Your Home Did Not Sell and I Know Why
YOUR HOME DID NOT SELL AND I KNOW WHY:
Since I sell primarily in the Greater Oklahoma City Metropolitan Area, this page is targeted for that market. However the principles are universal.
The home selling mistakes mentioned here can happen anywhere. Since the primary focus of this site is on the Greater Oklahoma City Real Estate Market, remarks will be in regard to the Oklahoma City Real estate Market.
1) For Homes for Sale in Oklahoma City – Over-pricing is the Main Reason the Home Does Not Sell.
This is number one in each and every real estate market. First and foremost, a home sale is a business transaction. However, all too often, sellers do not prepare their home to sell and often make emotional or impulsive decisions that cost them time, money and emotional stress. The worst mistake sellers make is pricing their homes too high. Buyers know when a house is overpriced. Most likely, time forces you to lower your asking price to a more realistic number. Then, you have lost valuable marketing time. Ask your Listing Broker to show you their comparative market analysis (CMA). Realtors make their living knowing the local market. Before signing a listing agreement, get a second opinion. Never forget one very important fact; you have one house to sell, the buyer has many homes to choose from.
2) For Homes for Sale in Oklahoma City – Trying to do it all yourself is a bad idea.
The fact of the matter is; no one wants to pay commission. This is a fact homes for sale in Oklahoma City as well as anywhere else homes are being sold. It is well worth considering that the National Association of Realtors estimates that 75% of all buyers are represented by a buyer’s agent (in Oklahoma we call them a Buyer’s Broker) who looks on the Multiple Listing Service (MLS). By insisting on paying a commission, you have effectively eliminated 75% of your prospective buyers regardless of other marketing tools at your disposal. Remember, the buyer knows you are saving money and the way they see it, you are saving at their expense.
3) In My Experience – For Homes for Sale in Oklahoma City do not sell because the home is not properly prepared for the critical FIRST impression.
Sellers get buyer amnesia. They forgot their experience when they bought their home. They forget about the marketing factors that can give their house an edge over other houses for sale in the area. Sellers forget that potential buyers usually have vastly different taste. When you hear Realtors use terms like “neutralize your home as much as possible;” a visit to a model home can get some ideas. Buyers do not want to invest all their funds into a house in which they know they will have to spend additional time and effort. While there is no perfect house, a fresh coat of paint does work wonders. Repair items that are known to not be working, and clean like the home sale depends on it. Absolutely nothing turns off a buyer more than a dirty, dusty, smelly house.
4) In My Experience – Homes for Sale in Oklahoma City Do Not Sell Due to an Ineffective Marketing Plan.
Ask your Listing Broker for a copy of their marketing plan and review it (my basic plan in on this site). Most people understand that buyers need to know that you have a house for sale. Benjamin Franklin once said: “The curious thing about common sense is how uncommon it is.” Ask your Listing Broker how your home is going to be made known to buyers. Here are some questions to think about: Who is your target buyer? Did you prepare your property for sale? What sets you apart from the competition? Are you offering inducements? What kind of internet marketing is your Listing Broker going to do? When I first got into Real estate, 90% of calls came from the yard sign. Now, 80%-90% of home buyers begin their search on-line. What kind of internet presence does your Listing Broker have?
5) In My Experience – Homes for Sale in Oklahoma City Do Not Sell Because of a Fundamental Lack of Understanding Negotiations or an Outright Unwillingness to Negotiate.
Sellers need to understand that buyers do not intend to insult them with a low offer. This is somewhat linked to number three. Sellers forget buyers are trying to get the best deal possible. Sometimes the seller does not want to admit that they did not understand the offer. The seller must be willing to calmly look at every offer and present a realistic counter offer. That way, you can spark a real negotiation. Often, inexperienced sellers feel that they are being taken advantage of when a buyer negotiates hard. You have to remember that real estate is a negotiable commodity. If you are dealing with a qualified and hopefully, motivated buyer, keep negotiations going, find out how far they are willing to go, let them throw in the towel, not you!
6) In My Experience – Homes for Sale in Oklahoma City Do Not Sell Because the Home is not available to Show When Buyers are ready to see the Home.
When you’re selling your home, make certain the home is always available for showings. Sellers more often than not make the mistake of being inflexible for showings. Qualified buyers also have a life. For example, instructing your Listing Broker to make certain there will be no showings after 7:00 PM is marketing suicide. Selling your home is inconvenient. You will be inconvenienced. Once there is a contract, time is literally of the essence. Make sure your Listing Broker always can contact you in the interval between contract and close.
7) In My Experience – Homes for Sale in Oklahoma City Do Not Sell Because the Seller and Listing Broker waste valuable time on unqualified buyers.
This one is on the Listing Broker as well as the seller. You are two or three weeks into the closing process and emotionally, you are ready to move, when, out of the blue, you get a call from your Listing Broker saying that the buyer did not qualify. Before accepting an offer, be sure the buyer has been pre-approved, not just pre-qualified. There is a dramatic difference. Prequalification means the buyer’s credit score is within minimum standards and their income to debt ratios are acceptable as well. Pre-Approval, means the buyer has been underwritten by the lenders underwriters. Also, pay very close attention to the wording on these letters.
8) Finally – In My Experience – Homes for Sale in Oklahoma City Do Not Sell because of a lack of understanding of what the purchase agreement actually says.
Sellers need to not be afraid to ask questions of their Listing Broker. Every purchase agreement has fine print. Don’t let the fine print scare you. Before you sign and enter into a formal agreement, make sure that all everything in the purchase agreement clearly reflects your understanding of what you think it says. Review everything carefully with your Listing Broker. If the Listing Broker explanation is unsatisfactory, seek legal advice.
In conclusion let me say that the sale of a home is almost always going to be a highly charged emotional event for all parties. Listing Brokers do not want to give negative feedback and to give other bad news to the seller. It is part of the job description. Seller’s often have a preconceived idea of how things should go in the sale of their house and when this is not the case, then there is friction between the seller and the Listing Broker. When homes are unsold there is usually any number of reasons that are not on this list and there is usually plenty of blame to go around. In My Experience Homes for Sale in Oklahoma City do not sell due to fundamental breakdowns in communication.