Pricing: Is your home overpriced for the current market? Overpricing your home is usually the number one reason it’s not selling. Your home should be competitively priced for the current real estate market. Your Realtor should have done a Competitive Market Analysis (CMA in Realtor-Speak) to determine the market value. Using the CMA, you need to price your home at or below market value to gain the most interest from buyers in the shortest period of time. Yes, I did say below market value!
Consider this: If you start on the high side (aka as overpricing your home) because ‘you can always reduce the price’, you will most likely miss out on many buyers who figure your home is simply out of their price range. Statistics show that homes on the market generate the most interest within the first two weeks that they are listed – why not take advantage of your best time period by starting off right, instead?
In fact, recent studies show that listing your home just 10% below market value can dramatically increase your chances of selling it quickly. Worried about losing money by underpricing? Weigh those potential losses against the costs of carrying the home for an extended period! In addition, we are seeing homes that are listed just below market value stir up so much interest, they often result in bidding wars! Now that’s a ‘HaPpY pLaCe’ for a Seller. 🙂
Promotion: Is your home being marketed properly? Another major reason for some homes not selling is lack of exposure. In today’s day and age the majority of Buyers use the internet to search for a home. You should list your home with a Realtor who is tech-savvy and up to date with today’s technology.
Your Realtor should be promoting your home on multiple online websites as well as sending out email blasts to colleagues, their contact database and the hundreds of realtors in your area. Are they announcing your listing and Open Houses on Facebook and Twitter? Believe me, these tools make a huge difference in this market.
Ask your Realtor to review the photographs they take of your home with you. Pay attention to the little details in those images, as that is what potential Buyers are using to determine if they are interested in looking at your home. (Word to the Wise: pics of the exterior only imply there’s something wrong with the interior).
Product: Think of your home as a product for sale! Does it show well? Is it clean and free of clutter inside and out? Many prospective buyers do not have “vision” and cannot see past these little cosmetic shortcomings. They are looking for something that immediately appeals to them and will give them the most bang for their buck. Simple things like clothes left on the floor, a sink full of dishes or soiled walls can make your home seem like it lacks the spit and shine they are looking for… Seriously!!!
Make sure your home is free from clutter, has clean walls and moldings, clean carpeting, well-maintained landscaping, and is neatly organized.
Also, make sure your home is well lit and smells appealing (air fresheners and candles work well) when Buyers are viewing the home. Think of it as setting a tone/mood for a prospective Buyer to feel warm and fuzzy about your home and see it as theirs!
You may even be better off doing some upgrades in your home before putting it on the market. Features like granite counter-tops in your kitchen, updated fittings and fixtures in your bathrooms and new carpets can bring your home to a competitive level or advantage with other homes for sale in your neighborhood. Ask your Realtor to walk through your home with you and advise you of what changes you could make to help it show at its best. Hire a Home Stager if necessary!
Professional: As you can see from the above, hiring the right Realtor is really essential in the home selling process. Make sure you hire a professional who is committed to getting your home sold and is thorough about the preliminary work of getting your home ready for showings. You need a Realtor who does aggressive marketing and has a strong online marketing strategy as a part of that.
Communication is also very important. Your Realtor should be in weekly contact with you to discuss your sale activity and the feedback from prospective Buyers who have viewed your home. They should be proactive about suggesting changes or adjustments that can help the process.
Having a Realtor work with you to sell your home is definitely the best way to go but it is equally important to hire the right Realtor who has the skill, knowledge, experience and communication skills to get the job done.
Got a question? Feel free to leave us a comment or shoot us an email at NICOLA@FLLUXREG.COM.