Today's post is why all home sellers should list with a local
REALTOR® who specializes in their community.
Early in July, I received an email at 7:30 am in the morning that read:
I’m going to begin by offering an apology. You came and looked at the house late September last year. I wound up making a big mistake in not selecting you and your sister to list the house. I wound up going with a Realtor based on a recommendation and repeated the mistake again. May I call you? Thanks for your time and consideration.
We spoke a short time later. I explained that I had been watching his listing and was frustrated for them. He said I see you are selling homes in the community and we are not even getting showings. I said to the gentlemen, since you have contacted me, I am therefore not going behind the sign. He asked do you have any idea's that can get this place sold. I said, many. He said, we have decided we are not going to drop the price, we are going to switch REALTORS, again. A few hours later he called back and said let's do this. I confirmed the listing was no longer in MLS and I went to work preparing the listing agreement.
I firmly believed it was not price.
I could see many, many problems with his listings online. In today's online world "details matter" and so does "social media marketing" without those two things, your home might just sit unsold like these owners. Their home was in plain site of the builders models, vacant and ready for occupancy. But because they had virtually non-existent marketing and incorrect information, the house was missed by active ready to move home buyers all through the spring market and into July!
Why did the home sit for 155 days with one agent and then another 67 days with another agent? Simple. The agents did not know the community or the features the home offered. The first one over priced the listing to get the owners to sign. Then they had reduction after reduction and no offers. The second agent reduced the price, now it was lower than they purchased the home for a year and half earlier. The damage was done. Now this is a real loss for a seller.
If you have a move on the horizon, and you are going up against a builder you better hire a Local Real Estate specialist who knows your home and what it has to offer that the new homes do not. If you cannot stomach renting your home, then you need to sell. Learn from this homeowner what not to do. You need someone who can keep their finger on the pulse of the builders, the sales and incentives. You also need to give yourself some time to sell and close. 90 days on average.Yes plan on 90 days.
Listing a home is more than placing a sign in the yard and a lockbox on the door and pray the home sells!
If it were so easy, these owners would not have paid a year ten months of mortgage payment on a vacant home. Yes, you read that correctly!
I am happy to report that we took the listing and we began our social marketing campaign, and had the home open for two weekends. The opens were busy! Of course they were, we were across the street from the builders models. We just had to put in the time and work the buyers we saw and talk with them, answer their questions and help them understand what made this home we had listed such an attractive buy. Even though we got people to cross the threshold, new homes buyers take more time. There is so much to choose from in large communities that are still selling. The temptation of a brand new home are real. But we are in a climbing interest rate market. A quick closing where a buyer can lock their loan and close in thirty days is a powerful selling point. So with all that traffic, Patty and I ( Twins Selling Real Estate) made an executive decision to offer a $1500 selling bonus from our portion of the listing commission to the agent who brought us a ratified contact by the end of the month.
We were able to share with the seller we had more than 16 sets of people cross the threshold and we had two offers for their review. As you can imagine the seller were overjoyed but just beside themselves for all the time wasted,and months of mortgage payments paid.
We presented the offers, and the sellers ratified the contract fourteen days after we listed the home and the home would close by the end of August.
That was a great settlement day.I met the sellers at the Title Company and they signed the house over to the new owners. Next the buyer signed long distance ( yes long distance it happens) and that makes the 32 home Patty and I have SOLD in Potomac Shores.
We help people buy and sell homed from Fort Belvoir to Marine Base Quantico and east and west of I-95. If you have a move on the horizon give us a call. It will be our pleasure to assist you with your real estate needs.
This specific homeowner lived in Potomac Shores. They were not originally from this area, and went on reommendations from a new home sales person and then a family member. All with good intentions to help the seller. However the seller felt both just did not know the community well and that they just thought because it was across from the models it would just sell quick. The moral of this story is do your reseach as a homeowner. Interview and vet the agent whom you are relying on to sell your home. This seller paid 10 months of mortgage payments they did not need to pay!
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