The Answers You Need To Why Your Home Is Not Selling
The Answers You Need To Why Your Home Is Not Selling
I see you out there… the For Sale sign is up in your front yard, people have come and gone to the Open House (or maybe the Open House had very little traffic which left you feeling defeated). You are seeing neighbors sell their homes after only a few days and wondering why you haven’t gotten that accepted offer yet. Here are a few reasons that your For Sale sign still says For Sale. Or maybe you want to avoid being the seller who needs to read this blog post when the time comes for you to sell and in that case, keep reading!
#1: Condition – If your home is in need of some TLC, it can lead to a lack of buyer interest. Many buyers these days want to be able to move right in and avoid taking on big projects, especially when it comes to maintenance. At a listing appointment it’s important for the agent to tour your home and make recommendations on things to consider repairing or replacing. You might want to consider making minor repairs such as chipped paint, torn window screens, worn out carpeting and an overgrown yard. Many times, simple fixes can make a big difference to the eyes of a buyer.
#2: Location – You’ve heard it before and here it is again: Location! Location! Location! People want to be in specific school districts, neighborhoods, a certain distance from the city or maybe they want privacy. Many buyers put a BIG (yes I’m emphasizing the word big) priority on the location of their new home. If your home is in an undesirable location, it’s going to need some help! When you take things like square footage, upgrades and condition into consideration, your home may be worth $300,000 in a popular area. However, if the location is undesirable, you might have to adjust the price to reflect that.
#3: Marketing – When you put the location, the condition and the price into perspective and those are all great, it could be that your home isn’t being seen and needs more exposure to reach the right buyers. How is your home being marketed? A lot more goes into the marketing strategy of a new listing than sticking a sign in the yard and putting the home on MLS. How many internet views is your listing getting? Do you have professional photos that show your home in it’s best light? Is your home being marketed on social media to the area around where it’s located? The more exposure your home has, the more demand it can create so marketing is a key piece of the puzzle to evaluate if your home is still sitting for sale.
#4: Price – At the end of the day, the price is going to make or break whether or not your home sells. Ultimately the buyer and the market dictate the value of your home. The price you come up with based on the home features, size, location and upgrades could be slightly off from where you think it should be. The price of a home is not set in stone because “it’s the amount you want” or because “it’s reflecting how much money you’ve put into the house.” The value of your house is going to be determined by what a buyer is willing to pay for it. It’s important to have a plan in place as soon as you sign the listing contract so that you can evaluate the activity and adjust the price if needed. In most cases, if your home has been on the market for a few weeks and you haven’t had any showings, it’s a good indication that your home is priced too high. If you’ve had several showings but no offers, then you could just be slightly overpriced. Again, this depends on the status of your market and is ultimately determined by the buyer and what the market is doing. Make sure to keep these things in mind when you’re ready to list your home.
If you’re thinking of selling and want to avoid ending up in this situation, I’d love to get together and walk you through the process in detail.
Located in the 11 county metro, The Trust Team is a leader in the Minnesota real estate market. The Trust Team was founded in 1978, yet represents the best of traditional market knowledge, cutting edge technology and top -notch customer service - all provided by 10 of the most experienced agents in the industry.
We combine the very latest in proprietary internet marketing, and make use of the most current and relevant real estate and social media platforms. We are considered leaders and innovators - always willing to try what is new, and use what is proven. Joe Niece, has more than 3000 past real estate clients, and is an information and renowned internet Guru. His wife Angela Niece and partners, Nikki Moeller, Matt Wolfe, Mike Finstad, Joe Jones, Cory Kingbay, Mary Ellen McGlone, and Stieg Strand have created a most unusual real estate team. 2015 was our best year ever with 498 satisfied clients which gave us the honor of being the #2 team in all of Minnesota. We want your business, promise your complete satisfaction and we are committed to your success !
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"My home had failed to sell with my previous agent and I take the blame for that. I did not ask the correct questions and thought my home would sell quickly. I was so frustrated by the time that I had been on the market five months that I fired my first agent a month early. I was not going to make the same mistake again. My wife and I contacted five agents that had good reputations. The first one seemed good and she told us that our home was worth about what we told him we thought it was worth.
When the second agent came over, she seemed good also. I was excited with the price that the first agent had told us so I told the second agent that we thought our home was worth about 20,000 dollars more and we were shocked when she showed us that she could get that.
We told the third agent that we thought our home was worth 25,000 dollars more and amazing, she told us that she could get us that much for our home.
It was now obvious that the agents were telling us whatever we wanted to hear so we decided that we would see how far it would go. Every agent that we interviewed asked us what our home was worth and every agent told us close to the price we told them. We decided to try the reverse and we told the next two agents that our home was worth 50,000 and 100,000 less then the first agent told us and they showed us those numbers were correct. We were so frustrated that it was comical.
The on the 12th agent, we interviewed Angela. We were professionals by now and thought that we had heard everything. Angela was different. She did not tell us that our home was the best or things like that. She talked to us, asked about the home. Took notes as we showed him the home and she talked about all the things that she was going to do to market our home. It took him an hour to talk about marketing and she was pretty excited about quite a bit of it. Then she pulled out his laptop and had us sit on each side of him and she started doing a market analysis with us. She showed us exactly what she was doing, what criteria she was searching, to find similar homes etc.
As she was working on it, my wife started to tell him what she thought our home was worth and she stopped her in mid sentence and told her that she did not want to hear any numbers from us until she had told us his number. She used a phrase that my mother use to use and said that she did not want to sell his soul to the devil and be tempted to tell us what we wanted to hear vs what the truth might be. She said she would rather talk about his value vs our value if they were not the same. As she continued working with us and asking us about pictures from each of the homes that we looked at on his computer, she narrowed down our value and then told us that our home was worth about 325,000 dollars. Not to be thrown out of our game, I told him that I thought she was 50,000 dollar low and she asked what our home had that make it worth 50,000 more than the seven comparable homes that the three of us had picked together just 15 minutes earlier. I told him that our home was in better shape and she pulled up the pictures of the similar homes and said that she did not see a big difference between most of them and our home.
My wife then told him the range that other realtors had told us and she asked if we had the information that the other Realtors had left. We did and we showed him. She started showing us different foundation sizes, lot sizes, great rooms and other things that she said determined value on the homes, that the other Realtors that told us our home was worth 50-100k more, and it was obvious that she was not going to take the bait so we came clean and told him what we had been thru and that she was the 12th Realtor that we had interviewed.
We listed with Angela and she sold our home in 17 days. Angela was fun to work with and the entire time we worked with him it was smooth and she was easy to get a hold of if we had questions. I would recommend anyone that is buying or selling to work with Angela as she is willing to tell you the truth, spend time explaining what sells homes and what a home is worth and worked very hard.