10 More Important Issues for Sellers
Major Reasons Homes Don’t Sell
We’ve already established that overpricing is the #1 reason homes in Jacksonville do not sell. Let’s now look at the remaining Top 4 reasons.
When there are many homes available, buyers generally continue searching for that perfect, move-in ready home. Even if your house is competitively priced, if the competing homes have upgrades and updates, they will probably be chosen before yours. If the competition has more bedrooms, more baths, or a finished bonus room, buyers will gravitate to the “more bang for the buck” opportunity. Your goal needs to be to make the biggest impact possible on any buyer viewing your home.
If you have limited times when you allow buyers to view your home, you’re really hurting yourself. We know it can be inconvenient to show at a moments notice, but you never know when the right buyer will want to come by – and if you tell them no, they usually do not reschedule – there are just too many other homes available for them to see. Also, when there are time restrictions on showings, other Agents will tend to avoid even bothering to try and schedule appointments. This may seem “unfair” but it is just the way it is.
Far too many real estate agents depend on their brokerage and parent company to provide all the marketing for their listings… there is simply no substitute for having a hands-on real estate consultant who specializes in listing and marketing on your side. Internet marketing is by far the most effective means of reaching potential buyers today and precious few real estate agents in Jacksonville are skilled in internet marketing. Although all listings should be on your local MLS, your Realtor® should also have their own websites and other ways to promote your home on the internet. DO NOT MAKE THE MISTAKE OF HIRING AN AGENT WHO DOES NOT HAVE INTERNET MARKETING SKILLS.
It’s still true, as far as Real Estate is concerned, the best locations, top schools, and curb appeal are still super important. — LOCATION, LOCATION, LOCATION — If you happen to not be in the best of locations, you can still make your home stand out from the crowd by improving your own curb appeal, making updates and upgrades inside and out, and by pricing it lower then the competition. Work on making your house outshine the others.
Also, consider the advantages of Staging your home. Professional staging can make your house stand out among the competition as it showcases your home to its best advantage helping to reinforce the buyers decision that your house is the right choice.
Remember, the longer your home remains on the market, the lower it’s final selling price is likely to be. Place yourself in the buyer’s shoes and take an objective look… nobody wants to spend more money than necessary to get the things they want.
The TOP SIX Factors for Successful Home Sales
Although these may be stated in different ways there are really only six factors that affect the sale of a home.
It is important to understand who or what has control over them and how they interact with each other.
- You control 3 of the 6
- The Market controls 2 of the 6
- Your REALTOR® controls 1 of the 6
Factors You Control
1. Price – You determine the list price for your home. Your REALTOR® should provide a professional market analysis to assist in making a list price determination.
2. Terms – Buyers have requirements just as sellers do. Your willingness to respect them and be willing to negotiate which terms will be acceptable to both parties can have a very positive impact. Price and Terms will usually be negotiated at the same time.
3. Condition – How well you have maintained the home will influence both your price and length of time before selling. The number of buyers who are willing to make major (or even minor) repairs is much smaller than the number seeking a home that has been well maintained.
Factors The Market Controls
4. Timing – Economic conditions operate independently of price, terms and property condition. Similarly, seasons can affect the time it takes to sell a home. (The beginning of the school year and holiday seasons are typically slower sales periods).
5. Competition – The number of homes on the market most certainly bears heavily on your ability to sell your home on a timely basis.
Factors Your Realtor® Controls
6. Promotion – As stated previously, there is just no substitute for getting your home in front of the highest number of potential buyers possible and for presenting your home in the most positive manner. With the internet, video, digital photography, etc., agents who are skilled in utilizing these tools are invaluable to the home seller today.
No single factor controls the timely sale of your home. Success depends on understanding the factors at play and manipulating them to your best advantage.
Your willingness or ability to make adjustments in price, terms or condition based on ever-changing conditions will be the final determinant as to how quickly your home sells.