From our experience working with over 250 sellers (and 500 buyers), here are the Top 3 REASONS why a house does not sell. Sometimes it’s a combination of factors, and sometimes it’s just 1 thing. Typically a small tweak to the price or staging can mean the difference between selling and not selling. It’s important to take an objective look and figure out why?!
1. How it’s Priced
If you price it TOO HIGH, buyers will not come see the house. Buyers only want to tour homes that appear to be a “good value”. For most areas, if a home doesn’t sell in the first week or 2, buyers will wonder “What’s wrong with the house?” After 30 days, expect to do a major price reduction (-5%) to try and increase traffic and generate an offer. This is called “Chasing the market” down. You may need to lower the price multiple times before generating an Offer. Pricing your home Too High is the worse possible thing you can do in a Seller’s market. The result is usually an offer below market value, instead of a record-breaking price for your neighborhood (5-10% ABOVE market value).
If you price it TOO LOW, 2 things could happen: Some buyers will think the house needs a lot of work or repairs (the price is too good to be true, what’s the catch?) OR you’ll generate too much traffic and possibly create appraisal issues.
We recommend you price it AT or BELOW MARKET VALUE, to generate the most amount of traffic possible by showing buyers that your house is a “good value”. When lots of buyers visit your home that usually translates to lots of Offers on the Review Date. Creating a bidding war will guarantee that you get the highest possible price for your home and that you don’t leave any money on the table.
To determine Market Value, skip the online valuations, those are useless, and instead ask us (or your agent) to do a comparable market analysis (CMA), which includes Active and Sold comps in your neighborhood, and detailed information about Pending properties – that is the key! We always call the listing agent for a pending property to ask about their open house traffic, # of offers, approx. price it will Close at, and when the Closing date is.
2. How it Shows
We hear sellers (and some agents) saying “It’s a seller’s market – houses sell themselves, so I don’t have to do anything to the house.” This is true and false! Yes, the house will probably sell, eventually, for a certain price. However, if you want to sell your house for the most amount of money possible (and set a record price for your neighborhood), then you need to properly prepare the home for sale. Buyers nowadays have very high-standards & expectations, watching HGTV and shows like Fixer Upper, they are easily turned off by little imperfections in a home. Things like deferred maintenance, dark rooms, unpopular paint colors, funky layouts, cooking or pet odors, clutter, your personal items, etc. These first impressions are very important! The same is important for how your home shows online, since 92% of buyers begin their search online, and half of them use a mobile device. Do you have High-Definition photos? Did you provide a virtual 3D walk-thru tour by Matterport? Is the home staged and professionally cleaned? Staging is absolutely necessary to achieve the results you want, which is why we own our own staging company. Vacant rooms look smaller and buyers cannot imagine how furniture will fit, or might be confused about the room’s purpose. Staging can also hide or distract a home’s imperfections by helping the buyer focus on something else.
3. How it’s Marketed
How the property is marketed is usually the key ingredient that will determine if you generate that record-breaking price! Since we are a very successful, top-producing team, we are able to spend significantly more on marketing versus a single agent or a discount broker. Our marketing gets the word out to local, national and international buyers, and generates massive amounts of buyer traffic. The more traffic we create, the more likely you’ll receive multiple offers, and an extraordinary result. Our marketing plan is extensive and always adapting to how buyers shop for homes: from internet marketing (Zillow/Trulia/Realtor.com&Redfin) and social media (Facebook, Instagram, YouTube & Google Ads), International – Proxio & Juwai, to the old fashioned way (talking to the top local brokers and following up on every showing). We will create a customized marketing plan for you, and communicate daily & weekly what we are doing and the Share the results.
It’s tempting for sellers to choose an agent that is “cheaper” and offering a discount. Usually in the absence of value, a discount is all an agent can offer. We believe in offering you more value at a reasonable fee, which will NET you on average 5-6% more! We can show you exactly what the team provides in terms of marketing, helping you get the home ready-to-sell (thru staging, painting, cleaning, minor repairs, etc), and our expertise when it comes to negotiating the offer(s) that come in.
Contact us today for a FREE, no-obligation consultation! Visit: https://www.beachandblvd.com/home-valuation/
Do you have a home outside of Washington State that you need to sell? We can help with that too!