A surprising trend is taking place in some parts of the country. Every month more and more sellers are removing their homes from the real estate market. There could be several different reasons and this post will explore some of them.
It Is a Home
Your house is more than just a building, you have made it a home for you and your family. This is an especially significant factor if you have lived there for many years and raised your family there.
You may get pushback from your children, too. If it is the only home they knew before reaching adulthood they may have difficulty seeing a “For Sale” sign in the front yard.
Therefore, hiring a good real estate agent is very important. He can help you get past those emotions to see the value in selling your home.
If you hired a family friend as your agent you may not have the most unbiased and qualified person to do the job. They, too, could have an emotional attachment to your home making their view less likely to be that of an outsider.
Sometimes a buyers’ emotional attachment to their home can cause them to list it at too high a price, driving away potential buyers.
Listen to feedback for those attending any open houses you host. They will be more than happy to share their opinions on the price relative to the market and your house.
Even though we are in a seller’s market buyers are not showing an interest in homes they believe to be overpriced. If you price your home too high you are effectively removing yourself from the competition and helping other sellers.
When you determined the list price for your home did you look at comparable properties and their asking and selling prices? If you did, did you take into consideration the relative condition of your house compared to the comps?
If other similar homes have had some upgrades and yours has not been touched since you moved in don’t expect to get the same type of offers as the other homes.
Being overpriced can lead to your home staying on the market for a long time. The longer a house is on the market the stronger the perception there is something wrong with it.
In the end, this can cost you money. This recent study shows the effect of overpricing and how it impacts the length of time it stays on the market.
Repairs and Updates
Home buyers are looking for value and not all of them want to spend a lot of time with repairs and renovations. If you haven’t made any repairs since you moved in it would be a really good idea to look at repairs and updates before listing.
The last thing you want is to get a good offer and then get hit with a repair request after it has been inspected.
If your appliances will be part of the deal replacing them could be the difference between a quick sale or no sale. Dated refrigerators, stoves, dishwashers, and microwaves can make an otherwise attractive kitchen look old.
What is That Smell
No matter the source of an odor, whether from pets, chemicals or cooking, buyers will be turned off by any unpleasant odors they smell when they walk through the front door.
Chances are, you have become oblivious to these odors because you have lived with them. So, do a walk through with your agent and his team to get some unbiased and honest feedback
How is your home staged? If you do a really good job of staging your home it will attach more potential buyers. This cannot be overlooked or neglected because the appearance is what will sell your home quickly.
Here are some tips for effective www.
- “Deep-Clean” your home. This may require a professional but it will be worth it. Once the deep-clean is complete you should be able to quickly wipe down various surfaces before each showing.
- Declutter your home. If you have lots of “stuff” taking up space in your house it makes it look smaller and, to a certain extent, not well cared for.
- This tip goes back to the emotional part of the selling process. Take down family photos and other momentous. The buyer will want to fill the home with their own memories so free up the space that will allow them to imagine doing just that.
- Take time to update your lighting or at least really clean your light fixtures. Open the curtains, set a bouquet of flowers near a window to draw attention to the natural light.
- Don’t over-stage. Unless you are planning to sell to a Hollywood movie start keep your staging simple. Let your house be itself, not something it isn’t.
There are several reasons there could be a problem with the title, any of which could scare away a potential buyer.
Before you put your house on the market contact the title company to make sure no title issues such as a paid off mortgage still showing as a lien against the house or transfer of ownership that was not recorded show up after an offer was received.
Poor Advertising and a Dis-engaged Agent
Poor advertising can be the result of sub-standard photos on the agent’s web site. Have your home photographed by a professional photographer. This is not a job for Uncle Ernie. It is far too important to a successful sale.
You only have about seven seconds to make a first impression. With buyers spending time online searching for a new home the pictures of your home will be that first impression. If they don’t catch the person’s eye they most likely won’t read the description and will go on to the next property.
Hire an agent with an engaging personality. He is your representative so you want him to have some social skills. If his personality would prevent you from asking him to a dinner party then you probably shouldn’t hire him.
Related article, find out about NewHomePrograms.com 2% Sellers Program.