Monday 19 Feb 2018
When a property has been on the market for some time its natural for most buyers to wonder whats wrong with the property and for sellers to want to know why their property is not selling. All areas have an average day on the market number, and if your property has not sold within or around the number of average days, then there may be something wrong.
With just a bit of planning, some steps can be taken to correct the situation and get that home sold. In my experience, I have found there are definitely reasons why some homes don’t sell.
I can not express how important presentation and general impression of the condition of the home is critical. First impressions to make such a difference, from the moment a buyer drives up to the home they are judging it and making assumptions, so it needs to be in tip-top condition.
A home ready for sale needs not to show any wear and tear at all if possible, it needs to look loved and well cared for. Paint should be touched up; gardens need to weed fresh and refreshed with new plants and mulch. Paving needs to be clean and in good order. The entry should be clear of clutter, dirt, dust and any unpleasant smells.
The very first thing most potential buyers do when looking for a new home is go on line and see whats available. 89% of buyers visit an open home based on the images they have seen on the Internet. In this day of digital living, it is more important than ever that the images of the property are of a high quality and show off the best features of the home. I always use a professional real estate photographer that knows how to present each room to appear spacious and bright.
You can not sell a secret and homes do not sell themselves. Even with the best presentation, if the home is not advertised to its maximum potential it will not sell. I see property marketing like a swimming pool, each tool you use brings more swimmers into the pool, ie. Signboard, Facebook, Real estate, letterbox drops, print advertising etc. The more potential buyers that are exposed to your property the more “swimmers” you will have in the pool that could be interested in purchasing. The more interest that is generated, the greater the sense of competition which results in the best possible price being achieved for the property. I also think open homes are a must, perhaps even two a week, consider a mid-week afternoon open house along with weekends to attract more attention and traffic. It's important that sellers make it as easy as possible for buyers to see their home. The goal should be to get as many potential buyers as possible through the home.
4. Wrong choice of Agent
The agent you chose also affects the sale of your property. When you decided on the agent to appoint, you need to take into consideration experience and competency. Check references and ask questions. The agent needs to be investing in the sale of your home and really listen to your needs, rather than just put a sign in your yard. Communication is so important you need to talk about the marketing plan and the objectives of the sale. You need to have a good connection with the agent you chose it's essential that you can work together to achieve your end goal which is the sale of your home for the best possible price within a reasonable amount of time and if possible with the least disruption to you the homeowner.
I have left the biggest factor to last – the asking price is of course vital. There is no point spending time and money on your property if it is not priced right. It a home is not priced right it will not sell. Buyers are more informed than ever before, due to the accessibility of one line sales evidence a buyer quickly becomes very well educated and will soon see through some quick online searches if a property is over-priced. Sometimes a buyer will fall in love with a property and may pay over the comparable market value, and I agree emotions definitely come into play in the sale of a property. However it may come undone as in a lot of cases even if the buyer is willing to pay over value, their lender will order a finance valuation, and if the value is not there, they will not get a loan at that price.
The worst thing that happens to over-priced homes is they sit on the market and get stale. Even if and when the price may eventually be reduced, the excitement of the new listing has passed. I'm not saying you should price your home at a low price, but I'm saying its imperative that its prices right – not too high and not too low. Your agent needs to be discussing your pricing strategy and goals thoroughly during the marketing, so you do not linger too long on the market.
Its essential your agent and yourself are on the same page when it comes to price expectation, and this is when having a good working relationship with your agent is also so important. Feedback from buyers, knowledge of comparable sales and also other competing properties that are for sale at the same time you are marketing are all factors that need to be taken into consideration along with external factors like interest rates and any changes to the economy that may affect buyer optimism and numbers. Your agent is there to help you understand the components that can cause a lingering listing. If you are well informed and know the reasons which may affect the sale of your home, then you can avoid the problems in the first place and get the property sold.
If you are thinking of selling and would like an opinion of the potential sale price for your home, please get in contact with me.