Adjust to the Market: Five Red Flags to Watch For

     You've encountered a problem. You have done everything your agent has told you to do when you put your home up for sale three months ago, and still not a single offer. You've followed your agents every piece of advice, done some remodeling, let them show your house on short notice, and not even a nibble.

     It's assumed when you want to sell your home you'll get an agent and take their seasoned advice. they often promise selling your home, but sometimes they fail. Why? Because the pool of buyers in a particular market determines the saleability of a home, not the agent, insurance agent, mortgage brokers, title companies, or even home owners. Home buyers can be a fickle group to tangle with. They can turn away on a dime for the simplest reasons. This is why it's so easy to make a mistake when positioning your home, and why it's critically important to adjust your strategy when needed. Here are five red flags to watch for:

1. No Showings- the average home buyer will look at 10-15 homes before buying one. If you are having few or no showings as the weeks pass, it is simply stating that buyers are rejecting your price. They are seeing your home on the market, but they are rejecting is as quickly as they see it because of the price. So adjust the price.

2. No offers- if you have viewers, but no offers all this means is buyers are rejecting the home itself, not the price. There are two solutions to this problem. One is to interview the buyers to see what they didn't like about your home and fix those issues. The next solution is to adjust the price to compensate for the cost of fixing the parts they do not like.

3. Low ball Offers- If you've received several low ball offers this means that buyers don't see the same value in the house as you do. To fix this you may want to allow your agent to show them the appraisal value of the home. Also you may want to provide the buyers with a list of improvements you have made to the home. In the end you may still have to adjust value, or try to show the buyer some value they have not yet seen.

4. Agent Comments- Most of the time your agent will be the one who brings the potential buyer to your home. If agents believe there is an aspect of your home that will turn buyers off; then it's almost promised they won't waste their time trying to show them your house. To get rid of this problem it's common for sellers to ask their listing agents to conduct a tour of the home with cooperating agents. They ask these agents to fill out comment cards about price, style, size, etc. Just a tip for this, make sure the cards are anonymous.

5.Market Changes- The housing market changes almost daily. Sellers who put their homes on the market last week and who had a steal of a deal, may now find themselves overpriced and in trouble. Stay ahead of the competition to have the best advantage of the competition. Ask your agent for regular updates about changes in the competition. Pay close attention to pricing and condition changes, pending and closed sales, as well as new listings which may change your place in the market.

     Selling your home is a task that requires careful planning, strategy, and adaptation. Don't be afraid to change a few things to get what you want. It'll be worth it in the end.

Post a Comment