I am often asked why a house has failed to sell. Invariably, it always comes down to one thing – money! Whether it is price, utility costs, or condition of the home, it is a simply a matter of dollars and cents…
It’s hard to imagine that we’ve reached a point where property taxes are directly impacting the real estate market in Sudbury. What was once a relative afterthought, property taxes are now front and centre. “How much is the asking price and what are the taxes” go hand in hand as the most asked questions these days.
The waterfront market has seen the most impacted with regards to property taxes. Sellers often list the high taxes as a major reason for selling. Buyers will mention the high taxes as being an issue when contemplating an offer. See the problem here? A mortgage can be chipped away at, paid down and eventually paid off. Property taxes, however, are here to stay... They’re the proverbial house guest from hell!
Electric baseboard heating is also another culprit. We’ve all heard the horror stories of those winter heating bills. The best thing you can do as a home owner is to covert to gas heating where possible. Some say they can’t afford it. The answer is you can’t afford not to! This is especially true when it comes to selling your home. It’s commonplace for Buyers to flat out say “don’t show me any houses with electric heat”. Imagine 50% of potential Buyers not wanting to look at your house because of electric heat. It’s a problem. Converting to gas will drastically lower your heating costs and increase the value of your home. It is one of the only upgrades to a home that almost pays for itself overnight!
The simplest things can mean the difference between selling and not. Be honest with yourself, and identify the major objections a potential buyer may have. Evaluate what would need to be done to eliminate that objection, and the cost. If possible, and financially feasible, get it done. If not, adjust your price accordingly.
The real estate market has been quite steady since January. If your home hasn’t been selling, you need to sit down with your Realtor and re-evaluate your asking price. It’s likely the reason you haven’t sold. In our experience, it is most often the only reason a house hasn’t sold!
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Chad Moore - Sales Representative
John E. Smith Realty Sudbury Limited Brokerage
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