Real Estate Marketing & Beyond
You've listed your house and thought you'd have an offer by now. Other homes in the neighborhood have come onto the market and gone under contract. But yours is fast growing stale, despite what everyone is describes as a seller's market in your area.
If you still haven't gone under contract, it may be due to one of the following:
1. Pricing too high. This is the most common issue causing a house to grow stale on the market. Did you follow your agent's advice when pricing your home? If you didn't hire an agent or didn't heed their advice on pricing, you probably weren't realistic about your home's value. It's tempting to price your home above market value when inventories are tight. But even if you found buyers who were willing to pay above value, the property still needs to appraise for the contracted price before it can close. Buyers are usually well-informed when it comes to market values in the neighborhoods they are targeting. Your best bet was to price it right from the start, but a real estate agent can advise you on a plan that gets you into the correct range.
2. Hesitancy. How badly do you want to move? If you are harboring serious doubts over whether you really want to sell your house and move, you could be sabotaging the sale and not even know it. You should have your house in show-ready condition at all times, so you are always ready to invite potential buyers to view your property, even when not particularly convenient to you. Take a hard look at your motivations for selling and, if you are sure you really want to move, then do what you can to remove any challenges standing in the way.
3. Poor communication. Keep in touch with your real estate agent on a regular basis. He she will be able to provide you with advice on potential price adjustments and monitor market fluctuations. Ask for feedback from all showings and open houses, then follow any advice for making improvements. Your agent can also keep you updated on any market changes impacting your home.
4. Meeting the competition. Even when inventories are tight, your home still has competition--including new construction homes. That means your property must be decluttered and very clean at all times. Get rid of extra furnishings and put them into storage until moving day. It will help your buyers better picture themselves at home in your house.
5. Lack of professional marketing. If you've been trying to market your home by yourself, without the help of a professional real estate agent, you're putting your home at great disadvantage. Just as you hire professionals in other areas of your life, you should leave the marketing of your home in the hands of a knowledgeable professional. After all, it is the biggest transaction of your life. Today's real estate agents know how to reach buyers where they typically start their job search--online. An experienced real estate agent can have professional photos and videos taken of your property and apply a professional marketing strategy incorporating the latest technology in getting your home sold.
If you are still waiting on offers while other properties in your neighborhood are going under contract, the problem may lie with the marketing or pricing. Talk to your agent and heed his or her advice on changes you can make to garner interest from qualified buyers.
