THE EXPIRED LISTING: Learn the 5 Reasons Why Your South Beach House Didn’t Sell Before
It has been said that what makes a property sell is Location, Location, Location. Sounds catchy but is only partially correct. There are five factors that will get your house SOLD: LOCATION, PRICE, CONDITION, the MARKET, and the AGENT that you select.
Any agent can get your house sold the first time it appears for sale if these factors are in place. Let’s now review these five factors.
Factor # 1 LOCATION
The location of your house is what is and cannot be changed. In the buyer’s mind a house on a busy street, near power lines, next to or backing up to a commercial business or perhaps too close to a school is less desirable.
Homes located in a quiet cul-de-sac, backing up to a greenbelt, or offering an exceptional view are more desirable.
Factor # 2 PRICE
Every home owner wants to sell their house for as much money as possible, but many times if the asking price is too high your house will help sell other houses in your area. Over-pricing property usually has the following effects:
- Increases market time, which causes homes to sell for less than market value.
- Buyers who should be looking at your house will not see it because it is out of their price range.
- Buyers who do look at it purchase larger homes that are priced the same.
- You receive low offers or no offers at all. Remember, a higher asking price does not automatically equal a higher sales price. The more you overprice a property, the more likely you will sell it at a price lower than it is worth.
You want to price your house to attract buyers for your neighborhood.. The more buyers you have the more they will compete for your house, which will drive your price up. Then you can receive offers over and above your asking price.
Factor # 3 CONDITION
Buyers are wanting to get the most home for their money and many times are looking at new homes as well as resale homes. Buyers will pay top dollar for homes that are in pristine condition. Your agent should be knowledgeable in this area and can make suggestions of minor things you can do to help your home show its very best.
Factor # 4 The MARKET
The real estate market is always in one of three types of markets.
- A hot seller’s market where there are low inventory and more buyers which, in turn, drive selling prices up.
- A normal stable market where there is an equal number of buyers in proportion to the number of homes for sale. The result is home prices remain stable.
- A buyer’s market where there are more homes for sale than buyers who want to buy. This, in turn, will cause home prices to decline.
Factor # 5 The AGENT you choose
Any agent will show enthusiasm and will want to list your house for sale. Unfortunately, many agents still cling to ineffective marketing ideas that do little to sell your home, which means that you miss out on the best buyers. Choose your agent based upon
- Experience at listing and marketing houses for sale.
- Ability to use technology to market your house world wide to buyers 24/7.
- Reviewing with you a comprehensive Marketing Analysis of home sales in your area.
- Ability to offer a step-by-step 30-DAY MARKETING PLAN that will get your house sold at the highest possible price, within a time frame that best works for you.
Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that can assist your new buyer to obtain financing? A good listing agent can get your house sold quickly at TOP DOLLAR and help you find a new home.