Blah-Blah Blah; Yada, Yada, Yada! Your Home is on the Market- Big Deal! © 2013 by Wayne D. Lewis, Sr.
Underlying Question: Why hasn’t your home sold?
Many homeowners get so
frustrated when their homes are sitting on the market for months and months, and
yet, no sale. Adding to the frustration,
are homes that were listed after theirs were listed and guess what? The homes sold! Now, the frustration is ramped up, and
homeowners whose homes are still sitting on the market are now looking for a
head to be placed on a platter. Where is
that real estate agent? He or she will
do!
If listed with a real
estate brokerage, real estate agents are the natural choice to blame. Sellers can be held blameless when a FOR SALE
sign sets idly in their front yards or attached to the property, and no one has
made a reasonable offer. Add to the
frustration the fact that the home’s price has hardly moved. Sellers can assume some blame here, where
applicable. Properties are often, and
understandably, priced at the highest range of comps. And, in many cases where a seller has
acquired an appraisal, the misconception is that the property may sell for the
appraised value. The probability is
unlikely, but not a guarantee.
Why Isn't My Home Selling?
For sellers with
appraisals, there is a false sense of security.
Buyers are not necessarily moved by appraisals if the home has other
issues. For example, if the home has
carpeting, but no buyers are inclined to pay for carpeting. If, for example, the home has a pool, but
buyers are not necessarily moved by a swimming pool. The market dictates the sale. And while an appraisal is an accumulation of
the market for the last 3 to 6 months, the market is not going to buy a seller’s
home, a buyer is. What’s next?
Seller Options
I.
Has Seller done their homework? The seller should be willing to do everything that their agent asks them
to do to help in selling their home, up to and including:
a.
Improve curb
appeal by adding plants and shrubbery;
b.
Remove junk
cars from the front lawn
c.
Remove or
tack down rubs
d.
Keep grass
cut
e.
Organize
Closets and cabinets
f.
Keep pets in
portable kennels or local kennels
If the seller has followed through with these requests, then maybe, its
time for the agent to go-leave, hit the road, Arrivederci (sorry fellow agents, but me included), unless: The agent has always provided great
information, conducted Open Houses, recommended price adjustments, and has
always conducted a great number of showings.
If that is the case, the agent stays.
Maybe, the owner needs to go. No?
Okay, Keep the owner, but, here are additional options:
II.
Update Comps-If the comps that were done are more than 3 months old, it could help to
update the comps. Also, it may help to visit the comps, get feedback from
agents who have sold their properties;
Your Home is not Selling:
http://realtytimes.com/rtpages/20130418_yourhomenotselling.htm
III.
Follow-up on Comments by buyers-see what they said that can be used going
forward;
IV.
Pricing-If your home is theeee best house in the neighborhood, or on the block,
you maybe up against another challenge.
While many buyers are excited to buy a great home, the best house on the
market may not work for them. Does that
mean tone it down, some? It is a judgment
call, but once you have “sold” your home as the greatest investment on the
block by virtue of the work you put into or on it, then undoing that perception
will be a challenge. Can you get the
rest of the neighborhood to step up? Not likely, but it can’t hurt to try. Pricing is also a hard egg to crack other
homes are selling higher than the subject home, and appear to have more cracks
than the Hoover Dam. Pricing however,
must be looked at very closely if the ideal house, is in the ideal location.
V.
Reducing the Price-For one reason or another, many Sellers have a
hard time reducing the price of their home.
Understandably, Sellers want the highest price possible for their
homes. No one wants to be taken
advantage of. But Sellers have to look
beyond the appraisals; having the best house on the block or in the
neighborhood, or the fact that other homes are selling faster or quicker than
theirs. While comps are an indication of
the overall market, the real test to selling the family home is what does it
say to buyers. Does it invite buyers? Or, does your home repel buyers?
Whatever your home says, it has to speak the price that it is set for.
Conclusion: The above options, whether collectively, or
individually have to be what’s best for the seller. Additionally, the house can’t be on the
market for so long that it stops speaking to potential buyers in a clear
manner. If sellers aren’t careful, their
home will start speaking incoherently.
If not careful, if the home is on the market too long, all buyers will
hear is blah-blah-blah; Yada-yada-yada, or what’s the big deal that your home
is on the market?
It’s time to re-view, or, start fresh, from scratch on the listing of your
home. Don’t pick up where you left
off. Start with a new price because the
location is still the same. Start with a
possible incentive that includes appliances, a home warranty, or assistance
with 1st year’s homeowner or flood coverage, with a full price
offer. By changing things up a little, a
home that has sat on the market for a while can take on a whole new look, just
by the price alone. Try to help your
home speak to the right buyers, otherwise, all your home is saying is: Blah-Blah-Blah; Yada-Yada-Yada. Good luck!
Disclaimer: Information provided
here is deemed to be from reliable sources but is not guaranteed. Not intended to solicit the clients or agents
of other brokers. Your results may vary.
Labels: Days on The Market, For Sale By Owner, Home not selling, Homes for Sale, Marketing your Home., Relisting your Home
posted by Unknown @ 7:18 PM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home