What are the 4 Reasons a House isn’t Selling?
Hi, everyone. Welcome back to another episode of kevinyoder.tv. My name is Kevin Yoder. I’m with Yoder Real Estate. As we head into another hot seller’s market in the spring of 2021 that’ll be here before we know it, I want to answer a question that we often get, which is what is stopping a home from selling? Today I’m going to reveal to you the four, four and a half actually, 4.5 reasons that a home does not sell. Now we all know that homes are selling rather quickly right now, but believe it or not, we still have a pretty deep list of expired listings each and every year regardless of market conditions. That is a list of home sellers that just failed to sell. For one reason or another, their home did not sell within the timeline that they initially set forth to sell within.
Let me get started with this list. It’s going to be a short and succinct list. If you want to go deeper with any of these things that I bring up to you today, please reach out. I’m more than happy to share a lot more information on these topics because it’s super important. As I said, realizing that the market condition is going to, of course, allow for homes to sell faster and for more money, at the same time within each market condition, whether it’s a buyer’s market, seller’s market, or a middle-market, we still have a group of sellers that fall into the expired listing category. We want to avoid that list. That’s the naughty list, if you will. Okay. We want to be on the list of homes that actually sell for the most money in the shortest amount of time with the least amount of hassle.
Here’s how we can do that, by avoiding these four things. Number one, the price is too high. Now it’s awfully tempting, and I made this mistake selling my own real estate over the past, say, two decades since I’ve been in the industry, where I’m listing a home for myself. And because it’s hard to be unbiased, we tend to want to push the price up because we put work into the home. We’re emotionally tied to that. But here’s the challenge, is if we miss our mark, our sweet spot, there’s such a thing as pricing it too high. There’s such a thing as pricing it too low, but there is a sweet spot. We’ve got to find that sweet spot, and when we do, we’re actually taking advantage of market forces. The best thing that we can do is identify the right price by knowing what’s actually happening today in today’s market by future pacing a little bit and knowing what the market’s going to do in the next, say 60 to 90 days, but also look in the rearview mirror, what’s happening in the last six months.
That’ll give us a good idea about what an appraiser is ultimately going to determine the value is. So by aligning all of those three, the future, the present, and the past, we’re able to get the home priced in its sweet spot, which then eventually ends up getting you more multiple offers because more buyers find it online. They schedule a showing. They love it. They write an offer, you get more offers, you get more money, and then you’re happier. So nail that price upfront, get with your agent, and make sure there’s a detailed market analysis done.
Number two, a unique home, a home is too unique. Believe it or not, unique homes aren’t those that typically sell faster and for the most money. A unique home needs to be highlighted. It needs to be marketed in a different way. Make sure your agent is able to identify the unique qualities of the property. Don’t think just because your home has these whizzbang things that no one else has, that that’s going to allow it to stand out in the marketplace. If those items aren’t searchable, such as square footage, bedroom bath combination, acreage, school district, if it’s one of those features that are just so rare and unique, it’s doesn’t mean it’s going to add to the appeal. In fact, the marketplace doesn’t usually care about that, but hire the right agent with the right strategy and we can identify what the marketing strategy is for that particular attribute.
Third, the order of your photos is wrong. Get those photos right. The first photo in your listing is the most important. If your agent understands the quality of the photos drives engagement with buyers, making sure that the first photo is right in the four that follow are spot on. Those have got to be right. You can’t make the mistake of having that first photo be dark or dingy or dated or any other version than that photo can be. It’s got to be sharp and dynamic. Get a professional photographer. If you’re hiring an agent to sell your home, make sure that it’s done professionally.
Finally, lack of accessibility. If you’re a seller, whether it’s for sale by owner or you’re putting your home on the market with an agent, make sure you allow those showings to happen. The homes that we can sell fastest are those that are priced right, staged right with proper preparation for sale, photographed professionally and dynamically, and then the seller allows for as many showings as we can possibly have within those first five days. How does a rocket ship take off from the launch pad? Fast with a lot of velocity, and that’s how a listing works as well, which actually speaks to the pricing component.
Don’t misprice the home, make sure the photographs are dynamic, hire a right agent that’s going to market your home aggressively and price it in its proper range, allow for showings. Major velocity that gets you, the seller, more money in the shortest amount of time with the least amount of hassle. All things that every seller I’ve ever met in 20 years of real estate are all wanting those three things. If you want to know how we can help you accomplish those three things in 2021, always connect with us at yoderrealestate.com or (616) 942-2449 or online at Yoderrealestate.com. We look forward to connecting with you real soon.
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