6 Reasons Homes Don’t Sell For Top Dollar – Ever wonder why homes sit on the market when they are priced correctly? How about a property that is in a great neighborhood but for some reason it’s not getting any traction?
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In my experience there are 6 reasons homes don’t sell for top dollar.
While this list isn’t ranked in order of importance, I definitely think exposure is towards the top of the list in why homes don’t sell or don’t sell for top dollar. Exposure simply means getting your home in front of as many qualified potential buyers as possible.
Pricing your home correctly from the start is critically important. In a day and age where comparable sales data is readily available, every person you talk to seems to have an idea of what their home is worth. While data is an important part of the equation when pricing a home, it’s not the only thing that should be considered.
The terms of your sale, and how they are described in the private agent remarks in the multiple listing service can often make the difference between a home with few showings and one with massive buyer traffic and multiple offers. Impossible or difficult to meet terms can dramatically reduce your buyer pool. You don’t want your agent driving traffic away from your home by disclosing things in a way that can turn off buyers. An example in this market would be contingent offers. Currently, many sellers are listing their home for sale contingent upon finding an acceptable replacement property. When these sellers are making offers on homes, I often hear Agents say that their seller won’t consider a contingent offer. In most cases, a contingent offer is less desirable as there is more potential for a deal to fall apart. But a sale contingency is only one aspect in the strength of a buyer’s offer and a professional Real Estate Agent can help you understand and weigh the relative benefits of each offer. Some contingent offers aren’t a good fit but you may be throwing the baby out with the bath water in a market where contingencies have become commonplace. You could end up having to lower your price to find the right buyer when a contingent offer would have ended up netting you more money.
Access is very important when listing your home for sale. The more accessible your home is, the greater your chances of receiving multiple offers. If a buyer can’t get inside your home, it’s unlikely they will write an offer. As a Realtor who works with many buyers with busy schedules, I can state with certainty that when it’s difficult to show your home buyers get turned off and in many cases will move on to look at other homes. I understand that sometimes there are issues with pets or family members, a home based business or other circumstances which limit showing schedules. Having a Realtor who understands your needs and can help find a solution to maximize exposure with the context of your schedule is critical to a successful outcome.
This is one area where some things are within your control while others aren’t. We can’t pick up your house and move it from a busy street, but we can make sure the rest of your home presents as well as it can. Essentially, you need to offset anything that you can’t change by creating a positive emotional response to your home with the issues you can control. Remember, people buy emotionally and justify logically so if they walk into a home that is picture perfect on the inside but on a busy street, it’s not uncommon that their emotional response wins out over their logical concern over living in a high traffic area. It’s all about putting your best foot forward and stacking the deck in your favor.
As you are likely aware, there is no fixed commission in the Real Estate industry. There are many different business models with varying levels of service. It’s important to remember, you often get what you pay for when it comes to hiring a Professional to help you sell your home. There are discount agents and brokerages cutting commissions and telling sellers that they offer the same level of exposure, marketing, etc….as the top Realtors who aren’t reducing their commissions are able to give their clients. This is simply not true.
An agent taking a reduced commission simply cannot afford to do the necessary paid marketing, professional photos and video, social media advertising, print media or any of the necessary marketing and promotion required to get your home the exposure required to get a top dollar offer.
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Other videos you might find helpful:
Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0
Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go