Your Home Didn't Sell?
It can be frustrating to put your home on the market, expecting a fast sale, only to find that after six months you're still waiting for an offer. What can you do?
Putting your home on the market is a vulnerable time for most people. In the current market climate in West Michigan, it can be especially frustrating for sellers who have listed their home expecting a fast sale, only to find that they are still waiting for an offer months down the road. It begs the question, what happened? And what can I do to regain momentum?
First, determine if the lack of movement on your home is a result of overpricing. The quickest way to kill a potential sale is to price your home outside of the market. Today's market conditions are changing, and sellers are learning that you can't just "test" the market anymore. As the value of homes is increasing, they must be accurately priced within the market, or they won’t sell. I always say, there's a big difference between having your home "on" the market, and having your home "in" the market.
Second, what kind of exposure are you getting? Did you set a marketing budget for your property? If you're in a situation where you felt as though you needed to attempt to sell your home by owner first, it might be time to consider using a real estate professional. A real estate professional will prepare a marketing strategy to effectively promote and sell your home. In a seller’s market, achieving a sale for highest dollar possible depends a lot on understanding a buyers psychology and having maximum exposure for your home. This allows it to be seen by the most possible buyers all at once, giving you the best chance to get multiple offers.
Third, what is the condition and appearance of your home? Remember, when it comes to getting that buyer who's looking at several similar properties, presentation and curb appeal. A real estate professional will be able to walk through your home and suggest minor changes that you can easily make that will drastically increase the overall appeal of your home.
Fourth, if your home is appropriately priced, are your terms and conditions overly restrictive? Evaluate if this may be affecting your sale.
Finally, how does the location of your home stack up against other homes in the area? Are there any less desirable features to where your home is located? If so, adjusting your price according to any restrictions that your home has will be appropriate.
Objectivity is the most important quality when evaluating the reasons why your home may not be selling. While your home is full of cherished memories for you personally, larger forces at play in the real estate market are going to affect how it moves, and many of those factors are completely out of your control. (For example: supply goes up, demand goes down, interest rates are affected, a new subdivision goes up, etc…) If you really want to be "in" the market, then you have to react to market forces, and often it is the experts that can really leverage their knowledge to ensure you are in the best possible position to sell your home, and sell it for top dollar.
If you are getting ready to "try again" this Spring, give me a call. I will sit down with you, listen to your desires and goals, and help you plan the best strategy for seeing a quick sale for top dollar. For more details, please give me a call today. If you're distressed over the lack of apparent interest in your property, I can help.