You have listed your home on the market and it didn’t sell – wondering what went wrong? You may be wondering if it was your fault, or what you could have done differently. Here is:
If you have listed the house all by yourself, there is a chance that you haven’t understood the process completely. On the other hand, if you have listed your home with a realtor, there can be a couple of things you can review to find out what the problem could have been. Either way, here are a few things that might have had a negative effect.
What to do when your home listing expires
The main problem many homeowners have with their realtors or potential buyers is lack of effective communication. It is very important to work with a real estate agent that you can talk to honestly. If any issues emerge and prevent the sale of your home, the realtor needs to communicate with you and try to resolve them.
If working with a realtor, they also need to inform you about the feedback received from the potential buyers that have looked at your home. This will give you a better idea of what adjustments you will need to make, so that you can improve the experience for the next potential buyer.
You need to understand that neither you nor your agent can determine the price your home will sell for. The only factor in determining the right price is the market. This makes you wonder why you need a realtor then? Well it is an agent’s job to help you set the right price that will attract potential buyers, evaluate your market and get your home in top showing condition. Finally, do not forget about marketing. How will your home sell if no one knows that it is up for sale?
Real estate agents use the central MLS system to do a comparative market analysis (CMA) for your home. They will look for similar properties that are in your neighborhood, use three active listing and three sold listings. This will give them a better picture of the price range you should list your home for. So, with all this information, you can prepare your sale and feel comfortable with your asking price.
When it comes to arranging your home, you need to set it up so that possible buyers can envision themselves living in it. Staging your home does not have to be very expensive and you can do it all by yourself.
Start with the exterior. Trim the yard and make the flowerbeds pop. For the interior, remove the furniture that has no functional use in your home, put away all family photos, clutter and memorabilia and clean the house thoroughly. Fix any problems before the buyer sees them, add a fresh coat of paint, let some sun in and always have the house smelling like freshly baked cookies.
After you have done all of the things above, there is one thing left to do – to market your home. If selling the home yourself, make sure to have someone who know what they are doing with the camera and photo editing in order to compete. Make sure to list the home on websites like Craigslist and FSBO.com. If an agent is marketing the property for you, pay attention to the realtor’s customer service skills since those skills are important when it comes to ensuring the transaction will go over smoothly.
After analyzing these factors, you may already have an idea about where you “went wrong” in the sale of your home. If not, consult an expert or feel free to give us a call and we can help give you a fair estimate for the price of your property.