Few things are more discouraging or frustrating than preparing your home to sell and listing it on your local multiple listing service only to have it sit there without any interest. For most, this is incredibly discouraging and frustrating. So what gives? Why isn’t anyone making an offer? Or worse, why isn’t anyone coming to see it?
To understand what’s missing, let’s review the three P’s of selling a home: Presentation, Promotion, & Price as well as Time and how it affect the value perception.
The one and only thing an individual can do to impact the sale of their home either positively or negatively is in the category of Presentation. Does the home have the best possible curb appeal, is the entry warm and inviting, is the home “barefoot clean” meaning would a stranger feel comfortable walking around in bare feet? If you feel there is room for improvement in this category you may want to consult with a professional housekeeping service and/or professional home staging. In certain instances, you may have what I refer to as a Red Flag which may be turning buyers away either when they view your home online or when they drive-by. Usually a Red Flag item is something out of your control like a nearby busy road or a neighbor with a lot of noisy dogs, these things can usually only be overcome by making the price of the home irresistible.
This is your REALTOR®s job and my personal favorite part of the process. By using online advertising and high-end professional photography and carefully selecting how to list the features of your home for maximum results I can ensure your home is getting in front of buyers who are able and willing to buy your home today. Fortunately with today’s online marketing, we can closely track the results of any promotions as well as provide almost instant numbers to ensure we are getting in front of consumers ready to buy today.
The reality of any market whether your selling soda pop, cars or even your home is that the buyer chooses the price. While equally important to the price; promotion or presentation by themselves will not cause a buyer to pay more for your home than what comparable homes are selling for. If your home is getting 2 to 3 showings a week, and the presentation and promotion are strong, a 3 to 5% price reduction will often net you an offer within the following 30 days. If your home isn’t getting any showings, a 5 to 10% reduction to the listing price may be necessary.
Time may come into effect depending on whether the market is rising, declining or is stable. There are two important questions a buyer will always ask their agent when they are viewing a home they like. First they will ask, “What was the price again?” and the second question (it always follows the first), “How long has it been on the market?” A home may actually stop appreciating the moment you put it on the market. A home that has been on the market a long period of time starts to look like a jacket on the clearance rack at a department store.
What to do if your home isn’t selling
Is your real estate broker giving you sound advice?
Your broker should be able to tell you how many homes sale in your market in a given month and what position in the marketplace your home is holding. For example, if I know that 5 homes sell every month in the your neighborhood, and your home is the best price and the best condition in that neighborhood, yours will sell first. Or if you list slightly higher than the best-priced home, I know I only need you to be in the top 2nd, 3rd or 4th market positions in order to net a buyer.
If, by the contrast, your home is 6th on the list by order of value, you’ll probably not get results unless the market conditions change to your favor. What position in the market does your home hold?
Are you following the advice of your real estate broker?
If so, and you are still not getting results, you may need to cancel your listing and relist with another broker. If there is a disconnect between what your agent is telling you to do and what you’re willing to do, either the agent hasn’t made the case compelling (which would be concerning as that is the essences of a sales professional’s job) or there is a bigger issue that needs to be discovered. Perhaps, you’re not ready to sell when you thought you were or perhaps the market isn’t going to give you the price you want in order to make it worth selling.
I can help. I work with facts and I use all the tools available to me. Selling a home is a lot like running, it can be a simple process, but that doesn’t mean it’s easy. It does take work and you need an agent willing to do the work for you to get what you want in the time you want.