Have you seen home after home online only to learn the next day that a home has an accepted offer? Maybe there were multiple offers, resulting in a sale for more than the list price. Believe it or not, this happens over 30% of the time in the communities I cover, known as Bedroom Communities of NYC because, offering <45 minute commutes to NYC. When this hapens, it simply means that the home was priced perfectly, so much so, that buyers see the value immediately and the feeding (buyer) frenzy ensues. I’ve also seen this as the result of a dramatic re-pricing that indicates to the market that the seller wants a deal done and soon!
Yet, as you review what’s on the market you also see homes that don’t sell right away. Doing the math, that means that 70% of the homes didn’t sell for final asking price or greater and this usually means that many, many homes sit on the market for 30 days, 60 days, maybe 90 days or more…This measure of days is called DOM or Days on Market.
Why Is it that some Homes Sell and Other’s Don’t so Fast?
Believe it or Not: It’s Not Always About Price
Sure, price is an important factor in selling as pricing the home correctly brings out the most buyers; but, it’s not always about price.
What else could it possibly be?
ACCESSIBILITY: Making the home accessible – easily accessible – RULES! Anything that starts to decrease accessibility will limit your showings and buyer activity!
A. Showing(Buyer, ABR) Agents want easy instructions to show — make sure you see what the Realtor community will see regarding the showing of your home – ask your Realtor.
B. Is the Seller requiring to much advance notice? Are you asking for 24 or more hours before a showing can occur? Do you know how many times I get calls from buyers that just saw the sign and want to check the home out? Frankly, that is how I bought my first home in Maplewood. We spent the day out seeing about 6 homes and as we were beginning to drive back to NYC, we noticed a home that we didn’t see. Guess what, we called and went into the home about 15 minutes later and that is the home I bought.
C. Does a showing require that the listing agent need to be in attendance? Having a listing agent be an escort not only reduces availability to show a home, it also “crowds” the buyers and their agent.
D. Does the property have a lockbox? As a local Realtor, I have a digital key pad that allows me to sign in and show homes. When I show homes in Hoboken or Jersey City, however, at best I have to ask for a combination and sometimes I have to have the agent meet me to let me in. Once again, this can limit showings.
E. Showing Hours: Are Showing Hours restricted? Let’s face it, it might be enjoyable to be out of the home by 9AM on a Saturday, or have to leave the home for a 7PM showing, but if you have a potential buyer, turning them away is the worst thing you can do as there are always other homes that they can see instead. And, limiting your showing hours can have the adverse affect of having to continue to show your home for 30, 60, 90 days more than you would have had too otherwise.
F. Pets — big or intimidating dog? Angry Cat? Any pet that loves to escape impedes the quality of the showing as focus is shifted away from the home? Additionally, improperly cleaned and fresh smelling pet areas can undo any positive feelings a buyer may have about a home. It’s always a crying shame to see buyers love a house till they get near the kitty litter room and then all bets are off.
<b>So, what’s the lesson to be learned. Selling A house quickly is NOT as much about price as it also is about making the home easily accessible to show</b> And, when I’m helping my buyer clients, i enjoy finding homes that are truly worth more but have languished, unnecessarily so, on the market, making them potentially better bargains, whether for price or abundant inconvenience.
If you are looking to sell your home, I will try to take the guesswork out of what your home is worth with my Advanced CMA training. Then, with proper availability planning, we can discuss a proven strategy that works in exposing your home to the most likely buyers that will actually save you time on the market and bring an offer that you can accept.
Mark Slade is a Realtor in the Bedroom Communities of NYC–serving Montclair/Glen Ridge to Maplewood/South Orange to Millburn/Short Hills and out to Summit, Westfield, Madison and Chatham. He can be reached at 917-797-5059 cell or firstname.lastname@example.org.
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