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3700 Lakeside Drive, Suite 100 Reno, NV 89509 Cell: (775) 772-8702 Office: (775) 688-4000 Fax: (775) 688-6040 email: ISellReno@clearwire.net | |
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It Is disappointing to put your home up for sale, expecting it to sell immediately. Then, after being on the market, it doesn't sell and you lose the home you want to purchase because you need the cash out of your old home and don't want to make two house payments. The longer the home stays on the market, the more likely agents and prospects will think something is wrong with it. The home will be shown less, making it more difficult to find the right buyer for the home. The reasons properties fail to sell include one or more of the following: price, location, condition, terms, and marketing efforts. To successfully sell, a correction in these areas will have to be made. You rarely get a second chance at making a first impression. To maximize the new marketing efforts, all factors must be considered. Price is the single most important factor in the successful sale. It can overcome a poor location, bad condition, or no terms. A price adjustment must exceed an invisible threshold to induce increased activities. For instance, if a home is priced at $107,500, a reduction will probably not encourage additional activity unless it brings the price below $100,000. If the location of the property is not favorable for a sale, an adjustment in one of the other factors must be made to compensate for it. The areas to be considered are price, condition, and terms. Most buyers, regardless of the price range they're in, spend everything they have for a home. They have to live in it the way they buy it until they can save enough to redo it. It is better to replace carpet and floor covering with something neutral than to give the buyer an allowance to pick their own. It is better to replace wallpaper and repaint with neutral tones than to give the buyer an allowance to pick their own. It is better to replace appliances that are needed, than to make an allowance. Buyers will always deduct more in their offer than it will cost you to make the repairs or improvements. Terms describe financing alternatives that include seller carried first and second lien notes, buy-downs for the purchaser to lower the costs of the payments in the initial periods, seller paid discount points, and the willingness to sell the home FHA or VA. If two or more homes of the same size are on the market in the same area, for the same price, the one in the best condition will probably sell first. If two or more homes of the same size are on the market in the same area, in the same condition, the one with the best price will probably sell first. If two or more homes in the same condition are on the market in the same area, at the same price, the largest one will probably sell first. If two or more homes of the same size are on the market for the same price, in the same condition, the one with the best location will probably sell first. One of successful tactic is to position your home like it is new on the market. This will create excitement among the buying prospects and most importantly, the agents in the area. Your home must be exposed to the largest buying segments. Your home must appeal to different buyer segments, such as first time home buyers, move up buyers, relocation buyers, move down buyers, and investors. Every home needs an exciting feature. The price of the home will determine what the feature needs to be. It could be things such as new appliances in the kitchen, ceiling fans through out the home, a whirlpool spa, or a home entertainment center. If yours doesn't have an exciting feature, maybe that is the reason it hasn't sold. | ||
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