Monday, April 06, 2015 / by Jen Koenig
CNBC recently posted an article about common reasons some homes seem to just sit on the market. I'm sure some of our readers can relate - you have a great home, a great location, but your home has not received any good offers. This can be especially frustrating in our current market, where we're seeing an influx of buyers but low inventory. It seems so many homes are getting high offers within a couple of days of hitting the market, and if your home is not one of them, you may be wondering "what am I doing wrong?"
The article lists 6 factors that can impact how quickly you sell your home:
1. Timing: According to the article, the ideal time to get your home on the market is right after that initial January/February wave of sellers but before the mid-spring rush of new buyers and sellers. Honestly right now seems to be the ideal time to list here in Dane County; tons of buyers are out looking but we still don't have the for sale inventory to accommodate them. This means sellers are often getting multiple offers and very quickly after listing.
2. DIY Tendencies: So some people think that they'll save money by listing a home themselves instead of using an agent to list. Makes sense, right? Saving yourself the commission? There are many reasons that you do want to use a real estate agent. A real estate agent's job is to know how to correctly price, market, & negotiate terms for your home. A source in the CNBC article estimates that those who go the DIY route will reach an average of 1 out of every 5 potential buyers. This means fewer people see your home, your home stays on the market longer (and people start to instinctively wonder "what's wrong with that home?" when a home sits too long), and when you finally do get an offer, you don't have a professional on your side negotiating the best terms for you. While DIY does work sometimes for some people, in the end it often means less money in the seller's pocket after all factors have been considered.
3. Wording: One of the other great things about using an agent is that they know how key words can affect the perception of your home. Words like "cozy" "unique" "charming" & "nice" can actually give off negative connotations. Our listing agents are experienced at creating enticing descriptions for each of our homes. We know what aspects of your home will bring in potential buyers. Sometimes you might be surprised at the tiny details that will make your home stand out on the market!
4. Wrong Representation: As important as it is to have an agent, it's more important to have the right agent. As the article points out, the ideal agent is going to be a veteran, full-time agent who can price your home appropriately and knows what marketing is effective in your area. Our listing agent/team leader, Amber Huemmer, has sold over 600 homes in Dane County. Every member of our team is a full-time agent. Amber does a customized market analysis of every home she sells, ensuring that the home is priced well. Also she does extensive marketing for every home through a variety of media (real estate websites, social media, open houses, many "buyer capture" systems, qr codes, postcards, signs, flyers, & more). And our team consistently gets results. We sold 100 homes in 2014, and so far in 2015 we have more than doubled our sales from 1st quarter last year!
5. Price Drops; Again, work with an experienced agent! Pricing your home too high means that more likely than not you will have to do a price reduction at some point. Price drops can be effective when necessary, but they can also cause buyers to attempt lowball offers. Also pricing your home too high to begin with but not changing it for a long time means your home will likely sit on the market for longer than it should, which again leads to buyers wondering what's wrong with it.
6. Pictures: PICTURES, PICTURES, PICTURES! According to the article, 9 out of 10 buyers begin their real estate search online. And guess what? Pictures are a KEY factor in people deciding whether or not to view a home. Here are The Huemmer Home Team we use a professional photographer. We pick and choose the very best pictures to showcase your home, and we upload them in an order that will make sense to a viewer (on a personal note, it's a huge pet peeve of mine when a listing puts photos up in a random order; sometimes we see a picture of a kitchen followed by the deck followed by a foyer followed by another kitchen then back to the foyer...why???). On top of that we do a virtual tour of each home so buyers can get a really good idea of the layout.
On top of the items listed in this article, we've talked before about the importance of staging. There's a tab at the top of them main page if you want to check out some before and after staging we've done and/or get a free staging consultation. You can also check out my previous blog post about this topic for some statistics and information about how staging your home can help you sell your home faster and for more money.
Click the link below to read the full article referenced here: