The Listing Expired – Why Didn't My House Sell?
Has your house been on the market for months or even years? Has your listing expired? Are you wondering why your house didn’t
sell? Out of the numerous possible
reasons, here’s a few of the most important ones.
Asking Price
Too High
I
know what you’re thinking – “Here we go again….”, but the numbers speak for
themselves. Prescott area Market Research shows price reductions on a daily
basis for 20-40 properties for sale.
That’s 20 to 40 Daily Price Reductions
in the Prescott area. At least sellers aren’t alone in wanting more
and setting their initial asking price too high. It’s a common misstep when listing a house
for sale.
Industry
experts have stated that the most common reason for a house not selling is Price.
Setting the asking price too high may cost you in the long run as your house
sits on the market without any offers and may even lessen showing potential. Pricing it correctly, what some sellers may even
consider low, may actually bring multiple, and stronger offers. Every seller has personal reasons for needing
to sell including money. Buyers also
have their own set of personal reasons for needing to buy. Personal
motivations are just that, personal.
A Seller’s personal needs do not always drive the market and
demand. Keep emotions in check and have
reasonable expectations on the value of your house so that you can meet the
ultimate goal which is to sell it so that you can move on. The most
important piece of the selling puzzle is to Price Your House Correctly from the beginning. It cannot be emphasized enough to be
realistic in establishing the asking price for your home to get it sold.
Condition
The condition of your house also plays a large part
in attracting a buyer and determining the final sale price. Some older houses may be considered ‘dated’
by their style, materials and finishes and may truly be in need of major
renovations. Potential renovations
aside, simple deep cleaning, organizing, staging, packing, and landscape
trimming may be all that is needed to meet the basic living conditions for
potential buyers and to secure an offer.
Research indicates enhanced Curb Appeal can equal 50% fewer
days on the market. Put yourself outside
looking in. Drive by your house during
the day and evening. What do you see
that would give a negative first impression or have positive appeal to
potential buyers as they drive by?
Cutting back overgrown plants can make a huge difference in making a
good first impression.
Do what you can to entice potential buyers to walk
through the door, but don’t let them down once they get inside. While sellers should keep their emotions in
check in determining the asking price, they should play to the emotions of a
buyer. Sellers are selling a house but Buyers
are searching for their next HOME. Buyers need
to see themselves living there and can’t always see past the current owner’s
belongings. The possibilities in the
eyes of the buyer are high and their emotions play a big part in the decision
to move forward with an offer.
While seller’s may not always be able to renovate, they
should follow through on as many basic preparations as possible to present a
clean, fully functioning, ready-to-move-into home to match the correct asking
price. One of the toughest jobs Realtors
have is to be brutally honest about the condition of a house and suggest
de-cluttering and cleaning, but de-personalizing a house allows potential
buyers to mentally move in. Research
shows that 83% of homes purchased were in either good or excellent condition. The bottom line is to make it shine!
Lack
of Exposure
The
reason a house has not sold may have nothing to do with price or
condition. Lack of exposure plays a role as well. Sellers who purchased 30, 20, even 10 years
ago may not have a full understanding of today’s real estate marketing
strategies. While open houses and local
print ads used to be the standard and may bring in a few local prospects,
quality photographs and the Internet
have a national and global reach.
Effective online marketing should include syndication to websites outside of the local
multiple listing service. My Marketing Strategies
include personalized attention to detail in preparing a syndication list to
attract qualified buyers looking for your specific type of property. Once a buyer finds a property that meets
their basic location, price, number of bedrooms/bathrooms, Quality Photographs are the most important selling point via the
Internet. While features and description
matter, the visual images seal the deal
in taking action. While Internet
marketing may seem a bit abstract to sellers, Technology is the Key in marketing real estate today.
You
may have the wrong agent
It’s
possible that your agent was not able to put in the time, be bold enough to make
appropriate suggestions to you to prepare your house, follow up on showings, or
provide a high quality digital marketing campaign necessary to sell your
house. It may be in your best interest
to consider a new agent to get the personal attention your property needs to
stand out and attract buyers. While it
may feel awkward to change agents, a new perspective can have positive results.
If
you are serious about selling your house but the thought of putting another
“For Sale” sign in your yard is making you anxious, please Contact Me for a No Obligation Consultation. Call 928-275-1657
to ask any questions, and allow me to address your concerns and put your mind
at ease.
Luther Kraxberger, REALTOR
Keller Williams Check Realty
Search Yavapai County MLS for FREE at luther.kwrealty.com/search
Hire a positive and proactive Realtor to sell your home and remember to www.ShopPrescottHomes.com!
