Before you put your home back on the market, take a step ...
Why didn’t my house sell?
Harold Martin – Realtor
866-573-5867
Keller Williams Realty Emerald Coast
Before you put your home back on the market, take a step back and review your situation. Expired listings usually have not sold because of one or more of three problems:
1. Price: You are priced out of the market. Don't forget: it is your house competing with other properties, not your agent competing with other agents!
2. Pricing considerations
In setting the list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors: If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. But compared to other houses for sale, your home simply looks too expensive or not as good to be considered. If you price too low, you'll short-change yourself. The best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood like yours. If you were looking to buy a new house in your neighborhood which house would it be and why? The house that will sell first is the best house (appeal, features, size, rooms, location) at the best (lowest) price, is that your house?
TIP: Never say "asking" price, which implies you don’t expect to get what you are asking?
2. Condition: MOST buyers are looking for model home conditions. Everything should be near perfect. Most buyers prefer to move into a house without doing absolutely anything. Change Your Perspective! Think like a Buyer! Would you or did you buy a home in the same condition as yours? Most don't and look for BETTER properties. The things that make your house stand out the most are price and condition.
3. Location: The third reason a house won't sell is location. Undesirable schools, higher crime neighborhoods, messy neighbors, busy streets, and noise pollution (i.e. beside a busy railroad track) can do it for your property! Bad location! Happens all the time! However, if your house is located poorly, the only thing that can compensate is a lower listing price. In order to sell a house in a bad location, the owner would have to ask for less than what similar homes in more desirable areas have sold for. Favorable terms could also help sell your house, especially if you are in the position to offer owner financing or a lease with options. Your REALTOR will be savvy enough to recommend a good strategy and overcome objections. Now, sometimes all the above are quite favorable but you property still does not sell. Then, these problems might be at fault:
4. Terms: The fourth reason a house won't sell is Terms. If you are willing and able to accept buyers who are approved for not only a conventional type of loan or ask for a Vendor Mortgage, the number of potential buyers will increase quite a bit. A Realtor assists buyers in finding a lender who offers many options. Your Realtor can help to qualify more Buyers help to purchase your home. More qualified buyers lead to a faster sale.
5. Marketing: Agents today must have an aggressive marketing plan and customized to your property. Your agent must make effective use of the latest technologies and must be attuned to the new information age. This plan should be designed for your house, buy both you and the Realtor. Items that should be considered are – Signs in the yard, announcements sent to all neighbors / potential buyers, listing in the local MLS, National and international MLS. The listing should be placed on the Realtors web site, their national web, as well as a minimum of 15 search engines. A personal web site for your house will help set your house apart from others. A visual tour of your house should also appear on all sites. 75+% of buyers visit the internet prior to considering the purchase of a house.
Have questions? Call the above number, no obligation – we are to contribute to your knowledge.
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