Your Home Didn’t Sell…Now What?
So you made the decision to sell your home. Listed it with an Real Estate agent or maybe For Sale By Owner (FSBO) and it didn’t sell. There are many factors that can cause a home to sell.
The top 5 factors that sell a house is LOCATION, PRICE, CONDITION, the MARKET and the AGENT you select.
Reason #1 – Location
The location of your home is something you cannot change, ok so you can move a mobile home, but generally you are stuck with your location.
For most buyers, a home located or backed up to a busy street, near power lines, next to or close to commercial businesses or to close to schools, parks, etc is less desirable.
Homes located in gated communities, located on a quiet cul-de-sac, backing up to a greenbelt, or exceptional views are more desirable. In our area, we have buyers who may prefer the southern views of the San Jacinto Mountains, while others want a east facing backyard.
You can’t control location but you do control the 4 other factors in why your may have not sold!
Reason #2 – Price
It’s understandable that you want to receive as much money as possible, but many times, this causes the seller to price their home to high and the house ends up helping other homes sell in your area. Over-pricing a property usually has the following effects:
- Increased market times, causing the seller to chase the market and end up selling for less than market value
- Buyers will not see the home because it’s out of their price range
- You will receive “low ball” offers or no offers at all. I higher asking price does not automatically result in a higher sales price.
- Realtor Elimination and Buyer Elimination of the home. If they are showing it or seeing it, it will not sell.
- Did your agent use the “pricing on the bridge”(see below)? You could have prevented buyers from even seeing your home was for sale if they didn’t.
Pricing on the Bridge: In today’s digital world, buyers and brokers generally search the internet and the MLS in price blocks. For example, they look for homes priced from $250,000 to $300,000 or from $300,000 to $350,000. In those cases, there is a pricing bridge of $300,000. If you are listing your home and the market shows a value close to $300,000, you should list it at $300,000.00 This way your home will show up in both searches, if it’s priced at $299,000, it won’s how up in the $300,00 to $350,000 search. A national study showed that homes priced on the bridge received 28 percent more showings!
Reason #3 – Condition
It makes sense that buyers want to get the most for their money with the least amount of work. Buyers in generally will look in several areas and/or neighborhoods to look for just the right home for them. Buyers are more willing to pay top dollar for a home in pristine condition. The agent you work with should be knowledgeable in this area and can make suggestions of minor things you can do to help you home show at it’s very best.
Reason #4 – The Market
The Real Estate market is always changing and is alwasy in one of the three types of markets.
- Hot Seller Market: There is low inventory and more buyers, which drives sellers prices up and often seller drives the terms
- Hot Buyer Market: There are more homes than buyers. Causes homes prices to decline and more seller concessions. Usually buyers drive the terms
- Stable Market: there is a equal number of buyers in proportion to the number of homes for sale. The results are homes prices remain stable.
Reason #5 – The AGENT you choose
Any agent will show excitement and will want to list your house for sale. But, many agents still cling to ineffective marketing ideas that do little to sell your home, which could result in you missing out on the best buyers.
When choosing an agent:
- Proven experience at listing and marketing houses for sale
- Ability to use today’s and future technology to market your home
- Have a comprehensive marketing analysis of homes sales in your area. A CMA that most agents show up with at the listing appointment is not enough. Demand a full, complete comprehensive analysis. See what we do here
- Offer a step-by-step marketing plan that will get your home sold at the highest possible price within a time frame that works for you
Working with a Full-Time real estate professional is a must. Choose your next agent by asking questions, getting to know them. Make sure they are the right fit for you.
Desert Real Estate Partners are experienced Real Estate Brokers and Realtors with Equity Union Real Estate with offices in Palm Springs and Palm Desert. We would love the opportunity to help you sell your home. Call us today at 760-464-8138
