Five reasons as to why your home may not have sold the first time around?

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There are so many factors to consider when listing a home, and it’s such a hustle to get everything done before the “bid day.”  The day before it hits the market you’ve either had it cleaned from top to bottom, or your frantically cleaning out everything you can think of, that may deter a potential buyer.  

And then it’s live, and you wait, and you wait, first no showings, then one or two, and still no offer, and one month turns into five and here were are, we’ve missed the “peak time in the market” or so we’ve been told so now what?

Here are some things to consider that may have affected your home to sell:

1.  Marketing Strategies–  This can be defined as a number of things to different realtors.  It is important to know the Marketing Plan for your realtor.  It’s possible the strategies your agent used weren’t effective for your home.  Sometimes Marketing Plans have to be customized for certain homes, within certain areas and neighborhoods.  With over ten years experience in the real estate industry, I have seen so many changes to marketing strategies and with social media marketing, agents must be ahead of the curve when it comes to meeting your properties’ needs.

2.  Professional Photography–  You would be surprised at the amount of homes we come across where the agent has pulled out the handy IPhone.  This is downright shameful.  Hiring a professional photographer allows your home to been showcased in its best possible way.  From lighting, to angles, to the expertise a professional brings, why wouldn’t you allow someone who specializes in this, highlight the features of your home.  There are so many added bonuses to professional photography from aerial photography to drone photography, even stitching photos to create a 360 virtual tour and video.

3.  Listing it too soon-  We all have those honey do lists, and I’m sure you had one prior to getting the home on the market, but you just didn’t get to it.  These although sometimes small items, can add up over time.  Go back and knock them.  We provide our sellers an extensive list of items to consider when preparing your home to sell and between our stager and our listing walk through we highlight specific items that can really make a difference.

4. Staging-  We’ve heard the basics, declutter, un-personalize, hide the trinkets, purge and so on and so on, but there really is so much more to it.  Utilizing the expertise of a professional stager allows your home to be viewed through the eyes of a consumer.   They can take an overworked space and simplify it.  This is so important when listing your home.  As homeowners we tend to overcomplicate and underestimate the value of simplicity.  

5.  Finally pricing.  We all know what “we want” for a home.  Everyone has their “magic number.”   If you are seeing homes go on the market around you and they are selling, the positive in that is you are in a desirable area, but the negative is you may be helping them sell their home if you are overpriced.  If you have been on the market for 14 days and haven’t had a showing, then it’s time to make a price reduction.  I also have a general rule if you’ve had 10 showings and no offer, it’s time to make a price adjustment.

As a realtor it is important to provide the seller with a CMA, also known as a Comparative Market Analysis.  This is a compilation of information pulled from the local MLS (Multiple Listing Service).  If this is done correctly you should have an accurate and precise idea of what your home is worth.  Any changes in the market, if not monitored by your realtor, could be Pricing a home can be an emotional battle with a seller.  You have one number in mind and your point of view comes from the history, the memories created, the amount of work you’ve put into the home, and the dollar amount entailed with that.  Our job as a realtor is to define the fair market value of your home, this means the price a buyer is willing to pay for a home, which may not necessarily be the price you as a seller are willing to sell your home for.  Your trust in your realtor is priceless.  Do your due diligence to interview your realtor.  We can provide you with a list of questions that are a must.  Having a realtor with the expertise needed to navigate your market and listen to your needs could save you a lot of trouble in the end.  It could mean the difference between an expired listing and a listing sold in days.  Feel free to contact our team if you have any questions about anything you’ve read.  We would be happy to help in the Central Virginia/Hampton Roads area, but we also have agents we have partnered with all over, and would be glad to refer you to one of our preferred realtor partners.