Selling a home can be quite a stressful process for sellers. Many homes are on the market for months and sometimes longer. Sellers need to maintain their home in showing condition during that period. That can be a big burden while trying to live their lives. They are paying mortgage and can’t finalize their future plans until it sells.
Homes may linger around for a couple of reasons.
1) Failed marketing. It may be one or more of the following.
a. Over priced
b. Now showing well
c. Not properly advertised (MLS, Internet, virtual tours, flyers, open houses, etc.)
d. Hard to show
e. Bad neighbors
f. Poor location
i. Next to a pig farm.
ii. Not convenient to transportation, shopping or schools.
iii. Across from the sewage plant.
iv. Surrounded by industrial properties, etc.
(Items b through f - can be overcome with a lower price.)
2) Changing market conditions.
a. Short sales and foreclosures in the area.
b. Bad economy (increasing unemployment in the area, etc.)
c. Prices falling
d. Surplus inventory
(Items a through d - can be overcome with price)
In the end there are many variables you have to deal with, when selling your home. The price is the great equalizer. Any home in any condition can be sold in one day at the right price. The question for sellers is, “How close to the one day price do you want to be? “
By properly marketing the home and having it better prepared (repairs and upgrades completed and the home staged), along with making it easy to show; the home will sell faster and possibly for more money.
If the home is not selling after being for sale for a long period of time, the market has rejected your home at that price. Buyers are able to find another home at equal or above condition for a better price. In some cases sellers hang on too long to their price because they are either convinced their home is worth more than buyers are willing to pay or because they need to hit a certain price. In a some cases the home is not being properly marketed.
Tips for sellers:
1) Get a top full time Realtor® who specializes in your area.
2) Listen to your Realtors® advice for getting your home ready, pricing and marketing strategy.
3) Be prepared to adjust the price after it has been on the market a period of time.
a. Remember time is money. If it is not selling, you are paying carrying costs. (Mortgage, utilities, taxes, insurance, maintenance, etc.)
4) Have reasonable expectations and plan accordingly. If the average sale time in your area is X number of days and you want to sell faster than that, you have to do something to make your home a better deal than those you are competing with.
5) If on Oahu call me for a free consultation. I would be honored to evaluate your home and present you a marketing plan for your home.
Good Luck and Happy Home Selling!
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
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