If you are trying to sell your home for what may seem like a long time with no offers, you will start to wonder why? Why haven’t I received an offer on my home yet? What could it be? Here are a few items to consider if you are having those thoughts…
1) The Salesperson Hired
2) General Market Trends/Activity
4) Pricing & What You Are Selling
Before you set any preconceived ideas and expectations about how quick and how much you can sell your home for, you need to meet with a REALTOR that is an expert in your area or neighborhood. They will be able to accurately educate you on what to expect and that is not an easy answer. It’s a combination of the next few items that you need to consider or evaluate if your home has yet to sell when you think it should.
#1 – Did you hire a local expert with top results in your neighborhood? Hiring a trusted local expert not only give you expected sales cycles, but they will have market data with averages to consider. They will also have actual buyers and they will know the trends and expectations that will help you when pricing and marketing your home… and you may not like what they have to say. You may think your home is worth more than it is, or that the outdated finishes and worn carpet is still in style or acceptable by a discerning home buyer. But if they are not, a reputable REALTOR will let you know about the problem and offer options. So the 1st question is, did you hire someone that is an active salesperson and that you can trust to give you the truth, accurate expectations, home evaluation, and valuation? Or did they buckle and agree to your high price, not telling you the truth about your finishes or location to win your business?
#2 – Do you know your market stats? What is the average days on market, average asking/sales price and how does your home compare? If expecting multiple offers on the 1st weekend like on TV, well I hope you are located in one of those areas and looks as awesome! If not your trusted real estate professional will let you know what the average market time is and the average price is in your neighborhood. If you are priced low, it should sell faster than average. If you are higher than average, then you can expect a longer than average sales cycle. Unless it’s an extremely rare home like the homes on TV. When you hire a true professional and expert in your area (item #1), they will be able to provide the stats and convey what to expect when selling your home in your market place.
#3 – How is your home being marketed? Nearly 100% of all buyers and their agents are using the internet to look at homes for sale. How does your home look online? Are the pictures professionally done making the home look warm, bright, and attractive? Are first 5 pictures the best pictures to “set the hook” for a showing? Is there a creatively written description that that notes the high points of the home, neighborhood, and area? A great real estate professional (item #1) knows this and will only use great looking photos to attract buyers and their agents. The better your home looks online, the more showings you will have!
#4 – What are you selling and how are you priced against your competition? Are you selling a home on a view lot that backs to a golf course, lake, beach or open space? Or does it back to another home or busy street in a lesser desired area? Has it been updated to today’s expectations or does it still have the same finishes from 10+ years ago? These questions are paramount when trying to price your home and to know what to expect from buyers in your area.
This is a question that online valuations like Zillow’s Zestimate can not answer because they have never worked with a home buyer, they have never been in any of the homes in your neighborhood, and have never sold a home.
This is something your local expert (item #1) can provide, based on accurate data (item #2)! They will give you an accurate valuation whether you like it or not. I have lost several listings to “wishful pricing”. Occasionally my accurate price was well short of what they thought their home is worth or what Zillow said, and I lost the business. Don’t fall for wishful pricing and the agents that prey on it! It will cost you more in the long run that you think you will get up front!
In summary, if your home has been on the market much longer than average, take a look at who you hired, the market you are in, what you are trying to sell, how it shows, and your price… and if you hired the right professional, know the market stats, and have a great looking listing, its either price or just a matter of time before an offer comes in! Hang in there, follow the advice of your real estate professional and consider a price reduction if you are wanting to sell right away!