When You Can't Get it to Move

By
Real Estate Agent with GreatWest Realty DRE# 00827565

While watching the Sacramento real estate market during December, I noticed an increased number of homes going to Sold or Pending status, in comparison to the number coming to the market.

However, if you are among those sellers, with a house sitting on the market month after month, and you are pulling your hair out trying to explore the elusive reason your home remains unsold?

The answer may not be as puzzling as you think. Real estate professionals know the natural laws of the market are usually quite predictable. And a little analysis could reveal the truth.

Virtually all houses are salable - if you put the right price, condition and terms on them.

But, a badly priced home can often be the explanation for why it isn't selling. And there are other factors that often hinder a sale. Here are some pointers, which may help you more successfully move that property.

Begin with a complete walk-thru and investigation.

Using a pencil and pad, note items or issues with your house or property which may require attention to enhance its desirability.

Often owners have lived with their homes long enough, that they are no longer able to see the problems. But, others, who are more objective, can easily identify the issue. That's why it can be beneficial to survey the opinions of others.

Stay informed about neighborhood values.

At the beginning of marketing your house, you may have priced it correctly. However, as market conditions often change, it is important to re-evaluate pricing trends periodically. Especially in recent months; when the market may have become saturated with homes for sale.

Suggest that your agent closely monitor value fluctuations in your neighborhood, and check comparable listings every few weeks and adapting your price as needed.

Your attention to timing and access can be more important than luck.

Luck can often be a factor in how quickly a house sells. But your lucky stars can be enhanced by having your home in proper condition, and on the market for sale at pivotal times of sales opportunity. For instance, in the spring, families often anticipate a move during summer vacation from school.

Access - even during the holidays when it is often inconvenient, can be an important factor. Buyers won't usually purchase a home that is unavailable to view.

And always remember that your Real Estate professional is a valuable resource in providing you with the important tools in assisting you in assessment of property condition, value, and marketing trends, which can provide you with the most beneficial outcome to a rewarding sale of your home!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Steve Merson 512 412 1621 01/18/2011 03:01 AM
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Rainer
156,175
Henry Pailles
Chula Vista Realtor,Short sale,Eastlake Real estate,Realtor - Chula Vista, CA
San Diego Real Estate, San Diego Realtor, Chula Vista Real Estate

Luck is good, but price is king. This market, people want to buy per pound, the rest is a bonus

Jan 17, 2011 01:19 PM #1
Rainer
257,007
Maria Couto
RE/MAX Premier - Berkeley Heights, NJ
Realtor with "Results That "MOVE" You'

You're of course right Myrl. All house are sale-able when priced right. I wonder just when Sellers will actually believe that they don't own the Tah Mahal and that over pricing are not going to guess that the price is negotiable.

Jan 17, 2011 01:20 PM #2
Rainmaker
441,327
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Good positive tips, Mryl. The pad and pen walk through is a good exercise even when our homes aren't for sale. It helps to be objective sometimes to keep our homes in tip top shape.  

Jan 17, 2011 01:37 PM #3
Rainer
321,406
Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Myrl - your last tip ... access ... yep, no matter how inconvenient ... buying "subject to inspection" is going to be a real problem for most buyers!  Thanks for sharing!

Jan 17, 2011 01:45 PM #4
Ambassador
1,541,335
William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Myrl,

I like this and especially the particular point that I added in italics. It would serve us all well to include in our presentations this caveat and it speaks very clearly to what we have all seen. And further, it is not just this market but even in an accelerating market this statement would still apply to our presentations. Here is the statement that I think would go a long way to keeping to or relationship and pronouncements, fluid. "At the beginning of marketing your house, you may have priced it correctly. However, as market conditions often change, it is important to re-evaluate pricing trends periodically"

Jan 17, 2011 03:24 PM #5
Ambassador
1,470,825
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

It is really important to keep checking on the prices in the area since nothing is static. A lot of sellers don't understand that.

Jan 17, 2011 11:28 PM #6
Rainmaker
472,245
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Myrl, a great step-by-step plan to get that unsold property sold.

Jan 18, 2011 02:00 AM #7
Rainer
68,862
Laura Reilly
Real Living Real Estate Professionals - Redding, CA
Home Sales Realtor - Short Sale Team Member - Redd

I agree , begin with a walk thru. Make the notes, take the actions. And keep informing the seller, I believe even if it's not always what they want to hear, they appreciate your knowledge.

Jan 18, 2011 02:24 AM #8
Rainer
269,442
Steve Merson 512 412 1621
Keller Williams Realty - Austin, TX
CNE, e-PRO

Hi Myrl,

Thank you for that excellent post. I am currently working on getting two of my sellers to consider a price reduction. No matter how you try to explain the market to them, using words of one syllable, in plain black and white, sometimes they still don't believe you. Oh well.......

Steve 

Jan 18, 2011 02:59 AM #9
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Henry - I agree price is king.  With location and condition coming in swiftly behind.

Jan 18, 2011 03:14 AM #10
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Maria - I think it human nature to think of our homes as being sacred palaces.  Getting sellers to come to the reality that buyers don't always see it that way, is the challenge.

Jan 18, 2011 03:15 AM #11
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

JoAnn - I really believe the pen and pad, are mightier than the sword, when introduced to that first walk-thru.  Especially when you review the list, and begin putting an estimated dollar amount to items on the list.  For example:  (1) Kitchen is original condition.    (2)  HVAC 24 years old.  (3) Roof is 22 years old.  (4) Carpet is burnt orange, and worn.  (5) Windows are single pane.

Homeowners often live with, and overlook things, until they are pointed out by others.

Jan 18, 2011 03:21 AM #12
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Jack - Even in today's world where MLS photos can be high quality, "subject to inspection" is going to be a problem.  Especially with so many competition listings being vacant because of foreclosure or short-sale. 

Jan 18, 2011 03:23 AM #13
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

William - I can't agree more.  Pricing is critical.  I have had sellers who insisted on their price.  When it has been more of a seller's market than today, I have agreed if seller price hasn't been substantially higher than what the comps demonstrate.  I will say something like, "We can try the market for a few weeks, and then re-evaluate."  I also explain the downside of doing so. (1) The importance of having the home priced well at the beginning of the listing period, when it will garner the most attention, etc. 

Jan 18, 2011 03:28 AM #14
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Toni - I particularly remember one neighborhood where approximately 5 houses were all listed at once, at the same price.  The condition varied some, but for the most part they were equal in value.  Those homes all got into a price war with each other.  It certainly kept the agents busy:-)

Jan 18, 2011 03:30 AM #15
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Janice - Thank you!  I hope you are having a great week!

Laura - It is amazing the number of items to a walk-thru that aren't put pen to pad, which can be easily forgotten.  Documentation is critical.

Jan 18, 2011 03:32 AM #16
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Steve - Thank you for the re-blog.  It is greatly appreciated.  When I look at your listings, I am often amazed at the apparent value for price.  But, I live in California, where homes can be more expensive.

Jan 18, 2011 03:33 AM #17
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hey Myrl, Price, location and condition are all factors in a house selling quickly.  Good post. It's important to monitor the market on a regular basis to see exactly what's selling and what's lingering.

Jan 18, 2011 11:03 AM #18
Rainmaker
2,537,753
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Sandy - Those are what I label "The BIG 3" - Price, Location and Condition!

Jan 19, 2011 12:19 PM #19
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Myrl Jeffcoat

Greater Sacramento Real Estate Agent
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