I was reading an article about a recent jump in home sales attributed to the Home Buyers Tax Credit. I saw that there were 4 comments, and always curious what people think when it comes to real estate, I scrolled down.
The following comment had been submitted (location specifics have been removed):
Since January I’ve had my immaculate condo for sale located in a safe, affluent suburb in XXXX just a short distance from XXXX. Despite being on the MLS I’ve had a grand total of 4 people through and no offers. Since the tax credit did my situation no good whatsoever perhaps Obama will buy it from me?
It made be think that there are people out there who still do not understand the reality of our new market. For what it is worth, here are my thoughts:
- A home that is over priced will not sell as quickly as home that is priced for the market. Doesn't matter what kind of condition it is in.
- Regional sales are tied to the regional economy. I am not familiar with the area mentioned, but unless jobs are being created that bring in new people, sales will likely remain slow. My experience is that unless the seller and the buyer have steady jobs--with no threat of job loss--everyone is still staying put.
- As I recently told a buyer, you can control certain variables about your house and I think it is time for this seller to reevaluate.
As a seller, you can control:
- How it is priced
- What condition it is in and how well it is presented
- The marketing plan
I can't tell from that comment if the seller is using a professional real estate agent or a do-it-yourself MLS listing, but if you want to sell your home and you are not making progress, it is time to examine the 3 issues I mentioned above. If you have a Realtor, you should sit down with them and examine what is being done and where changes need to be made. If you don't have a Realtor, I would suggest you reconsider. Many sellers think that real estate agents do nothing to earn their money, but I could provide you with a long list of previous and future clients who will tell you just the opposite.
For the commenter, if you are not getting traffic, then you need to deal with the issues that you can control. Since you say the property is in immaculate condition, I would evaluate whether or not it presents to its best advantage...can the potential buyers imagine living there? Is the decorating neutral? Are the rooms clearly defined by function? Are the photos plentiful and clear? Is there a well-done virtual tour? Are you getting exposure on-line at a wide variety of websites? Is the content continually monitored and updated to keep the listing fresh?
Is there easy access to the property or are you restricting hours, days or requiring appointment times?
Finally, if you have only had 4 people through, something is putting them off. My guess, with incomplete information, is that it is the price. If you are listing it yourself, savvy buyers take that in to consideration in your pricing. You need to be at or below market price to compete. If you have a Realtor, listen to their advice about pricing. They know the competition and understand how your house fits in to the mix.
The government Home Buyer Tax Credit was never intended to create a situation where every house sells...it was simply a way of motivating buyers to buy now rather than waiting.
I am sure that if this seller could get in front of President Obama, the President would tell them that a well located property in good condition will sell when it hits market price. If it isn't selling, either it is not being presented in a way that makes buyers believe it is worth that price, it is not getting exposure to the right buyers, or it is not at market price.
The government can only do so much, and many would contend they have done too much. When it comes to selling your house, you, as the seller hold all the controls. It is just a matter of recognizing what you need to do and getting it done. A professional Realtor would be an ideal resource for this frustrated seller.
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