Study reveals top seller mistakes.
At this time of year, it’s common to hear from many unsuccessful sellers. REALTORS® refer to them as “expired listings”, or more commonly as “expireds.” These folks probably had their home on the market for a few months without finding a buyer. They are usually quite frustrated and not at all happy with their previous agent(s).
There is really only one reason why a home does not sell. Price! The asking price must be realistic and aligned with the market.
ActiveRain, an international community of real estate agents, recently polled 1,000 agents to find the biggest reasons why homes did not sell. They’ve created this very insightful infographic to explain the results.
77% of agents said the number one seller mistake is overpricing.
We agree with this study.
From our experience these are all very common reasons why homes don’t sell. The Belleville and Quinte real estate market is no different than any other. For the majority of home sellers, these are universal truths.
The research shows all other seller mistakes weren’t nearly as significant as the price problem. However, these other issues are still related to price. And so are most buyer objections. The right price will cause buyers to accept or overlook objections or concerns. We always tell our seller clients to add “for-the-price” to whatever objection the prospective buyer provides.
- This house is too small….”for-the-price”.
- This house needs too much work…”for-the-price”
- This house smells funny…”for-the-price”
Just use any objection, add “for-the-price” and it starts to make sense.
The buyer turnoffs.
The other seller mistakes can be handled by consulting fully and honestly with your REALTOR®. If your REALTOR® is doing his or her job well, they will discuss their concerns diplomatically and work with you to avoid these other mistakes. Most of this should be accomplished before the house is actually listed on the MLS system.
Sellers should be open to this advice. They should understand that the REALTOR® is working with them to help them reach their goals. If selling the house is the goal, work with your REALTOR® to have the best chance of attracting showings and offers.
If the other mistakes can be eliminated or even reduced, you should be able to get the best possible price.
Determining the right price.
To make sure “The Price Is Right,” it is the REALTORS® job to fully research the market for the seller. Careful consideration of past sales, current competition and local trends is critical to creating a successful pricing strategy. Your REALTOR® will do a comprehensive Current Market Assessment or CMA which will help you decide on a price that is close to market value. The closer the better!
Of course, it is your home, and your REALTOR® will advise you. But the final decision is yours. Collaborate with your REALTOR® and reach your goals in a timely fashion.
For more information on our approach to helping you sell your home, visit Double Platinum: Home Seller