5 REASONS HOMES FAIL TO SELL

COURTESY OF: ANDREA ALUMMOOTIL REALTOR® (201) 406-8015

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#1

PRICING The main cause of homes failing to sell is because of the price. Not simply the price, but the overall pricing strategy. In fact, most homes are not priced using a strategy at all. They are priced based on emotion, rather than logic. Homes that are priced based on a strategy that include buyer demand analysis, price bracketing, time analysis and competition analysis are not only more likely to sell, but are much more likely to sell for more than those homes without using these strategies.

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#2

POOR PROPERTY

MARKETING Another reason why homes fail to sell is due to a lack of property marketing. In this context, we’re specifically referring to: How the property is proactively presented to active buyers in the market, professional photography, videography, floor plans, 3D virtual home tours, professional copywriting, digital marketing and pay per click advertising. All of this should be measured to determine the properties online impressions, click through rate and click to showing ratio.

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#3

POOR PROPERTY

PRESENTATION The way a property is presented to a potential buyer will impact the likelihood of that home selling or not selling. Yes, obviously property condition is the main factor here and assuming there are no eyesores, weird smells or major repairs needed, we’re referring to other factors that drive a positive emotion from potential buyers. This might include: Property

reports,

inspection

reports,

property

comparison analysis, room to room value summary, home improvement reports, guided tours, and Q & A surveys for the potential buyers.

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#4

TIMING There's no bad time to sell, we’re not referring to the time of year, we’re referring to the length of time it takes to secure an offer after a home hits the market. This is known as “Days on market”. We’ve all heard the saying, “strike while the iron's hot”, well this is so true for real estate. There’s a specific window of time where homes not only sell, but sell for their highest price, this is known as “ADOM, or Average days on market”. Homes that sit on the market for longer than the “ADOM” increase the likelihood of selling for a lot less than those that sell within this window. Furthermore, homes that sit on the market for a substantially longer period of time than the “ADOM” have a higher increased likelihood of not selling at all. Why? Buyers tend to steer clear from those homes that have been on the market for a long time as it is believed there could be serious issues with the home even if there aren't any.

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#5

HIRING WRONG AGENT There are many people who hire an agent to sell their home simply because they are friends or family. Unfortunately, it’s not until later that they find out that the agent they hired was in fact the wrong agent. The wrong agent does not imply that the agent is a bad agent, it’s just that they did not have a proactive strategy to get the home sold. Unfortunately, most agents are reactive. They stick a sign in the front yard and hope for the best. Savvy sellers on the other hand value more than one opinion. They often interview 2-3 agents to compare before making their final decision.

Questions? I’m here to serve.

Do you need an estimated value of your home? Call me to discuss the sale of your home!

Call: (201) 406-8015 Email: [email protected]

ANDREA ALUMMOOTIL