Your home has been on the market for many days and it is just not selling.
Let's start with a few possible reasons:
- Hard to show (tenants or owners who restrict showing appointments)
- Dirty or in need of repairs
- Dated, could use upgrading
- Functional obsolescence - 5 bedrooms with only 1 bath for example.
- No curb appeal - lack of landscaping, etc.
- Messy or cluttered
- Insufficient or ineffective marketing
- Priced too high
The bottom line is that for whatever reason your price is too high. The market has rejected what you are offering at that price. Now the other items on the list may be bringing down the price, but none the less you are priced too high.
So what can you do? You can lower your price or increase the market value of your home. You can also do a combination of the two.
Increase the market value:
- Paint and carpet are relatively inexpensive and will help to raise the value. If you do not replace the carpet, steam clean it.
- Clean the windows.
- Clean the exterior - cut the grass, pull weeds, pressure wash driveways, trim the hedges, plant some flowers.
- Make all minor repairs.
- De-clutter and stage the home to make it show at its best.
- Improve the marketing of your home.
In a changing market the real estate agent who charges the lowest fee, may not be the cheapest. You need a professional who does superior marketing. Find out who is selling homes in the neighborhood. Notice I said selling, not listing. The agent with the most signs may be successful at getting listings, but not at selling the homes.
There are agents who do a great job of marketing themselves or offer extremely low commissions to get listings, but may not move the homes. In a changing market you need to be on top of the game to be successful. If the agent is working with lower commissions (marketing fees). How will they pay for the increased marketing required to succeed? Where will they cut the corners?
If you need open heart surgery do you look for the cheapest or the best? Do you call a plumber or a surgeon? Ok no nasty e-mails please. I know selling homes is not heart surgery, but in most cases it is even more expensive.
If you are looking to buy or sell a home on Oahu, I would be honored to be interviewed for the job.
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
RP,
A clean home is a home that sells! That`s our motto...
I looked in the window last week of houses that I was going to show. Just inside the door were multiple piles of doggie doo. It was obvious that it wasn't the first day of the gathering and you can bet we didn't open the door.
Yes! A list that agents should present to their clients. What most of us take for granted, some people just do not get.
Scott - Good motto
Gary W. - I just recorded on one the kitty litter box chased away buyers. My buyer felt it helped him get a better deal.
Cindy J. - Last year I went to show a home that was less than a year old. It had piles of doggy doodoo on the deck in front of the door. It got worse inside. They rented it out and the tenants trashed it within a couple of months.
Cynthia T. - I am amazed how many sellers just don't get it.
Neal - They have to realize they are competing with the other homes for sale in the area. What makes their's better?
John W. - That is eastern time. I was on the day before about that time though.
Aloha Randy,
Determining price in this market can be very tricky. Great points for Sellers to consider.
However, for those who don't have the time to do these tasks themselves or have a hard time looking at their home objectively should contemplate the services of a professional stager.
When median home prices are over 600K, as they are in Hawaii, people want more value than just the plot of land, they want a home they can actually live in without having to remodel. Thanks for the post.
Peace,
Patricia - I have had sellers who failed with other agents call me to list their homes. I require they fix the problems that prevented tyhe home from selling. Some will respect you for giving to them straight and be successful, others are usually doomed fail again.
You can also be straight without being insulting. That is where salesmanship comes in.
Michael - It would be harder for us to sell our client's homes if everyone did it right. Since that is not case we have a competitive advantage.