There are three key factors that separate successful home sales from failed listings: price, condition, and marketing.
When you hire a real estate professional to sell your home you automatically assume that your house will sell. However, many homes that hit the market never make it to the closing table.
In fact, in 2016, half of the homes in our market failed to sell. Why? It all boils down to three primary reasons: price, condition, and marketing.
Pricing your home is just like pricing clothing in a local retail store. Have you ever walked into your local Kohls or Old Navy and gone straight to the sales rack? How do those articles of clothing end up there?
Well, they were offered to the marketplace and based on a number of factors, including price and style, they failed to sell. Will they ever sell? Probably—everything will sell at some price. Last season’s shoes may not be appealing at $50, but you may be willing to shell out $20 for them.
That said, you do not want your home to wind up on the sales rack. Correctly pricing your home in the first 30 days has been statistically proven to net sellers much more money. Don’t sit around and wait months—or even years—for the right buyer to come along.
While a good price gets buyers in the door, if your house is in bad condition, they will go right back out the door again. As you prepare your home for the market, remember that buyers will take issue with your paint colors, your clutter, and your dirt. Any improvements and upgrades that you’ve made for your own enjoyment may not appeal to prospective buyers who haven’t been living their lives in your home.
“Your home should not wind up on the sales rack.”
Finally, your home needs the proper marketing in order to sell. Most people think marketing is the first thing their agent will offer but it’s usually the last thing you get—if your agent even offers it at all. According to Boral media, most agents only spend $400 a month advertising homes.
To put that in perspective, we spend over $6,000 a month advertising our listings on sites like Zillow, Trulia, and Realtor.com. We also use print marketing and our website to connect your home with prospective buyers.
When you interview an agent, ask how much they spend on marketing and have them show you their marketing plan.
Price, condition, and marketing are three key factors in your home sale. You wouldn’t bake cookies without flour, eggs, or butter, would you? That would be impossible! So, don’t skip these three factors if you want to successfully sell your home.
If you have any questions for us, just give us a call or send us an email. We would be happy to help you!