|One of the things I appreciate about real estate is learning from other people’s mistakes, especially when homeowners are unable to sell their home quickly for top dollar.
Apart from the price, location and features that can determine how much and how fast a home sells, there is another important factor that I see all the time that most sellers forget. That factor is not understanding the buyer market, specifically not knowing who their target buyer is to purchase their home. When this happens, they place their home on the market that is overpriced or is not properly prepared and marketed to attract the right buyers. As such, their home stays on the market for a long period of time with no interested buyers and eventually doesn’t sell.
If you are an owner of a small home with a garage and a decent backyard, having this buyer profile information available to you provides you with a competitive advantage over other homeowners selling their homes. Furthermore, this inside information can help you strategically market and promote your home that would immediately attract the right buyers.
Knowing and understanding the needs of your target buyer market plays a critical role in determining how long and how much money your home will sell for. You can find out details about your target buyer market through various sources, such as a trusted, experienced realtor who has access to housing market information. As well, you can refer to the following housing and demographic information sources:
Canadian Mortgage and Housing Corporation Housing Market Outlook – Ottawa
City of Ottawa Annual Development Reports
About the writer
Michael Arthur is a realtor with RE/MAX Core Realty Inc., who specializes in residential properties and leasing of commercial properties. He works with various clients that include first-time home buyers, real estate investors, business owners, renters, and homeowners who are going through life transitions, ranging from divorce to personal bankruptcy. He can be reached at (613) 890-SOLD (7653). Website: miketheagent.ca.