I have written a few blogs close to this subject before – lately however I have been asked to write on the following specific subject. “Why isn’t my House Selling?”
Most important – Price
If your house has been on the Market for more than 4 months I would venture to say your price is too high. I would suggest you have your real estate representative prepare a new market analysis and consider only the most recent subject deals and sales. In a declining market it only takes two months for your property to become stale, you do not want to get into a spiral of following the market down. All homes will sell in any market it comes down to the value a purchaser perceives.
Restart the process
Take another good look at your competition – this would be any homes for sale around you or similar to yours in another area… think of yourself as the Buyer and what you would look at if in the market for a home – if those properties still have not sold and you believe they show better than your home, you need to get your home priced below them. If your neighbor sells before you and the buyer picked their home over yours, your price in most cases needs to be below their sale. Unless of course the buyer could not afford your property and your property is bigger and better.
Motivation
While being motivated to sell is very important – I strongly recommend you figure out your needs versus your wants. Having to many homes for sale by sellers who are less than motivated creates a glut of homes and hurts the real estate market. As you know supply and demand determine price. An over abundance of supply sits, stagnates, and can often be used as a negative example of an over priced home in a buyers market. If anything remove your home from the market and seriously consider what improvements you need to make before entering the market again. I find a period of butting heads that goes on when a market change is clear, the buyer is expecting a great buy and the seller is refusing to negotiate. What tends to happen is our ego steps in and all sense and reason go out the window. I can relate as I was considering selling this month as well – and when my representative gave me the price and motivation speech, I was less than willing to listen to the realities of todays’ market.
The perfect “Doll House”
Top Ten Things to Do
- A new market analysis (every 30 days)
- Review the marketing efforts/ Incorporate Social Media
- Have at least 8 pictures / video on MLS
- Kitchen and Bathrooms need to be spotless
- New paint / carpet
- Showhome condition / stage
- Open houses
- Just reduced/listed cards to neighbors
- Get feedback from potential buyers
- Make sure you have the right agent!
Whistler Real Estate
I will admit Whistler has its unique differences to residential markets but the over all economy reflects our buyers ability to purchase homes. If our consumer feels worried about their own financial portfolios it takes more time to make a decision and sometimes up to five visits back to the resort to seal the deal. Patience is not always our virtue, nor is time always on one’s side. I still firmly believe that value sells and sometimes it takes more than one persons opinion of what that value is. Such as an investors value of Phase II properties in Whistler, the prices and cash flow make sense today. The abundance of supply on the market in Phase I & the residential market make it a great time to shop for your life style choice. If you’re a buyer – make your decision and move on it. If you’re a seller – price it right the first time.
Happy Negotiating!
This post first appeared on Whistler Real Estate Buzz | Real Estate In Whistle, please read the originial post: here
