Have you been trying to sell your home with no success? Are the number of showings dwindling? Is your listing becoming stale among the Realtor community? You may need a reality check.
Most sellers will blame the lack of a successful sale on their Realtor. “They did not do enough open houses.” “I never saw any advertising.” “Their brochure was no good.” “The photos were blurry.” While any or all of this may be true most of the time the real reason the home did not sell was because of the unrealistic asking price. A nice home properly priced on the MLS system stands a very good chance of selling even if there are no open houses, blurry photos, bad brochures or little advertising. Realtors and buyers can eventually sniff out a good buy.
Certainly, there are times when bad marketing can affect a sale or the sale price. There is no doubt about it. Don’t hire a Realtor that does a poor job of marketing. There are too many great agents out there who do a fantastic job and they generally do not cost you any more money. If they do cost more money it is usually negligible and worth it.
Here are some signs that you may need to be punched with a reality check.
- You have the best house no matter what
- The price is right
- Ignoring recently sold similar homes
- More advertising is what is needed
- You expect to get too much for improvements
- Your Realtor is an idiot
Despite all of the other competing homes on the market you just know that your home is the best. It does not matter that the other homes are newer, bigger, more updated, have better views or are in better locations.
Despite plenty of showings with no offers and feedback from buyers and Realtors saying that your home is overpriced you still firmly believe that your house is what you are asking. Probably more. They are wrong and you are right.
It does not matter to you what those other 3 similar home sold for in your neighborhood. Your house is simply just better. You most likely believe that those sellers were desperate.
You believe more advertising is all that is needed. The other competing homes for sale don’t matter, your price is good and the recently sold homes were distressed sales. “It only takes one buyer” is what you keep telling yourself. More advertising will uncover that one buyer.
“Let’s see, we spent $75,000 on improvements. We deserve $125,000 more for our home!” Most of the time it does not work that way. You don’t always get dollar for dollar on home improvements. Sometimes you only get 50 cents on the dollar.
Despite only selling 3 or 4 homes in your lifetime you know more than your Realtor who probably has sold hundreds of homes. You are more in tune with the market than your Realtor who deals in it day in and day out.
If any of the above sounds like you, then you might be out of touch with the market. Remember, the market dictates what your home is worth.