When it comes to selling a house there are some variables that you simply cannot control such as the state of the local market and economy which in turn has an effect on the number of potential buyers. There are however some very common pitfalls that sellers should be aware of that can have a negative impact on the selling of your home. Here are four of the top reasons you house may not selling.
#1) Too Much Competition – It’s possible there are too many listing available in your price range within your market. When this happens chances are you are not going to see that many showings.
What To Do: This is one of those things you simply cannot control. In other words, you cannot reduce the number of listing on the market. What you can do is make your home more accessible to more buyers by lowering the price, offering favorable terms (ie. seller financing, closing costs, etc).
#2) Priced Too High – This is one of the most common mistakes I see home sellers make. If your price is too high you are not going to see too many buyers. If you happen to get a buyer you run the risk that the house will not appraise at the selling price and financing will fall through. Remember your house is worth what someone if willing to pay for it, NOT what you’d like to get out of it.
What To Do: First off you have to be realistic about your local market. Houses in your area may not selling like they used to. You also have to be honest with yourself and determine just how important it is for you to sell. Second work with a trusted real estate agent who has the data and can pull comparables to help you make an informed decision on a selling price.
WARNING: Don’t fall for the all too common real estate agent who promises to list your house at an unjustifiable high price only to come back later to ask you to lower your price because your house hasn’t sold. The first 30 days a house is on the market is crucial and if priced incorrectly the house will be ignored. If you lower your price later the first thing buyers ask is “What’s wrong with it, if the seller had to lower their price?”
#3) No Curb Appeal – In a job interview first impressions count. The same applies to selling a home. When selling a home if the buyer is turned-off by the outside of your home chances are they won’t go inside. Your house has to show well and that starts with the minute a buyer pulls up to the driveway.
What To Do: Make sure the exterior of your house is presentable. Trim shrubs, mow lawn, paint trim, replace rusted and beat up mailboxes. There are lots of inexpensive fixes you can to to the exterior of your house to increase its curb appeal. Do those prior to putting your house on the market and you stand a better chance of attracting buyers.
#4) Poor Marketing – Is your house being exposed to the largest pool of potential buyers? Is your agent accessible to potential buyers? What type of marketing is being done on a regular basis to attract buyers? Listing a house in the MLS and local newspaper is no longer enough.
What To Do: Make sure you real estate agent is marketing your house to the max.. Usually the MLS and a newspaper ad is what most agents do, but it shouldn’t stop there. How about syndicating your listing to national real estate website sites, ( AOL, Yahoo, Milltary.com, HomeFinder.com). Buyers are no longer local, they may relocate to your town from all over the globe. How about property brochures? YouTube videos? Does your agent have a flourishing and active social network (Facebook, Twitter, Linkedin). Work with an agent who maximize marketing exposure.
Avoid these 4 common pitfalls and you stand a better chance of selling your home quicker.
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