Why hasn’t my home sold? You’ve heard all of this chatter about how hot the real estate market is, you’ve read the newspaper articles and seen the latest on television. You might have also witnessed your own neighbor’s house flying off the shelf in a matter of a few days on the market for sale. By now, you might be wondering why you are still sitting on the market without activity or the offers you were expecting are not materializing.
Chances are that more than one of the reasons below share the blame:
1.) Your asking price is too high. Without a doubt, this is the most common mistake that a seller and/or a listing agent makes. Sometimes the seller has unrealistic expectations, sometimes the listing agent “over promises” to secure a listing or perhaps market conditions have changed. There is a honey moon period when your listing is new and should be attracting the most amount of attention for potential buyers.
However, the buyers nowadays are educated consumers and recognize it when a home is overpriced so they will simply wait for a price reduction. Reducing your price periodically along the way only begs for lower and lower offers. Pricing a home is not an easy task. It requires knowledge of the neighborhood, the competition, current market conditions and current buyer demand for your type of home.
2.) The condition of your home or the curb appeal is lacking. You only get one chance to make a first impression so you have to prepare your home accordingly. If there are repairs to be made, then do them instead of taking an attitude of letting the next guy fix things. If you can spruce things up with the small investment of landscaping or a fresh coat of paint, then attend to the things that potential buyers will notice immediately. Sometimes, a property simply doesn’t warrant putting money into it when it will most certainly be a major renovation project or a “tear down” but it should be priced accurately for the condition from Day One.
Many times, a seller would be advised to actually hire a home inspector before going on the market for sale so that items can be remedied before they ever come to the attention of a purchaser. Contact Russell Hensel with Comprehensive Building Consultants through the website BestInspector.com for more information. Another tip to put your best foot forward is have your home staged by a professional. Again, present your home as if you only have one chance to sell it.
3.) Your home is not easy to show. When a buyer agent is putting together a list of homes to show to a buyer, the ease of access is a factor for whether or not your home will be included on that list. Try your best to accommodate every showing request and be ready to be shown on short notice. Avoid “Listing agent has to accompany” or for selling agent to be asked to pick a key from someone else’s office when a secure electronic lockbox should be installed. You should keep in mind that most of our buyers are coming from another state or country. They are in town for a few days to purchase a home, if yours is not available for showing when requested, both buyer and their agent will be at your competition.
4.) The marketing campaign is not reaching the right buyers. As we already know, homes are being sold every single day in Naples. Unfortunately, this busy market makes for some lazy real estate agents who think a sign in the yard and sticking the property in the MLS system will sell the place or bring the seller the highest price. An aggressive marketing strategy never sleeps. Effective marketing leaves no stone unturned to get the best results regardless of current market conditions.
In Naples, we are lucky to have buyers from the Midwest states, buyers from New England, local move up buyers, investors, second home buyers, vacation home buyers, international buyers from Europe and South America, builders, renovators, families with school age children, “snow birds” and retirees. All of these people find out about a property listing through different sources so the marketing campaign has to be developed accordingly with the right emphasis in the right places.
5.) Your choice of a listing agent. Not all agents are alike. Not all agents are successful listing agents. Some agents are good working with buyers and have no idea what to do with a home for sale other than put it in the MLS system. Listing a home for sale requires marketing money, a marketing plan specific to your home, a strong internet presence with vast internet exposure, connections with local and international agents, connections with local and international buyers and connections with the best of real estate photographers and home stagers.
Have an agent or two in mind and finding it hard to decide? Here is a tip, Google their names – get to know how involved they are in real estate and get to test their internet presence. Any agent can eventually sell a home, but only a few will bring you the highest offers the market can bare in the shortest period of time.
We look forward to helping you ensure the successful and profitable sale of your home. Call us today at 239-272-4848 or via email at Ellie@StepsToTheBeach.com or TimCranch@StepsToTheBeach.com