|Home Not Selling?
5 Reasons your Portland area home is not selling:
There are a few reasons most homes don't sell within an alotted time. Maybe its the price, look or location but here are some main reasons and what you can do about it.
1. Your home is overpriced
Buyers, not sellers, ultimately determine the market value of a home. You can ask for the moon and set your listing price well above comparable properties in your neighborhood, but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth.
Most real estate agents, and hence most qualified buyers, will see your new listing within 30 days. If it is overpriced by as little as 5%, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart.
If your home remains on the market for too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn't selling.
Also, if a home doesn't sell within a month and you lower the price, many times buyers have already overlooked your home and you may loose out on many potential buyers by starting high and dropping later.
2. Your home doesn't 'show' well
Your home is competing against shiny new houses in those pristine subdivisions out in the suburbs with their attractive prices, incentives and community amenities.
Many times what a home needs to have a small make over is cosmetic and relatively inexpensive: a new coat of paint, a few attractive window boxes, a thorough cleaning of floors and carpets. Our agents at CornerStone Properties NW can advise you on where your time and money are best spent.
3. You may need to fire your listing agent.
Unfortunatly there are Real estate agents who mislead, misfire and misbehave.
Their bad advice can cost you plenty in time, money and the sheer hassle of keeping the place show-ready 24/7.
The agent from hell will allow you to overprice your home and then not market it properly, fail to screen for qualified buyers, be unresponsive to interest from other agents and keep you totally in the dark throughout the process.
What's more, if your agent is abrasive, arrogant or otherwise difficult to work with, other agents may not want the hassle of showing any of their listings to prospective buyers. Get references and referrals if possible and feel free to ask our agents many questions about our home sales reputation before choosing an agent.
4. You are battling competition or market conditions
We've all heard the terms "buyer's market" and "seller's market." In real estate, market conditions are affected by any number of external forces, some of them predictable and some of them unpredictable. In a seller's market, homes go fast. Inventory may be low, meaning less competition for you. Chances are better that you will get your asking price in a hot market; in fact, it is not uncommon to even be offered more than your listing price.
But in a buyer's market, sales slow to a trickle, homes on the market grow and buyers can find bargains, especially when they know the seller is motivated.
If you're trying to sell in a flat market, you're not only competing against all that vacant new construction, but against rentals as well. In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings once again in your favor.
5. Your marketing strategy is not working
Gone are the days when an agent could simply place your listing with the local multiple listing service, hold a halfhearted open house and wait for another agent to bring forth a buyer.
Today's top performers launch a multilevel marketing plan that includes listing tours for area agents, Virtual Tours, weekend open houses, listing fliers and placements in local real estate publications.
Computers and the Internet also have changed the face of real estate. According to the National Association of Realtors, today more than Two-thirds of all home buyers use the Internet for house hunting. The best real estate agents are computer-savvy. They have your listing in color on their laptops to show clients and communicate frequently via e-mail, a particular boon when working with out-of-town buyers.
So make certain even before you list your home that you don't make these vital mistakes. Trust our agents at CornerStone Properties NW and market your home using all necessary tools to get it SOLD!!!
Contact us for a free consultation today!
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