SLUGGISH HOME SALES ? Look at what you CAN do

By
Real Estate Agent with Berkshire Hathaway HomeServices Abbott Realtors

There are many reasons why a GOOD home will not sell.

I have written about this subject before ...but ... it is always a good time to take a look at --- Why a home will not sell. If you have had your home on the market for several months and haven't seen much activity or any offers, chances are that one or more of the reasons below are to blame.


Your price is too high --- The most common reason for a home not selling is that the asking price has been set too high.  You must price your home according to RECENT sales data. (3 months ) Then, if you have NOT had a offer within 30 days from the listing start --- you need to make a price adjustment.  The fact is, your home is competing against those other homes, and what buyers are willing to pay is what will determine final sales prices.

The condition of your home --- We are in the most competitive market EVER! There is alot of inventory in many area towns.  Have your home PREINSPECTED. Fix any outstanding problems or issues. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale.  Look at your home with a critical eye - put yourself in the buyers position.  A buyer doesn't want to have to do anything except move in.  Clean, clean, clean --- then clean again.

Location, location, location --- I hate to say it...because it seems so overused. BUT, when it comes to real estate, it's all about location!  Buyers buy a home BUT --- MORE IMPORTANTLY --- they buy neighborhood and location. AREA schools and visual appeal of the beighborhood are two of the most important factors in making a home purchase selection. A fantastic house in a bad school district --- may have trouble selling unless priced accordingly.

What is the PULSE OF YOUR MARKETING? --- IF YOUR HOME CANNOT BE SEEN ON THE INTERNET --- IT IS NOT BEING SEEN!!! OVER 84 PERCENT OF THE HOME PURCHASE DECISIONS ARE MADE BY GOING TO THE INTERNET FIRST!

A great listing agent will BLOG, ADVERTISE on multiple internet channels, Facebook, Twitter, create your own web site, have ads created that hit cell phones AND more...If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn't coming close to doing all that can be done to effectively market your home

Real Estate is LOCAL --- Home sales in a local area, or market, are slow.  There may be too many homes for sale and not enough active buyers.  You may have to be patient and wait out the current market trend in your area. If you have done many of the above --- you will sell.

In addition, I have added a link to my other blog --- HOW NOT TO SELL YOUR HOME --- an edited version is below.

http://activerain.com/blogsview/748930/how-not-to-sell-your-home-top-ten-list

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How NOT TO SELL YOUR HOME - Top 10 Tips

In this market --- and this one IS DIFFERENT than the recent past  --- we all have to have that frank conversation with our sellers (and ourselves) about what it takes to market and SELL real estate. Some sellers are not really interested in selling their property.

Top 10 Ways --- NOT to Sell Your Home

1. Don't put a LOCKBOX on your home ---Your home must be convenient to preview, market and sell to buyers. Buyers need to get into a home when it is convenient for them...not when it is convenient for you.

2. Don't put a SIGN on the Lawn --- Listing agents rely on signs on the lawn of the home for sale for a variety of reasons...but...most important is the ability for them to put their name & contact information right out front of the home.

3. Limit Showing Days and Times ---Too many limitations on showing availability severly limits the agents ability to market the home at the right time --- when it is convenient to the buyer.

4. Require the Listing Agent to be at all Showings ---Now this is important. In some cases, it is necessary to have the listing agent at all showings, however, if the agent does not have a clear schedule it is more than difficult to be available at a moments notice to show the home AND unless you are paying the a full commission to do so, it puts limits on their ability to generate income.

5. Require 24 Hour Notice to Show---You can only sell a home --- if you can show the home. And, only when it is convenient for the buyer!

 6. Put Contingencies on the Home Sale --- The kiss of death, it seems, is to have the seller (yes, seller) put contingencies to selling the home in the listing. 

 7. Don't Price your Home according to the Comps --- This is critical NOW. DATA should only be 3 months old.  This CURRENT DATA is key to pricing your home for sale. You see...numbers don't lie. The banks see it that way, too. They don't rely on gut instinct, emotions or what the seller want the home to sell for (sellers usually want at least 15 % over the comps or suggested asking price)....

8. Don't Listen to the Market --- The seller prices their home, above the market comps then they let it languish on the market for weeks. No one has made an offer. Yet, they refuse to adjust the price. The market and the buyers are going to determine the market value --- not wishful thinking. If you do not have an offer in 30 days, reduce the price.

9. Listen to Your Friend, Neighbor or Brother-in-Law --- Unfortunately, everyone considers themselves an expert in real estate. They readily give their opinion about what they think the homes listing price or offer on the home should be. No analysis. No Data. No research. Just a frank opinion about what they think the home is worth.   Unless your friend, relative or brother-in-law is a FULL time real estate agent --- their opinion is just that --- an opinion. After all, you would not want them giving you advice on your tax returns --- if they were not full time accountants. Or, representing you in a court of law, unless they are a licensed attorney.

10. Don't TRUST your Agent --- Your agent is part of your team. You must take time to research and pick a qualified full time real estate agent. Once you are comfortable with them as a member of your team --- you must let them do their job. They are state licensed professionals in the real estate business. They are there to give you advise and counsel based on their training and experience. Afterall, that is why you hired them, right?

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Know the sales value of your home and your neighborhood * based on actual market comps. Allow me to present a Comparative Market Analysis to you that is customized to your home, finances and your specific needs. This will give you detailed information about pricing and selling your home in the current market.

For more information about buying or selling your largest financial asset, contact me at CupaT@aol.com.

Copyright - Pamela Stetson 2010, www.PamelaStetson.com

Comments (4)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

There are always buyers in every market in every city. They are seeking the bright shiny penny that is priced right.

May 28, 2010 08:25 AM
Tina D Saporito, Your Dedicated Palm Desert, CA Realtor Since 2005
Ronald Christopher & Associates. Proudly serving Palm Desert, La Quinta, Indio, Rancho Mirage, & Palm Springs. - Palm Desert, CA
Call (760)799-8460. www.JustListedinPalmDesert.com

Great points! Remember is the longer your house sits on the market, the more you are trailing the market and the more drastic of a price reduction is probably needed.

May 28, 2010 08:26 AM
Pamela STETSON
Berkshire Hathaway HomeServices Abbott Realtors - Mahwah, NJ
I would love to help you buy or sell your home!

Thanks Vickie --- I like that analogy... all the best!

May 28, 2010 08:26 AM
Pamela STETSON
Berkshire Hathaway HomeServices Abbott Realtors - Mahwah, NJ
I would love to help you buy or sell your home!

Excellent Tina --- thank you!

May 28, 2010 08:27 AM