The market is not what it was in 2005-2006 but in 2016 we had a pretty “normal’’ market. It is a statistical fact that 25% of homes listed in our area sell within 30 days. It is also true that about as many homes fail to sell during the listing period. Why is that? Here are some possibilities which may, or may not, apply to you and your property.
PRICE- This is ALWAYS the #1 reason. Homes are selling within 97% of their list price. Homes priced more than 5% above the “market value” will get reduced showings and no offer. Your strategy here is to price correctly and then test and measure. You need to do strategic “market corrections” every 60 days. The MARKET determines the value. If you do not like what the market is telling you, your decision is to stay or to rent.
CONDITION- Your house may be dated or run down. This does not mean that you are going to put in a new $50,000 kitchen, but it is amazing what a little paint and fresh landscaping will do.
PAST ISSUES- You may have had a roof issue in the past and put on a new roof but did you fix the water spots on the ceiling or the taping cracks??
TOO MUCH YOU- Your house may be updated and in great condition but if a buyer is distracted by your decorating, collections or family photos they may not be able to envision themselves in the home.
CLUTTER AND CLEANLINESS- This is the most affordable thing you can do to help your home sell. Have your home professionally cleaned prior to listing..including washing the windows. Pack EVERYTHING away that you are not using on a daily basis. All counters and surfaces should be cleared. Your real estate professional can help you decide what stays and what goes.
POOR FIRST IMPRESSION- What does a buyer see when they drive up to your home? Do they see an old rusty mailbox, overgrown shrubs, cracked driveway, peeling paint on the front door, random cars and other items? This sets the tone for the entire showing.
UNPREPARED FOR A SHOWING- Do you prepare for a showing? Are the lights on, heat at a comfortable temperature? Things like small bottles of water, notes to prospective buyers about why you love the home, flyers, soft music, fresh flowers all add up to make the showing memorable.
INFLEXIBILITY- Your home needs to be showing ready at all times. If you have dogs that must be removed, or you need 24 hours notice you will greatly restrict showings and thus offers.
POOR MARKETING- All of the marketing in the world won’t sell an overpriced home, however, the RIGHT exposure will guarantee a faster sale at the high in the range. Professional photos, virtual tours, interactive floor plans, internet placement, area postcards, well written descriptions, flyers and well planned open houses are just a few of the ways that GREAT agents market their listings.
POOR AGENT REPRESENTATION- In any market condition, in any area, it is essential to have an agent who knows your town, knows the other agents in the town, knows who to call in the area if problems arise and who is a proven full time professional. It is not the time to trust your future to your best friend’s sister who lives 30 miles away and sells 1 or 2 home a year. Local agents tend to show homes listed by professionals that they know and like.
Some homes need a fresh set of eyes on them to evaluate the reasons that they have not sold. As Area Experts with the market leader in your town (Coldwell Banker) we would be glad to give you my advice free of charge or obligation. Don’t wait until spring to move forward. Call us to set up an appointment that meets with your schedule.