Monday, April 30, 2012
by James Nellis - The Nellis Group
So you have been on the market and it still has not sold... You may have even been listed as a For Sale By Owner (FSBO) and not seen results. Perhaps you listed with ABC Realty after they promised you the highest price and fell prey to that Realtor Buying your Listing. Reality is your home is still for sale with no end in sight. The only thing you see increasing is your DOM (Days on Market).
Here are the 4 Reasons a home does not sell in today's market:
1. Price: The home needs to be priced "within reason" to warrant any showings at all. If your home is $100,000 overpriced it does not matter if you are the front page of every website, article and on Times Square- it will not sell. Within reason as defined by The Nellis Group is 1-2% of market price.
2. Condition: Condition and Price are typically tied in together. For instance, if the home is immaculate and everything is remodeled it will sell for more than the neighbor's house. However, if it is all original and never been touched sporting fabulous shag carpeting and olive appliances it needs to be priced below the market. The most important thing as a seller to NOT do is to "chase dollars". This is when a seller makes upgrades that will not net a higher value. Make sure you consult with one of our Realtors and our Interior Designer prior to making big changes on condition of the home.
3. Marketing: Over 87% of buyers today begin their search online. Today's buyer also chooses which homes they will see in person based on the online presence. You need to select a company that markets homes the right way online. Look for how your Agent markets to lifestyle purchasing and custom URLs. Make sure you see a marketing plan and strategic approach to creating the greatest and widest appeal for your home. Ask if they are utilizing Social Fusion in their marketing online for your home.
4. Negotiation: Thousands and Thousands of dollars are lost in the first 5 minutes of calls between Realtors. Make certain the Realtor you select knows how to negotiate for you and be the defender of your equity. In addition, ask if they are aware of leveraging a "lender credit" to keep more money in your pocket as a seller. We negotiated a lender credit on 2 recent home sales and saved our clients over $10,000 each on their home sale.
Contact The Nellis Group today to sell your home. Find out the home's value here.