Why didn't it sell?
Why didn't it sell?
Sometimes, even the best homes don't sell. You may have had open house after open house, expensive newspaper ads, the entire listing office tour, and still the property remains unsold. We have found there are several key reasons why homes fail to sell.
Price is the most significant factor in a property not selling, but not the only one. In fact, we took a listing earlier this year at the same price that the property was previously listed for and had multiple offers within a week and sold for over full price.
More often a price adjustment will be needed to get the property sold. A new comparable market analysis should be completed utilizing the most current market data. Sometimes a relatively small price adjustment can reposition a property into a new pricing range and expose it to a whole new group of buyers. Correct pricing is critical since the longer an overpriced property sits on the market, the more buyers will wonder what is wrong with it and the less sellers will receive in the end.
Analyze Your Pricing
1. How did you determine the listing price?
2. Did you hire the agent who suggested the highest listing price or the agent with the best marketing plan and skills?
3. Was a competitive market analysis done by an experienced agent who is knowledgeable with your area?
4. Does your price fall within a "pricing range" or are you attracting fewer buyers by being priced slightly above?
5. Was there a shift in the market during your listing? Frequent market analysis's are necessary to keep you positioned correctly.
In this market, an aggressive marketing strategy is necessary to realize the quickest possible sale at the maximum price. Many marketing methods that were successful only a few years ago are less effective now (open houses sell properties less than 2% of them time and print advertising even less.) Sellers relying solely on open houses and newspaper ads have only a 4% chance of selling!
84% of buyers now search for their homes on the Internet. It is crucial to have an effective marketing program that utilizes online marketing as well as traditional methods.
Analyze your Marketing
1. Was there a detailed plan designed to promote your property in a variety of ways to both buyers and agents?
2. Were your photos, fliers and other materials professional, appealing and of high quality?
3. Did the listing comments represent your property well and highlight desirable features?
4. Did the agent monitor the market and inform you of competitive properties in your area?
Most buyers in the market now prefer to move into a house without doing any improvements. When comparing properties, buyers will choose the one where they expect to spend the least amount of money, effort and time getting the home to the way they want it.
It can be difficult for sellers to look at their homes objectively or to know what improvements will appeal to a wide range of buyers. Funds spent on improvements are often wasted as buyers find them undesirable and will factor into their offer the cost of further changing these improvements.
A good listing agent will recommend repairs and improvements that will result in a quicker sale and net the seller more money. Often, even minor changes can have a big return.
Analyze your Condition
1. Walk-through your property and try to view it through the "buyer's eyes". Is it clean, uncluttered and in good repair?
2. What have buyers said about your home? Review any feedback you have received over the listing period. How can you compensate for these objections?
3. Look at other homes currently on the market. How do you compare?
4. Did your agent offer advice on staging the property? What credentials does you agent have in that area?
Team work between the seller and listing agent is critical to a successful sale. You hired a Realtor to get your property sold by providing expert advice and professional service. A good agent will tell you what you need to hear, even if it's not what you want to hear. You should receive frequent communications regarding marketing efforts, showings, agent feedback, market conditions and competition in the neighborhood. Your agent should be honest and up front about price adjustments, property condition and should make recommendations to expedite a sale. If you are not receiving this level of communication and you are not being well served then it's time to work with an agent who will be more proactive in selling your property.
1. Did you receive detailed reports outlining marketing efforts?
2. Did your agent follow up with agents after showing and forward any feedback onto you?
3. Did your agent make recommendations as the listing period progressed to improve your property's sale-ability?