12 Reasons Good Houses Don't Sell
When a great house sits unsold for months, it is likely that the seller or the real estate agent, or both, are guilty of making one or more of 12 key errors. Here are the most common home-selling mistakes you should avoid at all costs.
1. Improper Pricing -- Set the price too high, and the house sits unsold. Too low, and you leave money on the closing room table. Proper pricing is imperative to a smooth and fast sale. If you're having trouble determining a property's true market value, call in a certified appraiser.
2. Poor Marketing -- There is only one buyer in the marketplace willing to pay the highest price for your property. The only way to reach that buyer is through an effective advertising program. A simple "For Sale" sign in the front yard and an occassional ad in the newspaper won't cut it. Wide reaching advertising is essential. Without it, the house may sit and become what real estate agents call a "stale listing".
3. Bad Housekeeping -- You would not believe the number of real estate sales that are lost to cluttered rooms, bad stains, dirty kitchens and bathrooms, unpleasant odors, mildew and the like. Keep your house sparkling clean while it's on the market. Here's one hint: don't light up those scented candles. Buyers often feel that scented candles and similar devices are being used to mask odors that could spell a problem -- especially mildew.
4. Failure To Make Repairs -- Buyers buy what they see. Small fix-up jobs can make the difference between selling your home at top dollar and having it languish on the market for months.
5. Poor Showing Techniques -- Show your home, not your vacation photos. Show each room and make positive comments about your home's best features. Don't hover. Give the buyers space out of ear-shot to discuss your home among themselves. Answer questions honestly and directly.
6. Failure To Innovate -- Don't rely solely on traditional sales methods. Today's marketing demands 24/7 advertising exposure. Failure to think outside the box can leave your house on the market for a long time.
7. Emotional Attachment -- Selling your home is a dollars and cents business transaction. Don't let your emotional ties affect your good judgement about selling it. Remember, buyers aren't buying your home, their buying their home.
8. React To Market Conditions -- Many sellers fail to react to market dynamics. Just like the stock market, there are current market conditons that affect the value of houses. These conditions are dictated by supply and demand, availability of mortgage funding, insurance costs and taxation policies toward real estate. No single person has any control over the market. Continuing to ask more than a home's current market value is like swimming upstream -- you'll get nowhere fast.
9. Unqualified Prospects -- People selling their homes without the aid of a real estate agent (FSBO's) often fall prey to this selling error because they do not have a readily available way to financially qualify prospective buyers. The simple fact is that you should not waste your time even showing your house to people who can not qualify to buy it. Buyers should always be pre-approved for a loan before you begin negotiating with them, and they should prove that they are able to buy by presenting you with a letter of pre-approval from a mortgage company. If it is to be a cash transation, request proof of funds.
10. Poor Curb Appeal -- Within about 10 seconds of driving up to your house, a buyer will determine if they like the place or not. First impressions are vital. If your house does not look good from the street -- really good -- buyers will be turned off no matter how nice it looks inside.
11. Pet Odors -- Few things turn buyers off faster than a house filled with odors from pets. Also, pets have a tendency to be in the wrong place at the wrong time, and sometimes they react badly to strangers. Put your pet in an out-of-the-way place during showings.
12. Negotiating Skills -- Everybody likes to feel like they won a little something when negotiating a real estate transaction. Constantly refusing the buyer's requests during the negotiation will result in buyer frustration. Frustrated buyers buy other people's houses. Better to give a little and get a lot.
There they are! The twelve biggest reasons good houses don't get sold. If your house has been on the market longer than you think it should, I suggest that you review your activities against these key errors. If you've been making these mistakes, correct what you've been doing. After that, your prospects should improve.
Happy Selling!
1. Improper Pricing -- Set the price too high, and the house sits unsold. Too low, and you leave money on the closing room table. Proper pricing is imperative to a smooth and fast sale. If you're having trouble determining a property's true market value, call in a certified appraiser.
2. Poor Marketing -- There is only one buyer in the marketplace willing to pay the highest price for your property. The only way to reach that buyer is through an effective advertising program. A simple "For Sale" sign in the front yard and an occassional ad in the newspaper won't cut it. Wide reaching advertising is essential. Without it, the house may sit and become what real estate agents call a "stale listing".
3. Bad Housekeeping -- You would not believe the number of real estate sales that are lost to cluttered rooms, bad stains, dirty kitchens and bathrooms, unpleasant odors, mildew and the like. Keep your house sparkling clean while it's on the market. Here's one hint: don't light up those scented candles. Buyers often feel that scented candles and similar devices are being used to mask odors that could spell a problem -- especially mildew.
4. Failure To Make Repairs -- Buyers buy what they see. Small fix-up jobs can make the difference between selling your home at top dollar and having it languish on the market for months.
5. Poor Showing Techniques -- Show your home, not your vacation photos. Show each room and make positive comments about your home's best features. Don't hover. Give the buyers space out of ear-shot to discuss your home among themselves. Answer questions honestly and directly.
6. Failure To Innovate -- Don't rely solely on traditional sales methods. Today's marketing demands 24/7 advertising exposure. Failure to think outside the box can leave your house on the market for a long time.
7. Emotional Attachment -- Selling your home is a dollars and cents business transaction. Don't let your emotional ties affect your good judgement about selling it. Remember, buyers aren't buying your home, their buying their home.
8. React To Market Conditions -- Many sellers fail to react to market dynamics. Just like the stock market, there are current market conditons that affect the value of houses. These conditions are dictated by supply and demand, availability of mortgage funding, insurance costs and taxation policies toward real estate. No single person has any control over the market. Continuing to ask more than a home's current market value is like swimming upstream -- you'll get nowhere fast.
9. Unqualified Prospects -- People selling their homes without the aid of a real estate agent (FSBO's) often fall prey to this selling error because they do not have a readily available way to financially qualify prospective buyers. The simple fact is that you should not waste your time even showing your house to people who can not qualify to buy it. Buyers should always be pre-approved for a loan before you begin negotiating with them, and they should prove that they are able to buy by presenting you with a letter of pre-approval from a mortgage company. If it is to be a cash transation, request proof of funds.
10. Poor Curb Appeal -- Within about 10 seconds of driving up to your house, a buyer will determine if they like the place or not. First impressions are vital. If your house does not look good from the street -- really good -- buyers will be turned off no matter how nice it looks inside.
11. Pet Odors -- Few things turn buyers off faster than a house filled with odors from pets. Also, pets have a tendency to be in the wrong place at the wrong time, and sometimes they react badly to strangers. Put your pet in an out-of-the-way place during showings.
12. Negotiating Skills -- Everybody likes to feel like they won a little something when negotiating a real estate transaction. Constantly refusing the buyer's requests during the negotiation will result in buyer frustration. Frustrated buyers buy other people's houses. Better to give a little and get a lot.
There they are! The twelve biggest reasons good houses don't get sold. If your house has been on the market longer than you think it should, I suggest that you review your activities against these key errors. If you've been making these mistakes, correct what you've been doing. After that, your prospects should improve.
Happy Selling!
posted by Terry Ward at 12:54 PM
0 Comments:
Post a Comment
<< Home