IT'S A SELLERS MARKET, BUT YOUR HOUSE IS NOT SELLING!
If your property is not getting enough activity in a sellers market, it's time to step back and refresh!
The real estate market is hot right now! In Philadelphia and South New Jersey we have a surge of buyers, but the housing inventory is low.
Many properties are selling quickly, however some homeowners are scratching their heads trying to figure out why their house is sitting so long in a sellers market?
If your home has been listed for a few months and is just not getting much attention, there is still time to rethink and refresh!
Let's review the 3 keys to getting your house flipped from FOR SALE to SOLD!
PRICE, CONDITION, MARKETING
PRICE
I cant express enough how critical it is to list your home at the correct price from DAY ONE!
It is normal for a home owner to be sentimental about their home. They know what they purchased the home for and they know how much money they invested into the home for repairs, updates, and maintenance. However, the dollar amount that they calculate in their head frequently does not match true market value.
As an agent, I first perform a neighborhood analysis and provide my clients with a summary of how the real estate market in their area is performing. This report includes recently sold properties within about .5 mile to their home.
After my client has a grasp on what is happening around them, we then sit down and discuss the comparable properties and determine where their property in it's current state would likely sell.
DON'T OVERPRICE YOUR HOUSE!
It may be tempting to boost the price of your home in a sellers market to test the water and see how high you can go. There are many difficulties with overpricing your home.
The biggest issue is that you will draw the wrong crowd of buyers. Buyers search online by filtering a specific price range. If your property is out of place, you risk not getting prospective buyers through the door, which leads to the property sitting.
Once you realize you need to drop your price, buyers in the correct range start to wonder why the house has not sold and they look with a more critical eye.
OK... so what if you are in too deep right now?
You recognize you made the mistake of overpricing and the house has gone stale. Don't panic! Just hit the restart button. Pull the house off the market for 30 days. Refresh your photos, refresh your curb appeal, and jump back in with the correct price!
IF YOU WOULD LIKE A FREE NEIGHBORHOOD ANALYSIS IN THE SOUTH NEW JERSEY OR PHILADELPHIA AREA, CONTACT ME!
CONDITION
Although home buyers who welcome projects do exist, they certainly are a minority in today's market. If there are glaring condition issues with your property, it is in your best interest to address them prior to listing. A home that screams work and financial burden will not sell easily.
I'm not suggesting you go start major renovations! Simply make sure the home is cleaned up well enough that buyers will focus on all the positives.
It is helpful to have fresh eyes walk through your home and give you a report of what they see as needing some work. Your Realtor can help with this, but there are also companies who specialize in getting your home ready to sell. An expert will walk the property and point out the things buyers will see as a potential issue.
Homeowners frequently don't see the same things a buyer would.
Focus on the condition and presentation of the property through the eyes of a buyer. Fix the leaky faucet, paint the bold colored rooms more neutral, CLEAN meticulously, and plant some fresh flowers out front.
First impressions really do matter!
If your home feels 'dated' hiring a professional home stager can make a huge difference on a buyer's impression of the home. It also makes for a stronger internet presence when the photos look like a feature on HGTV.
Buyers start their search online, so make sure you give them a reason to want to come see the home in person!
DO YOU NEED SOME ADVICE ON GETTING YOUR HOME PREPARED TO LIST? CONTACT ME FOR HELP!
MARKETING
It's easy to enter a property into the MLS (multiple listing server), stick a sign on the front yard, and wait for an offer. But in today's world of technology, your agent should be utilizing a variety of tools to maximize your home's exposure. If your home is not selling, you should review your agent's marketing plan with them and discuss if there are additional efforts that can be made.
1. PHOTOGRAPHY - Professional photography is step one to the entire marketing campaign. You will find an incredible difference between a home with photos taken from the homeowners smart phone, compared to a properly staged and professionally photographed home. The photos can be used in a variety of marketing materials.
2. INTERNET PRESENCE - Step two is to maximize the number of buyers viewing the property. Internet exposure can be tackled first with the MLS listing, but should follow with additional efforts such as targeted social media announcements, Just Listed virtual postcards to neighboring brokers, and reverse prospecting efforts.
3. DIRECT MAIL - The art of 'snail mail' should not be overlooked. Sending postcards announcing the listing to specific demographics will start word of mouth chatter. Neighbors love to share listings with their friends and family!
4. OPEN HOUSE - Certain properties still benefit from Open Houses. A successful Open House is for another conversation, but I have personally hosted multiple open houses that have lead to offers.
5. IN-HOME PRESENTATION - An agent should be sure to have a professional 'in home' presentation. Having the proper documents along with trend sheets and property brochures give buyers a sense of comfort and confidence. In home presentations truly make a difference in a buyers overall perspective of a home!
CONSIDERING SELLING YOUR HOME IN THE SOUTH NJ OR PHILADELPHIA AREA? ARE YOU INTERESTED IN RECEIVING MY MARKETING OUTLINE? DROP ME AN EMAIL AND I'LL BE HAPPY TO SEND YOU A COPY.
SUMMARY
If your house is not selling, you need to ask yourself a few questions. First, are you being realistic with your home's value and condition? Secondly do you have an agent who has presented you with a strong marketing plan to maximize your home's exposure?
Your agent may have some more ideas as to how to refresh a house that is not selling.
Don't hesitate to give them a call and have an open minded and honest conversation about what additional steps can be taken to be competitive in today's market.