On Real Estate & More – April 2017
As a seller, nothing is more frustrating than having your property sit on the market without selling while other homes around yours proudly display a “Sold” sign! Here are several reasons homes don’t sell, and how to go about addressing this issue.
Price—Pricing your home properly from the start is the deciding factor on how long it will take to sell. Your house may be in pristine condition, but if the price is not right, it won’t sell. A high price can quickly turn off a buyer and even prevent them from looking at your home.
The value of your property is determined by what a buyer is willing to pay and what a seller is willing to accept. If it’s not a cash transaction, what a buyer’s appraiser determines it to be worth is another factor.
You may have tried to enter the market with a high price in the hopes that a buyer would love your home so much they will pay more. If your house has been sitting for months with no response, it’s time to get more realistic about its true value. You may not want to lower the price of your home, which is understandable, but it is likely better to lower the price now to sell than wait months and end up lowering the price anyway. This is especially true in a buyer’s market, where you will need to aggressively price your home to catch the eye of the limited number of buyers.
Marketing—A good real estate agent will have a sound marketing strategy and will be able to most-effectively help you sell your property. Do your research thoroughly to find an agent with the experience and drive to help you sell your home. You can conduct interviews with several agents before making your decision to ensure that you choose the right fit. A good real estate agent will highlight their willingness to work hard to help you meet your goals. They will have a strong knowledge of your local real estate market and comprehensive marketing plans, including extensive advertising, promotional flyers, broker tours and/or open houses.
Condition—The condition of your property affects the price and the speed of the sale. As prospective buyers often make purchases based on emotion, first impressions are important. It’s important to treat your house as a product. It will not sell itself, so you need to spend a little bit of time and effort to make it more appealing.
Your real estate agent can help you with simple tips to improve the physical appearance of your home to enhance the buyer’s first impressions. It can also be helpful to look at comparable homes for sale in your area. This will help you see what competition you’re up against and whether there are obvious features that your home is lacking.
Photographs—One of the most important tools you have at your disposal is good quality photos. Professional photographs can give buyers a better idea of your property’s size and appearance, and may be the factor that helps them decide whether or not to view your home. Prior to the photography session, make sure your home is spotless and well-staged. A video tour of your home can add an extra dimension to your online listings.
Staging—Staging is also important. Your amazing furniture doesn’t allow a buyer to see the layout as they need to see it. Get rid of as much as you can. Then enhance the selling points: clean the windows, cut the grass, and put a vase of flowers in the kitchen. It is also remarkable what a little light can do to a room. Open up the space by adding natural light; keep the blinds open, repaint the walls a lighter shade and install light fixtures (or add more if needed). Buyers want their future house to be open, airy, and inviting, so just a few brightening features can help a small room seem bigger.
And if you’re already moved out, keep some furnishings strategically placed in the main living areas of the home, as a furnished home always looks bigger and better than an empty space.
If you take these tips into consideration when you put your home on the market, you too should have a “Sold” sign in your yard!