Was the Property Overpriced?
Overpricing your property is usually the number one reason it did not sell. Assuming your neighborhood or area has homes with similar features (number of bedrooms and baths, lot size, etc.) on the market for a lower price, buyers will naturally buy those properties first. The price of your property should be competitively priced with these other homes. That means if you want to sell your home, price the home at or slightly below the comparables. Doing so correctly and accurately will require an experienced real estate agent, who will help you establish the best price based on the competition. Again, pricing your property above comparable properties can easily cause it to remain on the market.
Another problem with pricing higher than competitive properties is the price reductions. Most homeowners will reduce the price once they realize their home is priced higher than the competition. When your real estate agent enters the price reduction in the MLS® System, the property is probably at or near where it should have been priced in the first place. The problem now is you missed a lot of the buyers the first round that bought comparable homes for the same price you have just reduced your home too.
To overcome this situation, you are going to have to make sure your new, reduced price is extremely competitive. If your price reduction still leaves the asking price of your home higher than any comparables, your home will probably continue to remain on the market. I will help you assess the competition and establish an asking price that will get the home sold.
Condition Of The Property
All of the cosmetic things, such as paint, landscaping, window coverings and flooring should be in good shape. The house should be close to spotlessly clean inside and out! It is always amazing how buyers refuse to see “through” superficial, cosmetic shortcomings. To illustrate this point, most buyers can walk into a “perfect” home that is priced below market. However, if the house is cluttered, the carpet is worn, or the house has a strong pet odor, they move on to look at the next house. And making these cosmetic improvements costs little… mostly your time! To get the house sold, make a small investment in:
- Landscaping: Make sure the lawn is in good shape and trees and shrubs neat and trimmed. Make sure gutters are clear. If you don’t have the time to do it, pay someone.
- Exterior of home: Make sure there is no chipping paint, dirty windows or clutter in the yard. Most importantly, remember that most buyers will notice the condition of the front door when they walk in.
- Interior: Make sure the carpets are clean and attractive, the walls painted (if it needs it) and clean (no smudges!), the kitchen clutter-free and the windows are spotless. Also, remove excess furniture (rule of thumb is put half the furniture in storage or the basement). Excess furniture makes rooms appear much smaller. Make sure all clothes are off the floor and organized in closets. And finally, make sure the smell of the home is appealing.
As your real estate agent, it would be my pleasure to assist you with staging your home for a quick sale at the best possible price. I also will be able to advise you on the best, most cost-effective repairs and updates you can make to give you the most “bang for your buck!”
Was Your Property Aggressively Marketed?
Another primary reason for homes lingering on the market is a simple lack of exposure. In a very hot market, a listing in the Multiple Listing Service (MLS®) alone should generate an adequate number of buyers. However, if your market is anything less than red-hot, the amount of inventory will increase and your home needs aggressive marketing.
Most buyers work with real estate agents. A good real estate agent will make sure your property is exposed to the active real estate agents in your areas by presenting your property to many of the area offices. Also, most active real estate agents have a strong network of other agents, and they’re usually on the phone pushing the property to the other agent’s buyers.
Well over 85% of buyers use the Internet to look for homes! Make sure your property is advertised in heavily trafficked websites for MAXIMUM exposure.
What is your real estate agent doing to aggressively market your home? I would love to share with my detailed marketing plan that will be the driving force behind getting your home sold quickly and at the best possible price.
Pictures Or Lack Thereof
As mentioned above, the majority of home buyers are searching on the internet. When they are looking around and browsing, what do they see? What makes the quickest and largest impression? PICTURES. Pictures alone will not sell your home–but they will sure get buyers in the door.
Many listings that have one of the following major problems:
- No pictures (completely unacceptable)
- One picture only, usually of the exterior of the home
- Terrible pictures (terrible quality, low lighting, small focus)
All of these problems do nothing to grab a buyer’s attention as they are browsing hundreds of homes online. What did your listing agent do to visually showcase and advertise your home? How many pictures and videos did they take and where did they market them?
Finally, and Most Importantly, Did You Hire The “Right” Real Estate Agent?
Like any profession, there are very effective and ineffective agents. Many agents work hard and employ strong marketing techniques. Many agents have a strong network and access to buyers. Many agents work hard to get your home sold. However, many do not. Did your agent simply place the house in the Multiple Listing Service? Or, did she or he inform their network of buyers about your property? Did your agent take the time to prepare an impressive listing package for prospective buyers – including professional quality photos of your home and detailed sales descriptions of the major selling points to your home?
How about presenting your property at sales meetings both at her or his office and other company offices? Did she or he promote your property at the local real estate board meeting, where many agents gather to share inventory? Did she or he use aggressive advertising, including the heavily trafficked internet websites?
Ask yourself, was your agent passionate about selling your property? If not, now is the time to find the agent who will get your home sold.
READY TO SELL?
With home prices recovering and interest rates still low, now may be the time to act. So, now what? The first step to beginning the home selling process is getting as much information as possible. Fill out the confidential home-seller questionnaire today and I’ll contact you to schedule a complete home evaluation.