Wheatland Realty Agent Tony Tudisco discusses 3 warning signs to pay attention to as your house is on the market.
For some sellers one day of market time can feel like weeks! So let’s put it into perspective…how long is really too long on the market?
Here are three guidelines you can use to evaluate your home’s status:
1) Buyer traffic
What is the average market time in your area vs. the number of showings you’ve had so far? How long has your house been on the market? Everything is relative. Don’t break rule #1 – listening to everyone else tell you a story of how someone they know sold in 1 day! We are not selling commodities we are selling a home. This is a very personal transaction for both parties. Don’t let emotion overtake the data we have available to us. The numbers do not lie.
2) Feedback from buyers
Of the showings you’ve had what has the feedback been? Are there areas of your home that need improvement such as paint or carpet? If you didn’t do it prior to listing, you may need to consider it now. Or is the feedback you are receiving pertaining to things you cannot control like the size of your home or it’s location? If this is the case, your list price is most likely the issue.
3) Competition Status
Have the homes you were competing against when you entered the market already sold and/or closed? Now you are competing against new listings that get the most attention and leave buyers wondering what is wrong with your house. If this is the case, you may want to consider re-positioning your home relative to your traffic, feedback and typical market times for your area.
Don’t underestimate the old cliché – you can’t do the same thing over and over and expect a different result. It holds true in real estate as well.
Homes sell on 5 key factors; Price, Condition, Location, Amenities & Competitive Home Listings. If your buyer traffic has dropped significantly and you’ve allowed for reasonable market time in your area, it’s time to do something different. Buyers are finding other homes to buy.
Today’s technology offers consumers access to tons of information instantly and the best homes will always sell in any market.
Remember a buyer isn’t going to write an offer on the 5th best home they saw when house hunting. They only write offers on #1 and maybe #2 . I could market a gallon of milk worldwide and spend millions advertising but if the market doesn’t see value in why it costs $20 per gallon and at the grocery store it’s $4 per gallon all the effort in the world (translate: showings, advertising, open houses) won’t sell that gallon of milk (translate: house).
If you have been on the market too long, please make the changes you were reluctant to make up front. Adjust your price if need be, the market controls your price not you or your agent. You need to hit the right pool of buyers where you will fall into the top 2 in their home search.
Bottom line is…
Be realistic, look at the market, the data doesn’t lie. Buyers just won’t spend more and get less than the property sold down the street.
We all love our homes and can come up with a million reasons why our home is better. It can be hard to be objective. Just remember you take your memories with you – they are what made it a home and where the real value lies.
If you have questions about putting your house on the market, please contact us. We will give you our expert opinion based on your personal situation.
My best to you!
Your Cure for the Common Realtor,