OK. So you may not be fighting for the Heavyweight Championship of the World, but… Finding, negotiating, and purchasing a home, especially in a market heavily favoring the Seller, may feel like it
The Formula To Sell ANY Home
If your listing recently expired, you’re not alone. Lots of sellers experience difficulty selling their homes within the initial listing period — over 40% of the listings taken over the last twelve months have expired without selling. Do note that many of those homes were ultimately relisted, and successfully went under contract. So your home’s failure to sell within the initial listing period does not mean that your home can’t sell, or that there’s something wrong with it.
Nevertheless, you’re probably curious as to why your home didn’t sell within the initial listing period. You’re probably also curious what you and your agent could do differently the next time to have a better chance of attracting acceptable offers. If so, you might find the following tips helpful when you relist your property for sale:
#1 Marketing: According to national studies, most buyers use the internet to start their home searches. Indeed, most buyers get their first impression of your home by what they see online. So with all the listings on the market today, your home has to stand out in that online marketplace.
The Pictures: Studies show that pictures are the most effective marketing tool for attracting attention from buyers. People like looking at pictures, so the more pictures you have, the better. You should include pictures of every room, with both interior and exterior shots, and show off all the best features of your home. Pictures should be taken with a wide-angle perspective, which makes rooms look bigger, and should be taken in the highest-resolution possible. Most importantly, the pictures should be refreshed periodically, which can sometimes attract buyers to take another look by making the listing seem fresh and new.
The Description: Too many brokers and sellers still write property descriptions as if they are writing a newspaper ad, with abbreviations and superficial generalities that do not provide an engaging depiction of your home. The MLS allows for a much longer description than most brokers use, and many internet sites allow for even longer descriptions. So you and your broker should take the time to create an interesting, attractive, and thorough description of the highlights of your home, not a terse three-line property ad that is appropriate or the classified section.
Internet Syndication: Your buyer could be anywhere in the world, so you need to have your home marketed on every significant internet site that attracts buyers. If you list your home with most MLS brokers, your listing will be syndicated to many of the broker websites in the area. But you also need to be syndicated through all the national real estate sites like realtor.com, zillow.com, and trulia.com among others, because people from outside the area often use those sites for their initial searches. And you also need to be on sites like CraigsList.com and others which attract a large volume of regional buyers. So when you relist your property, you need to make sure that your home is syndicated as widely as possible, to capture the largest possible pool of buyers.
#2 Property: If you want your home to stand out in the marketplace, you have to prepare it for sale. Most sellers on the market fail to properly “detail” and “stage” their home for maximum appeal to buyers. Although it can take a little time, and maybe a little money, the effort will pay off in a faster sale. That means presenting it to buyers as if it is a model home at a builder site: thoroughly cleaned, free of clutter, and de-personalized so prospective buyers can envision themselves living in it. Unfortunately, when you try to sell your home, you have to give up some of the comfort of living in that home. That means eliminating some of the personal items in the house, clearing out the clutter that collects in your closets, cabinets, and countertops, and making the home look spacious and open.
# 3 Pricing: Finally, if a home does not sell within its initial term, sellers should review their pricing strategy. The initial asking price of the property might have been too high for the market, perhaps suggested by an agent who tried to “win the listing” by telling the seller what she wanted to hear. Or perhaps the initial price was set fairly for the prevailing market conditions, but those conditions quickly changed and the agent never reassessed the situation. A seller’s pricing strategy has to be responsive to changes in the market and feedback from buyers.
First, sellers need to keep track of market conditions, watching as other properties sell or come on the market – have recent sales below the seller’s price point undermined the current pricing strategy?
Second, sellers should pay careful attention to the feedback they get from prospective buyers and other agents, who can help them identify flaws in the pricing strategy or ideas to make the home more appealing at the current price point.
Finally, sellers should carefully monitor their “property traffic” rate online – the number of times buyers click through to see their home when it comes up on searches – because that can indicate how well online marketing is attracting buyers in that price range
To search all properties for sale in the Northern KY MLS download my free app by texting 'terry' to 859-780-5527
Terry Eibeck and Regional Realty specialize in Residential and REO Real Estate. We have the tools, time, staff and market experience to provide you with professional results!. To see any property listed for sale throughout Northern KY, Lexington-Bluegrass and Greater Louisville MLS give us a call at (859) 620-7653. Visit us on the web at www.RegionalRealtyHomes.com
Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....