Why Did Your House Not Sell?

Need to sell your house?

If you’re reading this then you’ve already listed your house and it didn’t sell. You’ve run through the gamut of preparing your house for the market: cleaning, staging, repairing and all the built up excitement of the potential to sell your home and then – nothing. You’re no doubt frustrated and confused wondering why you can’t sell your home and where to go from here. It’s difficult to be optimistic after months on the market, so here are a couple of steps I’ve found helpful for sellers just like you.

Are You Motivated To Sell?

If your home has spent some time on the market – and unsuccessfully sold – then it’s time to consider whether you’re a motivated seller. In the realty world, a motivated seller is someone who has a strong desire to see their home sell, which causes them to be excited and willing to make necessary changes to the home, adjust pricing, and limit nostalgic and personal ties with the home. If this sounds like you then read no further – you’re in the right zone to sell your home! These don’t ring a bell? Perhaps it’s time to reevaluate and prioritize – it’s time to get motivated! If you’re sitting stagnant on the market, first take a look at your listing price. Selling a home can be a deeply personal issue and it can be difficult to not overvalue your home. While you may feel it is personally worth it, buyers price comparing in the neighborhood will disagree. Don’t be afraid to work with your broker to settle on a fair price – one that’s good for you and for buyers. Or maybe your house needs a few repairs before it can really show with a “wow” factor (we will get into more of that later). While it may seem frustrating to spend money making repairs to a home you want to sell, get encouraged by the fact that fixing those few problems can make the change between months or days on the market. Whatever the reasons may be, allow yourself to see the bigger picture: selling your home is the goal. Letting go of personal connections, being negotiable on listing price, and putting a little work in will definitely help you become that motivated seller.

Review Your Strategy

Now that you’re committed to selling your home it’s time to review your market strategy. After signing your sellers agreement, your broker should have given you a comprehensive business plan. Now’s the time to chat with your broker to explore improvements and make changes to your marketing plan. Great brokers track your home’s marketing and know what is and isn’t working. A good broker (which I hope you have) is on top of internet traffic, foot traffic, and showings, constantly throwing out what isn’t effective and striving to improve the traffic on your home. While you don’t want a play- by-play, your broker should no doubt be informing you on these matters keeping you up to date. If they’re not – then it’s definitely time for a new broker.

The Condition of Your Home

While you may be fine with the leaky faucet and the dings on the door frames, potential buyers are not. Homeowners naturally grow accustomed to “problems” within their home which can be easily overlooked but will make an impression (and not a good one) on buyers. Here’s the time to take an objective view of your home and really assess what should be fixed to impress your audience. Take a walk out to the curb and get a good view of your home. Does the trim need painting? Should you clean out the weeded flower beds? Maybe fix those loose shingles? If you’re buying a home, wouldn’t you want it to look tip top shape and move in ready? Now take your walk to the front entrance of your home and take a l-o-o-o-n-g look around. First impressions are everything, so make sure yours is a grand one. As a broker, my biggest pet peeve is a front door that sticks. It gives a bad impression before even entering the house! Take note of furniture that is placed awkwardly, the background noise of dripping sinks, or lightbulbs that need replacing. And be honest with yourself on your paint color choices. The fact of the matter is that most people just can’t get past your personal paint preferences. Neutral earth tones will appeal to a larger demographic than orange, yellow and red. A couple hundred dollars in paint could mean the difference between selling it quickly for top dollar or taking a big hit after stagnation on the market Make a detailed list, decide what is most important to fix, and either do the repairs yourself or hire a handyman. Taking the time to fix these problems will pay dividends in the end.

Buyer Feedback

So your house has been on the market, you’ve had a few showings and you’ve gotten that invaluable feedback. Buyers objections are golden! While these oppositions may seem jarring, take them with a grain of salt and a smile. If your broker has keep good notes on these objections then you know exactly what is negatively apparent to buyers. Discuss with your broker on which objections to prioritize, focus your energy on fixing the objections that you CAN fix – and forget about the rest.

Marketing Strategy

Celebrity status! No, really. The internet plays a major role in the selling of your home. Ninety percent of people will use the internet at some point during their home search. How many hours of time have we all spent scrolling through pictures of homes on our Zillow and Realtor apps? Clearly, pictures are worth a thousand words.

And if internet presence is key - with the main focus being on photos – then your broker needs to be on top of his game. While anyone can boast of a fancy camera, it takes a true photographer to capture the beauty and essence of a property. But it’s also been said “If a picture is worth a thousand words a video is worth a million.” So along with great photography I also advocate multiple videos throughout the marketing process. These can range from myself, as the broker, doing a listing video tour of the home, to drone footage that really gives that epic birds eye view. The goal is to reach celebrity status in your community with everyone taking a look at it. Your house won’t sell if no one sees it!

Pricing

Pricing is one of the biggest reasons real estate doesn’t sell. With the heavy stream of internet home searches, listing price is crucial. With the sheer amount of houses presented, if it’s listed too high it communicates to the buyer that you aren’t a motivated seller and most likely won’t negotiate on price. And if your listing is extremely high, it won’t even make it to the search! As of now, the average house in Farmington sells for about 3% under listing price. While sellers may be disappointed to hear this news it’s good information to be prepared for as you enter the market and are motivated to sell. No one knows your financial, housing, and relocation goals as intimately as you do. But keep in mind that your broker spends hours weekly staying up to date on housing markets. And a good broker will educate and work alongside you to ensure you make an informed decision about your price.

Open Houses

Open houses are an effective, easy, and inexpensive way to gain great exposure to your property. Because potential buyers don’t have to schedule a formal showing and can view at their own leisure, relaxed from the pressure of a formal viewing, more traffic and buyers are brought to your doorstep. People are free to meander, assess, and feel comfortable really exploring the home. And maybe this all sounds great but you’ve got your reasons for being unable to actually do an open house. There’s still an option for you! Your broker can do a “live open house” on social media to give buyers the experience of your home for them to check out and share with friends. There really is an open house for everyone.

Communication

When it comes to transactions as large, complex, and important as realty property, communication is of the utmost importance. From your decision to sell your home to the improvements you choose to make, to your marketing strategy and open houses, close communication is what makes it all work. Communication really is the hinge that everything hangs on. So take care to find a broker that will openly and honestly communicate with you, ensuring that you feel comfortable throughout the process. This should lead to an exciting and happy experience of selling your home!   When you’re ready to sell your home call NM Dream House for a free market analysis!

-Bryan Crawford Lead Broker for NM Dream House 505.947.8739 Bryan@nmdreamhouse.com