My Property didn't sell...Now what?

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Are you a property owner struggling with a property that just won't sell? Perhaps your listing has expired, or you've withdrawn it from the market due to discouragement from the lack of progress. Alternatively, you might have attempted to sell your beloved independently without success. If this sounds familiar, you've come to the right place! Explore this guide to discover:

• The primary reasons why properties fail to sell.
• Effective action steps to address each of these challenges.

This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker.

• Bad Timing
• Ineffective Marketing
• Poor Impression
• Price Is Too High
• Wrong Agent or No Agent at All
  

If your home hasn't sold after several months on the market, timing might have been a contributing factor. Real estate markets, like all markets, are influenced by the law of supply and demand.

In a seller's market, where there's high demand and a shortage of inventory for sale, listings tend to sell quickly. Conversely, in a buyer's market, where there's an abundance of properties available and fewer active buyers, properties can take longer to sell and may sell for less.

Various factors can shift the market, including economic factors like interest rates, affordability, domestic growth, and the unemployment rate. Seasonal factors like weather and holidays can also affect buyer activity. Unexpected events, such as natural disasters or economic crises, can further impact the market.

Now What?

If timing appears to be a factor, consider delaying relisting your property. However, this might not always be feasible. In most cases, a combination of improvements, incentives, and pricing adjustments can motivate buyers. Consult with a knowledgeable real estate agent for insights into current market conditions and to ensure your asking price is competitive. Remember, there will always be motivated buyers, and a skilled agent can help you navigate the market effectively.

If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property.

Start with your properties structure, systems and usage. Are there problems with the foundation? How about doors and windows that don’t properly close? Are there water stains on the walls or ceiling that could signal a leak? These can be major “red flags” that scare away buyers.

Next, examine your curb appeal. Does the yard need landscaping? Are there conditions to your property that are unpleasing to the eye of a potential buyer or investor? If your properties exterior looks neglected, buyers may assume the entire property has been poorly maintained.

Now move on to the interior of your property. Cleanliness, odor, and overall presentation are key factors potential buyers will notice when touring your property. Have you taken the time to depersonalize and declutter each room? Buyers need to be able to picture their items in your home, but that’s difficult to do amongst your family photos and personal collections. And oversized furniture and packed closets can make a space seem small and cramped.

If you suspect that your previous real estate agent fell short or took the wrong approach to selling your property, you're not alone. Many sellers whose listings linger without success share this frustration. While most agents have good intentions, not all possess the skills, experience, instincts, or local market expertise needed to create a winning sales strategy in this challenging market.

Alternatively, you may have opted not to hire a listing agent and tried to sell your property yourself, which can be equally frustrating. While selling independently can save on some costs, it carries significant risks and may even lead to financial losses. For instance, research by the National Association of Realtors in 2021 indicated that For Sale By Owner (FSBO) properties tended to sell for $105,000 less on average than properties represented by professionals.

So, what's next? 

If either of these situations resonates with you, ask yourself, "Would I still be interested in selling my property if I could secure the right offer?" If the answer is yes, let's have a conversation. We understand the frustration of investing time, money, and effort into preparing your property for the market, only to face delays or no sale at all. We empathize with how disruptive this can be in your life.

Don't you deserve more than the status quo when it comes to your real estate representation? Our comprehensive Property Marketing Plan can help you maximize your properties selling price and rekindle the excitement you felt when you first listed it. It's time for a new agent, fresh marketing, eager buyers, and, most importantly, new possibilities.