This is very stressful for sellers, particularly when their hearts are set on moving. It’s emotionally exhausting to keep a home in prime showing condition and vacate it for showings only to hear that buyers aren’t interested.
A common reaction to this problem is to lower price. Some say if an offer hasn’t happened in 30 or 60 days, it’s time to reduce price. That may be true in some cases, but I’m not convinced this should be your first approach.
The first question to ask is ‘what happened when your property was listed on the market?’ Did you have lots of showings, but no offers or lowball offers only? That would suggest you’re overpriced.
Did you have very few or no showings? This would suggest that your home wasn’t properly promoted. Effective marketing uses words and images crafted to create distinct and lasting impressions. Effective marketing also involves reaching the right target audience with sufficient frequency using preferred media to differentiate your home. So, was your home promoted properly?
It’s difficult to see your property through the eyes of others. We all get emotionally attached to our homes and this gets in the way of understanding how the outside world sees things differently than you.
What did potential buyers say about your property after viewing it? Obtaining this information is critical. It can be a simple, inexpensive fix such as fresh paint; sometimes it can cost much more, like replacing a cedar shake roof with asphalt shingles. In any case, knowing why is better than not knowing, because it enables you to address the issue.
How was your price determined? Was it based on a comprehensive market analysis involving several recent sales of comparable properties? Market value is only what someone is willing to pay for your property….today. Listing your property at an inflated price, hoping you might get a taker works against you when your property doesn’t sell for months. This raises the question, ‘what’s wrong with that house?’ Accurately pricing your home upfront is the best way to obtain maximum market value in the shortest time.
Some people say they can sell faster and get more money by not using a REALTOR®. The stats don’t bear that out, however. My view is that the services of a good real estate agent are free. That’s right, FREE! A good real estate agent should be able to more than cover their commission by the value they add, the time and problems they save and the price they obtain.
Does your property match what your target audience is looking for? The higher the price, the higher the expectation the property will deliver everything on the buyers want list. Experienced home buyers demand more than first-time buyers and expect they can move in without incurring significant additional expenses.
Is there unnecessary clutter in your abode? Those collectibles and antiques may be priceless to you, but buyers may be unimpressed. Studies have shown that homes are more likely to sell sooner, and at a higher price when they have been professionally staged.
Does your home have high curb appeal? Is it clean, well-maintained, and attractive? A RE/MAX study reported that one of the biggest turn-offs for buyers is seeing a home with poor curb appeal.
How does your property compare to your competition? Yes, buyers are looking at many properties and will compare yours to others on the market. Knowing where you win and lose in those comparisons may help you establish your best approach.
If you would like your real estate questions answered, or if you would like to discuss selling your property, please feel free to contact me at 250-253-2387. I have a new digital book soon called “Selling Secrets You Can’t Afford to Miss”; if you would like a copy emailed to you please complete and submit the request form in the Resources section of this website.