If your home just came off the market and didn’t sell, please don’t be discouraged. There are many reasons why a home might not sell and it usually has nothing to do with your home. Your home may be the most desired, most upgraded and best available on the market. If your listing has expired and you still want results, before you jump in and re-list immediately, sometimes it’s best to pause and review your situation.
Q - What is there to review, my house isn’t the problem?
Begin thinking about the agent you used, their marketing plan, their communication with you and other agents during the process and what you would want to be different. There are always good and bad elements to take away from a problem. Also consider your flexibility on pricing on terms, as well as the condition of your home and availability to show your home while it was on the market. Finally, consider the market today versus the market a few months ago when you listed. Markets shift quickly and sometimes drilling down on different things will produce different results.
Q - Why didn’t your home sell?
Typically, when a home doesn’t sell it indicates a problem in one or more of these four major areas:
Home Price and Market Conditions
The Condition & Presentation of Your Home
The Marketing Plan
Your home is a major financial investment for you and for prospective Buyers. Your relationship with your Realtor® should be a fully educational partnership where your needs and wishes are heard, and in turn you should be getting a solid understanding of how those needs and wishes are compatible with or incompatible with current market conditions.
You should know how many showings you are getting weekly, how many agents are viewing your property, how many agents are forwarding on your listing to their clients, and MOST IMPORTANTLY, your agent should also be giving you honest feedback from other agents who have shown your property.
This is important because viewing your home with someone else’s perspective helps you make decisions about what to do next and how you can turn those negatives into something more appealing. How well did this occur the last time you had your home up for sale?
HOME PRICING & MARKET CONDITIONS – Working for or against you?
The market shifts fast and the “perfect price point” not only depends on market conditions, but also competition in the neighborhood, as well as your agents ability to run good comparable reports and the condition of your home. Pricing it too high is as dangerous as pricing it too low. If your home doesn’t compare favorably with others in the price range you’ve set, prospects or agents won’t even want to negotiate with you as they assume your hard lined or worse there is something wrong with your home.
You’ll get the facts when you see the statistics!
To help you to establish a realistic selling price for your home, ask your agent to provide you with an up-to-date competitive market analysis to give you:
A list of comparable home recently sold or currently for sale,
A good notion of how long other homes have been listed, in order to calculate an average time in which a home can sell in today’s market,
A list of homes whose listings have expired, to understand what issues were at play.
Note: Upgrades and investments in your property are not a perfect indicator of what your home is worth. The market value is determined by what a willing buyer will pay and a willing seller will accept.
CONDITION & PRESENTATION OF YOUR HOME – Look at your pictures, pay attention to details!
Your home is someone else’s idea of a dream home; they just haven’t seen it yet. When a buyer sees your home online do they think, “This home is amazing, I must go see it! I want it!!” Remember, the decision to buy a home is based on emotions and less on logic. If they see broken tiles, or a home that needs work, they may skip right over it. In other words a house that shows in move-in condition, invites an offer.
Additionally, consider these simple things to keep your sale moving forward:
Fixing all the little squeaks and cracks
Keeping it clean for all showings
Making it uncluttered
Brightening it up
What your home shows like from the street
A house that presents well, sells for the best price because it outshines the competition.
THE MARKETING PLAN – Marketing Your Home To Sell!
Some Questions You Should Be Asking!
When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers. Most agents will say oh we do just listed post cards, we put it on the MLS, we do open houses, we do flyers, we door knock. Etc.. there is much more they can drill down on to sell your home. You should be paying close attention to their marketing plan, this is how they intend to sell your home. Any agent can list you to the MLS, but how are they specifically bringing Buyers to your door?
To be competitive in today’s marketplace, agents who use new and innovative, non-traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.
BUYERS ARE OUT THERE… AND THEY WILL COME!
Before you put your home back on the market remember the things that are equally as important, as getting your home sold:
Effective communication is vital between you and your agent.
Price your home according to market conditions, competition and the condition of your house.
Be sure your house is in showcase, buyer ready-condition.
Have an innovative marketing plan firmly set in place.
Find an agent who is working for you the way you do for your family.
Make your house easy to show.
Utilize a lock box.
Be flexible and allow showing times that are convenient to buyers, even if its inconvenient for you. The more showings, the more likely an offer is to come.
Make sure you have a “For Sale” sign for the property, where permitted.
Create a Good First Impression by:
Your agent should use a professional photographer. Most homebuyers are looking online first and beautiful photos leave a good impression and invite buyers to see your home. If your photos were taken by a cell phone or are dark, blurry or of general poor quality, this can be deterrent to would be showings & possible buyers.
Remove personal photos so buyers don’t visualize this as your home, but allow themselves to visualize their own family.
Remove excess décor and clutter, think clean lines and organized spaces so prospects can visualize spaces as bigger. Clutter and no excess décor or furniture can make a home feel small.
Emphasize curb appeal, even if you just pay a landscape once to come clean your front and back yard up it goes miles and miles. When buyers see messy landscape or overgrown shrubs, first they think what is the inside of the house going to look like and then they think this is going to be a lot of yard work, and they may not be up for that. In reality, it’s not a lot of work, it isn’t a reflection of your interior, but the impression is already made. Little things become big things to buyers.
Are you nose-blind to odors? Try to keep socket plugins or scented warmers, or spray a fresh light scent prior to showings. Odors from pets, trash or just stale air maybe something you don’t notice, but prospective buyers do.
The first thing to consider when your home doesn’t sell is, this is not the end, we can get it sold. If you still want to sell your home give us a call and let’s discuss your options. Don’t let a negative experience be the reason your home doesn’t sell at all. You can sell your home with the proper tools and understanding. Let’s make this work for you today!