STOP! Before you re-list your property, take time to re-group and figure out what your best course of action is at this time. You may be asking yourself: "Is NOW still the right time to sell?"
Let's take a moment to answer this question. You've been through quite an ordeal over the past several months...
- Either lots of showings or very few showings at all,
- Constant cleaning - living like you're in a fish bowl,
- Rushing to get out of your home for a showing,
- Prospects running early or late to see your home,
- OR don't show up at all,
- No prospect feedback from your agent,
- And on and on.......
...and now it's very important not to make a quick decision about what you'll decide to do next.
Let's look at a couple of questions you need to ask yourself:
- Why do you think your property didn't sell?
- Do you still ‘need' to sell or only ‘want' to sell?
The answers to these questions will help you decide what needs to done at this time.
There are 4 major areas concerning why properties fail to sell on the market:
- Location - You can't change the location of your property, so most of its value is tied to where the property is situated. There are many factors connected to location: for example, its school district, proximity to shopping and access to highways, subdivision setting vs. on a busy street. Another factor may be is the property close to electrical power lines, cell phone towers or backs up to a highway or major road or commercial, retail or office space.
- Price - This is the most common reason that homes fail to sell, but it's also often directly tied to the other factors as well. An incorrectly priced property attracts the wrong buyers or worse - none at all. The real estate market may have changed since you initially listed - you may have more competition, recent sold prices may have decreased (if you're in a down market), mortgage interest rates may have moved up or the economy may be softer, where buyers are more cautious. How can you tell when your property is overpriced? Showing activity on your property without receiving any offers often indicates overpricing. National statistics state that for every 10 showings or over a 30 day period, you should receive an offer. On the other hand, if you are having few or no showings, the market is telling you that your property is overpriced. Buyers can either buy a property like yours for less money elsewhere or they can slightly move up in price and find a property with more amenities.
- Condition - If you were to walk out your front door and go to the street, close your eyes and then turn around, (imagining that this wasn't your home) what would be your first impression when you opened up your eyes? On a scale of 1 to 10, how would you rate your home? How often have we heard ‘You can't judge a book by its cover' and yet people do it every day? Well, if your eyes are telling you your property needs some help, buyers are probably thinking that too. In many cases, if sellers would just spend a few hundred dollars, they would get a quicker offer and often at a higher price.
- Marketing - Have you noticed that classified real estate advertising in the newspapers has been decreasing, while the Internet advertising has been exponentially growing? If all you had to do to sell a home was to put an ad in the paper, then selling real estate would be easy. But it takes a lot more than that. Did you realize that the more lines you use in describing your property in a classified ad, the easier it is for a buyer prospect to eliminate your property from consideration? It's true! You don't want the prospect to read something about your property that they don't like, so they move on to the next ad. Many times, buyers will overlook or "live with" a certain feature of a property, if everything else is ‘perfect'. Ads don't sell homes. Homes sell themselves. You need to get the buyer prospect to see the inside of your property. Your key to success is a pro-active marketing plan that exposes your home to the widest pool of prospective buyers.
Important note: This is a short discussion of the reasons behind why your property didn't sell. If you'd like to find out more about what it will take to get a 'SOLD' sign in your front yard, schedule your FREE, No-Obligation, 15-minute Pre-Consultation Call by calling me on my FAST-RESPONSE LINE - (513) 615-1890 or send me an e-mail: dan@DanWeis.com