The last few years homes have flown off the market, especially if they are priced right and move in ready. But sometimes, even if you have an amazing property, it takes longer than expected. Sellers are often left wondering why that is.
About 12 years ago, I went through a pricing and strategy course that has continued to hold true today. Twelve years ago, we underpriced homes because we had 15,000 properties on the market, and since there was an overabundance of inventory on the market, in order to prevent chasing the market down with multiple price adjustments you had to start lower and hope to be noticed. That hasn’t been the case in a long time, but price is normally the number one factor for a home not selling.
Maybe the home is on a busy road. The cure? Price.
Is the home dated? Price.
Does the home need a lot of repairs, does it have mold, does it need to be torn down? Price cures all.
But what if you are priced well and you’re still not being noticed? As a Realtor, it’s important to take all the feedback the buyers in the market are giving and create a strategy to invigorate the property. Maybe the house needs to be vacated, staged with real furniture or be virtually staged. Maybe brand new photos need to be taken combined with a small price adjustment to make the home look different.
If buyers are providing feedback, take the reasons the house didn’t work for that buyer and think of a solution to re-package the house and show it as a positive. Is the floorpan choppy? A flooprlan that’s “choppy” is actually one that allows people living there to have designated and private spaces to retreat to. Is the floorpan too open? Think about creating more defined spaces with different furniture.
No matter what the reasons are for a home not selling quickly, it’s important for Realtors and sellers alike to adapt in order to make the home as attractive as possible for new buyers that will see it. Using buyer and agent feedback constructively is always important to that a property doesn’t become stale. What’s ironic, is many times after no offers, a house that’s been on the market for a couple months will finally get the recognition it needs and multiple offers will flood in. Buyers are funny, you don’t always know what it is that gets them to write an offer, but constant evaluations of marketing and pricing strategy are crucial in a competitive market.