Sitting on a listing is always frustrating, especially if your home has been on the market for a long time. If you’re having difficulties selling your house, there are a number of factors that could contribute to this - but have no fear...these selling mistakes have simple fixes:
1. Your listing is priced too high
No homeowner wants to be told that they’ve priced their home too high, but it’s a reality some must face. More times than not, high listing prices are often the result of homeowners valuing parts of the house that potential buyers may not. For example, let’s take a state of the art, newly redone master bathroom. While the custom granite countertops, a giant new bathtub, and new tiling may have cost you thousands, some buyers won’t find the this as essential. Most buyers care about the condition of the house when they see it, not the condition of the house when the homeowners purchased it and how much was spend on improvements. While renovations do add value, it's all about moderation in relation to the asking price. You can’t expect a potential buyer to be eager about a redone master bathroom that they had no control of. So when determining the listing price, it’s important to keep this equation in mind. But don't be discouraged, general renovations that all buyers will appreciate definitely add value to the house.
2. Your listing needs a little love
Sometimes in order to sell your house, you actually have to put more money into it. If you’re looking to stay at a firm price, simple improvements are the best way to add value without adding square feet. A good place to start is your household appliances.
Amenities should be up to par, if not better than other properties listed within the same price range and area. Some other renovations include a fresh paint job on the walls, new blinds for the windows, new carpets, etc. Most of the time, simple alterations won’t break the bank; in fact, you may be able to do them yourself! Dirty grout can be fixed with a $12.00 bottle of grout paint and a few hours of commitment (if my 22 year old daughter can do it, so can you!). You don’t need to be a master architect to add value to your home, especially on a tight budget. A little TLC can mean the difference between a quick sale and a market sitter.
3) Your not online
Like most things in life, it’s all about how you present yourself. It’s crucial to get your listing out into the public eye, particularly on the internet. Around 80% of all home buyers are searching online. This is because buyers want to get as much information as possible before deciding to see a house in person. Not only does putting your listing online appeal to local buyers, but it also connects you with buyers from all over the world. Shockingly, only 9% of realtors use social media to market their listings. It's important to post your listings not only on your website, but also today’s most popular social media networks, such as Facebook and Instagram. Social media is one of the best and cheapest methods for getting the word out about your properties. If you already have a personal account, try it out! You never know the traction you may get. Sarasota Trust Realty agent Renee Preininger is ahead of the curve. She not only uses company accounts but also her personal Facebook and Instagram for marketing listings. When you’re struggling with selling, you must ensure your realtor is using all the right outlets for advertising...or it might be time to reconsider your selling strategy.
4) Subpar advertising
Now that your listing is online, you want to make sure your house looks the part. Make sure your agent is using tools that showcase the best features of your house. Whether it’s a view, a spacious backyard or a cozy breakfast nook; advertisements should be the best possible preview of the home to entice potential buyers.
A great way to ensure successful advertising is by utilizing a real estate photographer. This is something your agent should already be doing, especially if your listing isn’t getting much attention. Real estate photographers specialize in making sure your home is portrayed in the most elegant way possible! We trust these professionals to capture the special feeling you get when you walk into your next home.
5) Open house conditions
Nothing turns a buyer off more than a house with a weird smell and bad ambience. If you’re having an open house, create a warm and inviting environment. A buyer is more likely to make an offer on a house if they can easily picture themselves living there. During an open house, don’t just showcase your property; make your house into a home. There are many ways to ensure a positive open house experience. Avoid a dull environment by turning on all of your property’s lights before an [open house]. Pull back all of the curtains to let the natural light stream in, even if it’s a gloomy or overcast day. Along with illuminating the home, using soft music and natural aromas make for a lovely home. Try not to distract the buyer with a television blaring in the background or the hum of your washing machine. If the house is too silent, turn on some light jazz or other inoffensive soft music to have in the background.
6) “Odd Ball Homes”
According to Sarasota Realtor Jason Silverstein, prolonged market time can sometimes be attributed to a home's comparison to its neighbors. Let’s call homes that don’t compare to those in the area “odd ball houses". Examples of these special homes include “a two story house in a neighborhood that is predominantly one story" or a "house that is much bigger than all the other houses in the neighborhood". Since an odd ball house is usually bigger (therefore priced higher) , buyers naturally shy away. It is hard to sell these houses unless they are discounted to compare to the similar size homes. Though a hard pill to swallow, owners may have to lower the asking price in order to compete with surrounding listings. This is always a difficult task, but sometimes it’s the difference between selling your house quickly or sitting on the listing for months, sometimes years.
7) The outdoor appeal
It’s only human nature to judge a book by its cover. Although a majority of marketing is done online, don't discount the cars that drive by and see your for sale sign! If your listing doesn’t look appealing from the street, it’s hard to convince buyers to take a further look. Make sure that the outside of your house is presented in a way that encourages potential buyers to walk inside.
Tip #1: Power wash the outside
Tip #2: Grooming of weeds and extra brush
Tip #3: Planting flowers or an accent tree
When a home isn't selling, it can be very frustrating for the sellers. It is the job of a real estate agent to walk you through this process and make sure all of these concepts are applied to your listing.
Contact Renee Preininger to find out why your home isn't selling.