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Of course we all want to get the most bang for your buck on the house you may be selling but it’s not that simple. Right now, in the midst of a buyers’ market, sellers have to work very hard to get noticed. And if they slip up in any way whatsoever, they run the risk of losing potential buyers’ interest altogether.
Buyers Have Sharp Eyes And Are More Savvy Than Ever Before
Today, buyers are far more savvy than ever before. They know what the market rates are. They have researched what area homes have recently sold for. They understand the concept of recovering value from a home as it appreciates over time (something that will be a long shot if an overpriced is purchased). And they know there is plenty of inventory. So if they spot an overpriced home, there is a good chance they will simply walk out of your door and into the door of one your neighbors also selling their home.
The single best way to ensure that this doesn’t happen is to price your home accurately from the start. Why waste buyer’s time and build up their hopes, only for them to realize that the property doesn’t stack up against others in the area in terms of median price or value for price?
Understanding the Signs Of Buyer Disinterest Before It’s Too Late
If you have had your home on the market for more than two or three weeks and the number of prospects started low and that continues to dwindle, you need to get back to the drawing board and perhaps reconsider your price.
If you keep seeing new faces and no repeat customers, then you have something to be worried about. Almost immediately, anyone who is interested in your property will be active and proactive. They will show up several times (if not more) and ask a ton of questions. They will regularly check with your agent to learn of any new developments. And they will keep coming back to reexamine the home and envision themselves in it.
Offers should be coming in within a few weeks of having listed the home. While they may not come pouring in, there should definitely be at least several serious contenders. When you don’t see this normal trend occurring with your property listing, it’s time to examine the reasons why fewer follow up visits are taking place.
Disclosure packets are a bustling home-buying activity that goes on a lot but buyers only have them pulled if they are interested. Unless your property has generated a decent amount of hype in that area, once again you should consider this a sign of lack luster buyer interest and you should do something about it.
Let Your Realtor Take The Lead; They Know What They’re Doing
As a resource of information, Realtors are always a welcome connection in terms of dealing with statistics. And it is those very same statistics that will help shape whether your home’s price has been set accurately or if it needs to be readjusted.
Realtors keep informed about new market values, the competition and their trends plus they actively listen to feedback provided by other agents as well as, most importantly, their customers and potential customers’ feedback.
If you find that buyers are coming through and seeing your home only once, your open houses are dwindling or have almost no one coming, plus you are not getting any offers or requests for further information – then it’s time to consult with your Realtor, sit down and make a plan. You can rebound from the damage period and rekindle buyers’ interest with a reevaluation of your property’s selling price.
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Remember, agents want you to get the best of your money but almost always, that is not achieved by overpricing a property only to have it sit there, while other neighborhood properties continue generating interest and getting sold. Pricing is the most important piece of the marketing plan that exists. Without that cornerstone being handled appropriately, transactions will not be seen through on the overpriced properties. It’s up to you to recognize this and make the chance when the time is right.
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