with his video titled “Pourquoi ma maison ne se vend-elle pas?” (Why is my house not selling?). Fast forward to today, Chantal brings you a sleeker English version with timeless insights that remain relevant in the ever-changing real estate landscape.

Today, I’m addressing the age-old question: Why is my house not selling? Despite the current hot market, your property might not be getting the attention it deserves. In this video, I explore the key factors using a fun analogy with Monopoly pieces to illustrate the market dynamics.

Understanding the Market:

Imagine the real estate market with these Monopoly houses (see video). You’re a player, surrounded by other buyers, with a plethora of houses on the board. Currently, in the western tip of Laval, there are 289 homes for sale. You then have 288 competitors. How do you stand out?

Buyer’s Perspective:

Buyers are actually market experts. They obsessively check the market every day weighing and comparing their options. Buyers, represented by Monopoly players in my video, are searching for the best value. They meticulously compare pictures and prices on platforms like MLS or Centris. Your house needs to shine in this comparison ! They unconsciously grade the entire market based on value, from the best to the worst, regardless of price.

Market Dynamics:

As an example, every month, about 48 homes are sold in this area. The first buyers naturally secure the best-valued homes lowering the pool of houses and your competition. But here is the bad news: there’s a continuous influx of new inventory. Approximately 72 homes get listed each month, contributing to a growing inventory.

Strategies for Success:

To ensure your house stands out, consider the following:

Price Right: After 8 showings, if your house hasn’t sold, it may be overpriced. Adjust accordingly.
Adjust correctly: If you are not getting ANY showings, or very little, you are most likely 10% or more, overpriced. If you are getting quite a few showings, but no offers, you are most likely 5% over priced.
Showings and Feedback: Pay attention to the feedback. Vague feedback signals a problem. Can you somehow improve the look of the home? The pictures? Homestaging? Is the listing sheet detailed enough? (Consult with your broker for detailed insights.)
Market Comparison: If your house isn’t selling, you need to do your homework. What IS selling and at what price? Analyze what similar homes are selling for. Align your price with the current market value to attract potential buyers. Beware of ownership bias.

Conclusion: If your house isn’t selling, work closely with your broker to transition from being overlooked to being a top pick. Don’t worry about pricing competitively; in today’s market, well-priced homes find buyers quickly.

If you are not currently working with a broker, and you would like more information tailored to your specific neighborhood (Laval and the North Shore ideally), reach out to us.