Why Is My House Not Showing
July 7th, 2006
As we try to keep everyone up to date on the latest developments in this ever changing real estate market, we realize that while many are adapting, others have been left wondering, “What are we doing wrong, no one is even looking at my house?”
Although on paper having a home competitively priced seems to be a sure-fire guarantee for getting buyers in the door, today’s buyer is very different from the “investor” who has monopolized the market over the past few years. Investors looked at anything that made financial sense. They study the market and know just how much they need to put into a property to gain the greatest return on their investment dollar. For the most part, they travel from “hot” market to “hot market” and have a host of contractors who follow them around knowing exactly what they have to do to turn a property quickly. Because of their experience, more often than not, these investors can make changes to a property for less money and in a fraction of the time it would take the homeowner to accomplish the same thing.
Today’s buyer is very different, as are most “end users.” They are much more deliberate in their selection process since they are not concerned as much with return on investment dollar as they are satisfying a lifestyle need. What this means to you as a seller is you can have your home competitively priced but if it doesn’t fit their criteria, your home is not going to be viewed. So what can you do to give yourself the best chance in this market?
The first thing you need to do is to lose your fear of selling your home too low. With market prices trending down, if you lower the price of your home incrementally, you will stay in “the pack” and will not differentiate yourself from the other homes on the market. By pricing your home aggressively, thus creating a distance in pricing between yourself and other homes comparable to yours, your home will be recognized first and shown more often. By taking an aggressive stand earlier, you may wind up selling your home faster and for more money than had you continued to hold on to your home and followed the market down.
Keep in mind, as I have written in earlier “blogs,” a well priced home is only half the battle. Today’s buyer is most likely an end user who may not have the vision of an investor. You need to make sure your home is in as close to pristine showing condition as possible. An impeccably maintained home gives any potential buyer the peace of mind knowing that the home has been well cared for, reducing the possibility of significant unexpected costs down the road. A buyer may first be attracted by to the price you have your home listed at but, if you want to seal the deal, the condition of your home should be better than the buyer could have imagined.
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