Sometimes, even though the market is strong, your property may not sell. As you watch the news or follow real estate data you will see that there are still a lot of places where real estate is in high demand. Your market may be flooded with buyers;but, it doesn’t mean your property will fly off the shelf. To attract buyers and keep them interested, their are things you will have to do, to ultimately generate an offer. If you simply list your home and wait for offers to come in there is a good chance you will be left disappointed with the results. To generate interest and bring in a Premium price you will have to go to go above and beyond and many times you will have to turn over the house quickly. The five most common reasons why your property may not be selling, and what you can do about it.
- Does your property have Curb appeal? Understanding the importance of curb appeal is very important. As a buyer drives up you want to WOW the buyer. First Impressions can have your buyer excited to sign or ready to run for the hills. Some easy fixes are to keep the lawn in good nice and green and well trimmed. Keep walk ways clears and clean and adding some flowers to the front entry. Friends can be very helpful as you can ask them to drive to your property and tell you things they notice that they don’t find appealing as they come to your home. These will be the same things that potential buyers will notice as well. Many of these are usually easy fixes and inexpensive; but, are essential if you want to generate interest.
- For sale by Owner vs Real Estate Agent. It is critical to look at the big picture when selling your property. Though you are looking to get the most money out of your property; you shouldn’t eliminate a real estate agent to do so. Selling a house can be quite tedious and time consuming. An Agent can negotiate on your behalf and look out for your best interest, find the right list price, market the property, schedule showings, negotiate offers and review contracts. Failure to address any of these areas could result in delays or even loss of the deal. Though you may think you are saving in commission you actually lose by negotiating a reduced sales price. Even if you can get the price you want you will spend many more hours at the property than you anticipated. As their might be too much on the line, it is safer to use a professional real estate agent. Also keep in mind that there are other areas in the transaction where you can look to save money. The bottom line is you have to enlist the services of an agent to get the most value.
- Failure to have an open house. Since you will only make money from selling your home. It is very important that you have showing to showcase your pride and joy. This means that you have to be flexible and available. Your mindset must be that showing your home is a potential sale. You might find that you aren’t as organized by not using a agentm as you need to be. Many times a potential buyer doesn’t show their hand and you’ll assume they aren’t really interested. If you fail to follow up with them or ignore their calls and they usually move onto another property. Within 24 hrs every showing should receive an email or call. If you aren’t responsive to their inquiries you will leave a bad taste in their mouth. Ask for feedback or even ask if they are interested in making an offer. Follow up is critical with every showing you have.
- Staging. Staging your property can instantly transform it and add to the appeal. Depending on your market it may or may not be appropriate to stage your home, so you will need to research your market to see if this is needed. Since, every property is just a little bit different. Something that worked for you on a property a few months back may not work for your current property. It is easier for most buyers to envision themselves living there once they see the property furnished. Simple act of staging can sometimes produce multiple offers.
- Over Pricing. Listing your property too high can affect the demand you anticipate. A good way to measure if your are over Priced is by the number of showings you have. If you only get a few people stopping by too look at the property, then you have to do some research and see if either your marketing is not hitting your target or your list price is beyond the price point of the buyers. If you have a lot of showings and still have only a few offers, than there is something wrong either in your presentation or with the property. A popular mistake sellers without agents make, is listing their property too high. Many sellers think they can list high and meet buyers somewhere in the middle. In this market that outdated thinking doesn’t work. Listing at fair market value will create demand with showings. Improper listing will cause your property to become stale, leading to a reduction in price which could be lower price than you anticipated.
It is important that you are proactive in selling your home and using these five tips can help.