Toronto Real Estate-Why Wonderful Homes Do Not Sell.

Your home is fabulous, in a great location, up until now it's been sitting on the market for many weeks with little or no interest. You are getting very disheartened. What can you do?
Real estate is an inconsistent business with markets fluctuating according to the economy, interest rates and supply and demand. The general market aside, there could be other reasons why your terrific home has not sold.
The number one reason excellent homes do not sell is because they are overpriced. Setting a sale price for your home is a complex business. You want to get the maximum possible return on the sale without turning off potential buyers with an exaggerated price.
As this article is being written, home prices in Toronto are down approximately 20% year to date. Home sellers must price their home for today’s market if they are genuine about selling. An initial high price will drive away potential buyers put off by an over-valuation of your home. They will think your home is simply out of range, or that you are being greedy or unrealistic in your thinking.
It is important to price your house according to the market in which it is located. For example, a house located near hydro towers or backing onto a railway line may sell for less than and identical house situated in a nearby area without these adverse facilities.
Additionally, if there are a lot of homes for sale in your neighborhood, it becomes a buyers' market and you will not be able to obtain the price you think you should get if your neighbors are willing to go lower.
Finally, there are trade-offs when selling your house: a lower price usually means a larger group of potential buyers and a faster sale, while a higher price means a smaller market of potential buyers and a slower sale. The current market conditions, CMA) as presented to you by your realtor determine the price you should ask for your home. If you overprice it, you must be prepared to wait to get it or reduce it in time.
Another reason your house may not be selling is exposure. Are you trying to sell it yourself? If so, it may be difficult to arrange showings around your work and family schedule, you do not want to pay the cost of advertising, you are hoping someone will drive by and call, to name a few obstacles, therefore limiting the potential for a sale. Listing your home with a realtor will give you the exposure you need to sell your home and the professional feedback. Not only does a realtor have more flexibility in showing your home, he or she will also advertise the house, list it on the widely used MLS (Multiple Listing Service) website, their own website, and that of their company’s. A realtor will also do open house and is an objective party to hear what people are saying when they come through.
A realtor will attract buyers because of a photo on the MLS listing, the internet website, advertising, emails to other realtors, open houses, a professional sign on the front lawn or feature sheets.
Other matters to consider include:
· Does your home look neat and welcoming from the street? Enhancing your exterior appeal will increase your chance of a buyer being interested. It is in good repair? Just like with photographs, your home is judged on its appearance from the road.

· Is your house clean and neat? This is vital to making a strong impression on potential buyers. Clutter is not desirable, so take time to sift through your belongings and get rid of the stuff you don't need or want. Throw out the junk and donate the rest of your unwanted possessions to charity. Even after going through your things, you may have too much stuff in plain view.

Make your closets and cabinets look spacious, and if there is too much, buy some plastic containers and store the stuff you don't use very often in the tubs, which you can stack neatly in a corner in the basement. This will improve the look of your home and it will be packed already for your move.

· Update your interior decorating to enhance the attraction of your home. Replace old flooring, apply new paint, and add a slip cover to your or unstylish furniture. Changing the doorknobs in your kitchen and bathrooms is a great way to modernize its look without spending a lot of money. Remove stained or foul smelling carpet. Hardwood flooring found in good condition underneath the carpet is an added bonus.
· Odour management. Not everyone loves our pets as we do. Make sure the kitty litter box is fresh (and out of the way!), and that hair and musty pet blankets are out of sight. If your pet has soiled the carpet, it should be professionally cleaned or removed.

Toronto residential real estate has become a buyer’s market. It is still strong and it is still a great time to by with mortgages remaining low.