In a robust real estate market, most homes should go pending within a set window of time. A knowledgeable agent can easily provide the average time a home is available. If a home does not sell during that time, here are the four common reasons the home is still on the market:
Home is priced too high. This is the top reason a home has not sold. Buyers have access to recent sold information, property market trends, and other pertinent data, hence they are educated on fair market value. Sellers may feel their home is the best on the block and should demand a higher price than the most recent sale. If the property has had showings, yet no offer, the culprit is likely the price. A noticeable price drop will likely draw in interested buyers or bring back previous interested parties.
There is a very high chance (almost 98%) the first time a potential buyer will see your home will be the online photos. Listing photos are crucial. Generic photos reveal a generic home. Photos taken via a cell phone with an untrained eye often will not highlight the features of a home. A reputable listing agent will employ the skills of a professional photographer to present your home as attractive as possible. NOTE: Avoid using lens that make a room look larger than it really is. Disappointed buyers don’t write strong offers.
The home does not show well. I firmly believe in staging a home to attract the largest pool of buyers. You may love the bright green bedroom walls, or the unique way the home is decorated. Unique in real estate will draw unique buyers….which will be a much smaller pool of potential buyers. Hiring a stager to come in and stage the home will present your home to attract a much larger body of buyers. For every dollar wisely spent on staging, I believe the seller will recoup two dollars in sales price and shorten the time the home is on the market by at least forty percent.
The home is not marketed correctly. A home that just has basic MLS information, a sign in the front yard, and utilizing print advertising is using a dated marketing plan. Make sure your agent is using all of the online market tools available: social media platforms, the many web search engines – both local, national, and global!
If your home has not sold and you would like a second opinion, give me a call at 916-705-6888. I would be happy to review your home and see if any apply.
Morris William Realty
CA BRE 01373299