In todays Get Real Estate Smart David talks about the top 3 reasons why a home won’t sell in a sellers market!
Believe it or not, not everything sells in a sellers market!
1) The number one reason a house does not sell in a seller’s market is because it is overpriced! Just because it is a sellers market does not mean people are wiling to say more than the house is worth. If its a great house and there is a bidding war then that may be the case, but the house must appraise! 90%of buyers work with realtors when buying a house because it does not cost anything. The first thing that the realtor is going to do is a market analysis. Imagine your realtor is telling you your house is overpriced and there are other properties to look at, youre not going to waste your time to negotiate with the seller.
2) The second reason a house will not sell well in a seller’s market is because the house is not in good condition. What this means is how does it look online when people initially look at the pictures and more importantly how does it look in person when they come to visit the property? If you want to sell for top dollar, you still have to do the appropriate things to get it in top showing condition.
3) How your house is marketed. This is the responsibility of the realtor. If youre working with the right realtor they will expose your house to 100% of the buyers in the market place which is going to drive the demand to your front door and allow it to get sold. You don’t want to work with a realtor who has a passive approach to marketing a property.
David refers to this as the 3P method:
- They going to put a sign in your yard
- They’re going to put it on the multiple listing service
- They’re going to pray someone else sells it for you.
So the take aways from this episode are three things you must do so that your home will sell in a sellers market if you want to get top dollar!
1. You must price your house appropriately!
2. You must have your house be in good condition!
3. Choose a realtor that has a complete marketing program! Do your due diligence and interview realtors to choose a realtor that will market your property properly!