When buyers and sellers should have been in the busy spring market, things took an unexpected turn with the arrival of COVID-19. Stay-at-home orders put everything on pause for a few weeks, but the market has since made a comeback. In fact, despite the uncertainty, many REALTORS® say now is actually a great time to sell — interest rates are at an all-time low, there isn’t much inventory available, and there’s a lot of pent-up buyer demand.
But what if your house isn’t selling in a time when most are going in a matter of days? It can be frustrating when it takes longer than you expect to get an offer, but if you look at the following factors, you may find a reason for the holdup.
Price
REALTOR® Rob Buffington, associate broker with Berkshire Hathaway HomeServices Tomie Raines REALTORS®, says despite the current climate, the real estate market is in full swing. He says homes are going quickly – some for over asking price -- and sellers definitely have the advantage.
“For clients in the upper price point, typically above $500,000, we set the expectation that the home may take longer to sell because the buyer pool is smaller,” he said. “But for anything under that threshold, if you aren’t seeing significant activity within the first few days on the market, or if you haven’t received an offer in the first couple of weeks, I would definitely reevaluate, and I would start with price.”
While seller’s can often get more for their home in a seller’s market, it doesn’t mean the sky’s the limit. It’s important to be objective when considering price. It doesn’t matter how much you originally paid for the home, how much you spent on renovations, or what you think the price should be…a home is only worth what a buyer will pay for it. That’s why it’s important to seek the advice of a local, experienced REALTOR® who will use his or her market knowledge along with hard data to price your home accurately.
Presentation
The condition of your property can either grab buyers’ attention or have them running for the hills. Take a walk around your home and look things over through the eyes of a potential buyer. Are there any cosmetic repairs that need to be made? Is the house clean? Does everything appear to be in working order?
And what about curb appeal? You know what they say...you only get one chance to make a first impression. A well-kept yard, a couple of flowerpots, clean windows, and a swept-off porch can make all the difference.
Buffington says sellers sometimes rush to get their home on the market without giving the presentation the time and attention it deserves. That mistake could end up costing them more in the long run.
“We don’t list a home until we are confident it is ready to go,” he said. “That means decluttering, a thorough cleaning, touch-ups and repairs, and the proper staging.”
According to the National Association of REALTORS® (NAR) Profile of Home Staging, homes that are staged sell faster and at higher prices than those that aren’t.
According to the report, nearly two-thirds of sellers’ agents said that staging a home decreases the amount of time the home spends on the market. Seventy-seven percent of buyers’ agents said that staging a home makes it easier for buyers to visualize the property as their future home, and 40 percent are more willing to walk through a staged home they first saw online.
But staging doesn’t always mean bringing a house full of new furniture and decor. Sometimes it’s simply editing and rearranging what you already have or bringing in just a few new items. NAR’s report found that the median dollar value spent on home staging was $400, which isn’t much when you consider it could help your home sell quickly and for top dollar.
Promotion
If your home is in great shape, and you’re confident about the pricing strategy, then it’s time to take a look at promotion. A professional REALTOR® will have a solid marketing plan that includes much more than simply sticking a sign out front. When interviewing prospective agents, ask them questions like: How are you going to sell my house? What is your advertising plan? Are you active on social media? What is your online marketing strategy?
Buffington, who has been in the industry for more than 17 years, says to remember that photography is one of the most important aspects of any real estate marketing plan.
“In this environment professional photography and a strong online presence is more important than ever,” he said. “Buyers are being more selective when choosing which properties to see in-person, so you’ve got to grab their attention with high-quality photographs and 3D video tours, which are quickly becoming the new standard.”
Professionals
Another reason your home may be lingering on the market? You’re trying to sell it yourself.
According to NAR, for-sale-by-owner (FSBO) sellers list “selling within the planned length of time” as one of their most difficult challenges. Other obstacles include preparing/fixing up the home for sale, having enough time to devote to all aspects of the sale, understanding and performing paperwork, and getting the right price. NAR’s 2019 Profile of Home Buyers and Sellers found that the typical FSBO sold for $200,000 compared to $280,000 for agent-assisted home sales.
“In this market I would not advise trying to sell on your own,” said Buffington. “It’s a unique time with unprecedented challenges, but a REALTOR® is your expert guide throughout the process…from setting a price to marketing the property to closing the sale.”
For a list of area professionals visit the Greater Lansing Association of REALTORS® website at https://ift.tt/2pNzptA.
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It’s a Seller’s Market…Why is My Home Not Selling? - Lansing State Journal
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