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Follow @bokauffmannCurrently, Winnipeg is experiencing one of the hottest "Sellers Markets" in the country. This is a little bit of a double edged sword: homeowners are sometimes a little over-confident when it comes to pricing and selling their homes. After all, we hear about the ‘bidding wars’, and the stories of homeowners getting 30, 40 or 50 thousand dollars above their ‘asking price’.
Here is an interesting fact to keep in mind:
Winnipeg’s List-to-Sales ratio is around 75%. That means that 75% of listed homes sell within their listing period (usually around 3 months). The other side of that equation is that 25% (1 out of 4) don’t sell. Main reason for this: Over-pricing of the home.
Over-Pricing: Buyers in Winnipeg have become accustomed to the idea of paying more for a house than the owner is asking. So when buyers see a house that is already over-priced, they naturally make the assumption "We have to pay MORE than they are already asking?"….and in many cases buyers move on to other homes.
This over-confidence often leads to a 2nd failing: the "sell-as-is" mentality. Sometimes homeowners feel that since the market is so hot, anything can be sold. As the 75% ratio shows us, this is not always true.
What do buyers look for? Extra clean, ready to move homes. In fact, they will pay extra for it. The owner is well advised to spend a little on paint, carpet and modern lights, at the very least.
For some excellent ideas in fixing-before-selling, read
Market Value Boosting Renovations
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