Last night there was a collective sigh of relief by Realtors around the country. These Realtors had a problem listing expire, and they couldn’t be happier. Every day homes expire without selling, often the Home Seller blames the Realtor that represented them. It is always easier to blame someone else for our own failings.
Some Realtors make the mistake of misreading the Home Seller and once the home is listed things change with the Seller. It is not always the Realtor’s fault, the Home Seller has some responsibility in this transaction.
If your home expired without selling stop for one moment and think about the conversations you had with your Realtor. Remember their marketing of your home is directly dependent upon what you choose to list your home for. Realtors can only advise you as to what is happening in the market and if you ignore their requests to adjust the listing price or correct problems as they arise there is little we can do to sell your home.
Read Also: My Buffalo home is about to expire!
Awhile back I slept rather well after weeks of struggling with a difficult listings. I “lost” this listing because another agent had shared that they would purchase the house if it did not sell. I had a conversation with the owner that wanted to go a different way – the next Realtor guaranteed that they would purchase their home if it didn’t sell in so many days. Great marketing plan on the Realtor’s part, not such a great deal for the home owner.
They are going to list their home in a variable range listing price and at the end of the listing if it hasn’t sold the Realtor will purchase it. I cannot compete with that and I wish them luck in the sale of their home. I hope they read the fine print, because there is a lot of fine print. I have dealt with this before and have seen the listing expire without selling. If that was such a great deal they would have sold… Right?!???
I was one of those Realtors that missed the signs that this was going to be a problematic listing to sell. The listing started out all well, the seller said all the right things to lead me to believe that they were ready to move on. There were signs, and I thought that I could over come these obstacles. This is another home seller that is going to chase the market down before they finally sell. Each conversation started with “I am not going to give my house away”, the seller closed to the idea of any price reduction and clearing offended at the suggestion of staging the home.
Price Reductions don’t just happen at the start of a listing
There is a saying in Real Estate, be the first lover, second wife and the third Realtor. I was the second Realtor on this listing, they had the home on the market for a year before I came along. I got a $25,000 price reduction on a home that was in original condition and lots of promises from the seller. First mistake on my part was when I said “that this price reduction may not be enough” the seller immediately started to hear the rest of the conversation like Charlie Brown and friends heard adults.
The home is Special
The warning sign I missed — “but my house is special“. There are homes that are special, but they are few and far between. What truly makes a home special? A unique floor plan that does not conform to that of the homes in the area, features that are not highly desirable by today’s buyers, a home that does not have features today’s buyers want does not make it special.
What makes a home special in a community is a turnkey home with timeless interiors with the latest in technology. A home that is priced in line with other homes in the area but provides the extra “WOW” factor. Just because you have a nice lot on doesn’t make the home special, especially if the home is over 40 years old and in original condition.
Open Houses Don’t Sell Homes
Another warning sign was they did not want an Open House. This is true, but there are times that we may be able to get some buyers into the house that have eliminated it online, but when they see an Open House sign they may stop. That is when we can paint the picture in their mind and have them look beyond what is and what the home can be. I don’t do lots of Open Houses at each listing, but I like to do one or two of them during the course of the listing. And especially if a home has a unique floor plan or is really special.
Read Also: Open Houses don’t sell houses!
Your Clutter Helps Buyers Eliminate Your Home
I tried very hard to get the seller to declutter, and have this dated, very cluttered home staged so I could have better photographs of the home taken. Buyers were not getting past the clutter and see the potential of this home. The clutter raises all sorts of questions and tends to make the buyers very uneasy because they couldn’t get around easily.
Lack of Showings means you are priced incorrectly
Three showings in six months, countless conversations about what is and is not selling in this Western New York community only resulted in the response from the Seller “but my home is special”.
Unless your home is over $500,000 this is a huge indicator of need of a price adjustment. Homes over this price point, the number of buyers searching decreases significantly and competition is high. You can have a home for sale for a lot longer time. And when they are priced correctly from the start, they sell immediately. Basically no matter the price point of the home for sale, pricing is key to getting the home sold.
I worked with one couple that loved the house, they just could not justify the purchase of the home at the list price. In fact when they factored in what they would have to do to bring it to their desired standards their offer price would be far less than the list price. In fact it was easier for them to walk away and wait for that special home they desire. This was a buyer who’s family business focused on remodeling homes! They were not willing to purchase it — so how special is this home really?
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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