Introduction
Having a home listing expire before it sells is frustrating. If an agent tried to sell your home, but it expired before it sold, right now you're wondering why.
You had hoped it would sell quickly. But time dragged on. A few people looked at it, others drove by, and you went through a lot of flyers.
But what happened?
We've found there are many reasons home listings expire before they sell. These fall into four major categories. The good news is each of these is under your control.
Review your commitment to selling your home. If you're still serious about selling your home, and have a renewed commitment to doing so, Abana can help you in each of these four categories
Communication
We've found that communication with your Abana agent is absolutely critical in selling your home. What did prospects say about your price? What did they think of your home's condition? What feedback did other agents offer? Communication and teamwork makes these questions known, and the answers to them addressable. Without this communication, this information lingers. How do you know what to address if you and your agent haven't communicated what they know or what they have heard?
Price
This is the most significant factor in a home not selling. There were likely many assumptions made and emotions involved in the original pricing of your home. You may have even gone through "price reductions" during the course of your last listing period. But pricing reductions in Real Estate don't always have the same effect as they do on general merchandise. Often a price reduction is seen as a problem with the listing. It is critical to price your home right the first time.
But what is that price? Did your agent perform a Comparative Market Analysis (CMA) last time? If they did, did you price your home accordingly? The price of your home shouldn't be set on what other homes in the area are appraised for. It should be set to a price comparative of homes that have sold recently in your area. You're going after a sale here, price for what others have sold for, comparatively speaking based on factors such as price per square foot, materials used, etc. Find that other home that languished on the market for 90 days or more and be sure to come in below that.
You must consider that money put into your home to upgrade may not translate dollar for dollar in a comparative market price. While adding a room usually returns great value, expensive landscaping and trim work do not.
Condition
Here it is critical to be objective. Your Abana agent can help. You must view your home as if it were your first time, without emotional attachment or bias of any kind, because that's how your next buyer will see it. Your Abana agent can go through your home objectively and help you see what might be turning buyers off to your home.
Do you have drips or squeaks that you've gotten used to and ignore? Could your home use a new coat of paint? Are the colors attractive to most home buyers or to you? Is your curb appeal high? Lawn mowed and trimmed? Blinds straight? Cobwebs cleaned out?
Don't avoid these things. You must make your home into a home that your next buyer can imagine themselves in. Buyers are either turned on or they are turned off by the condition of your home. If it's not "Show ready" at all times, you're turning off buyers. One of those buyers may have made an offer if the condition were better.
Marketing
What efforts were made to market your home last time? Some are more effective than others. Carefully review what marketing in your area has resulted in home sales. Your Abana agent will know this. Don't waste time and energy with marketing efforts that return little.
By all means, engage in a marketing strategy for your home. For-Sale signs are a must. Flyer boxes have great return. Your Abana agent has access to a local computer network to help your home get on the internet.
One Last Tip
Address all of the things that likely hindered your home from selling last time before you put it back on the market. Give your best impression first. Buyers are out there all the time. A poor initial impression turns off these buyers. This lengthens your time on the market, which in turn turns off other buyers. Take the time to get it right the first time, and you'll sell your home quickly and avoid those things that kept it from selling last time.
How Do I Set My Price?
You are in competition, so you should be competitive in pricing your home. Your Abana agent will perform a Comparitive Market Analysis. This means they will price your competition, price what sold in your area recently, fit your home in that range, and come up with a price recommendation.
Your Abana agent will analyze the final sales prices and terms for homes like yours in your area that have sold in the last six months or a year, depending on how active the market was. They may visit homes near by to further understand how your home fits in the area. They will find out how long it took for other homes to sell.
Pricing is Critical
You should price your home closely to what other related homes in your area sold for. It is important to understand that not all of the money you've put into your home may be recoverable dollar for dollar. Much of that value is not monetary, but rather gives you an edge in your market.
Pricing it right the first time is critical. An overpriced home sits on the market. The longer a home sits, the more buyers wonder what is wrong with it. Price reductions also give a negative impression. Let your Abana agent do their homework and find what a competitive price would be for your home, and base your decision on those facts.
|
