If your home has not been attracting buyers for a few weeks in a fast-paced market or for a few months in a slower one, you certainly have good reason to be worried and find out what need to be changed.
A home does not sell due to a variety of factors, some of them you can control and some of them you cannot.
Let us start with the things you can control, which also happen to be the most important elements of any home’s appeal to buyers: price and condition.
Pricing your home to sell
Strategically pricing your home to get top market value Determining the best asking price for a home is one of the most challenging and also important aspects of selling it.
In fact, it is a balancing act. You do not want to set a price that is so high that it discourages showings and serious offers from the very qualified, motivated buyers who would ultimately determine your property’s top market value. On the other hand, you do not want to set a price that is so low that it attracts lots of interest, but sets the stage for offers and negotiations that could result in your getting less than the market would actually support if you were a little more aggressive.
At Hansen Imóveis, we can help you determine the correct price for your home
Based on a thorough comparative market analysis. The reason it is so important to price your home appropriately from the beginning is that a home that is priced too high will languish on the market without any visits (or few), no offers at the asked price and therefore will not sell before the price reach the market price.
Even if you lower the price later, you will have lost the momentum of the initial listing period and buyers will assume there is something wrong with the home. Eventually you may sell it, but more than likely the final sales price will be lower than your correct initial price would have been. If you price your home too low, you will lose potential profit.
Your price should be based on current local market conditions
Not on what you need to pay off your mortgage, what your neighbor sold her home for a year ago, nor your guesstimate of what your home is worth. Hansen Imóveis look at recent sales, homes that did not sell and were pulled off the market, and current listings to guide your price decision.
The consequences of overpricing
The strategy of overpricing your home when you list, knowing that you can reduce the price later, might seem to make sense at first glance.
However, it seldom works. In fact, sellers who overprice their homes – even just 10% above market value – and then reduce the price one or more times often end up getting less than they would have if they had priced it realistically from the start.
Here is why:
- Fewer buyers – even if they are otherwise attracted to your home – will respond to the online and offline marketing of it if they know it is overpriced
- Fewer agents will show your home to their buyers if they know it is overpriced, because they have other houses with more attractive prices.
- The right buyers – i.e. looking to buy a home like yours – may never even view it because they will confine their search to a lesser price range where yours should be
- You will attract the wrong buyers – i.e. those looking in your price range – who will not be interested in your home, having viewed other homes truly, worth what you are asking for yours
- An excessive price on your property makes others more attractive – i.e. both those priced where yours is, and also those priced where yours should be
- You will get fewer – if any – serious offers overall because buyers may consider doing so a waste of time
- Even if you do get a serious offer, the excessive price can lead to a mortgage rejection for the buyer once the lender has a professional appraisal done on your home. This leads to critical lost time waiting for finance approvals that never go through
- Reducing the price after buyers have begun to perceive your home as a stale listing will not generate as much interest as if you had priced it properly from the start
Sometimes market conditions or specific flaws in your home make it tougher to sell as quickly as you would like.
Hansen Imóveis can help you evaluate the market and let you know if you need to offer particular incentives, such as closing-cost help.
If your home has an awkward floor plan or is located on a busy street, Hansen Imóveis can come up with ways to emphasize its positive aspects and deemphasize any negative aspects, such as by staging the backyard or highlighting the renovated kitchen.
Preparing your home to sell
Regardless of your local market conditions, buyers have high expectations for your home, beginning with the exterior. While you do not necessarily have to spend a lot of money, you do need to raise the level of your home’s curb appeal with some sweat equity. Pull weeds, trim the grass, plant a few flowers and perhaps paint your front door to make sure prospective buyers do not decide to drive away.
Inside, your home needs to be consistently clean, neat, decluttered and depersonalized so that buyers can visualize themselves living there. Hansen Imóveis should be able to suggest ways to prepare your home for a sale, which, by the way, is nothing like the way you live in it. Your kitchen counters should be cleared, your bed always made and your dishes always put away in case a buyer wants to visit.
Effectively marketing your home to sell
When you choose a real estate agent to list your home, make sure you ask about photos and a marketing plan. The majority of buyers look first at properties online, so it is crucial that your home has multiple professional-quality photos that make it look as enticing as possible, and that your home appears on multiple websites so buyers can see it. A listing without a photo or with one badly lit photo is not likely to generate many offers.
At Hansen Imóveis we use professional cameras and lenses
All photos are processed in software, so they clearly displays your home in the best way.
Hansen Imóveis distributes ads of your home on various portals, both nationally and internationally, so buyers can find your house. In addition to that, sales materials is distributed to our directory of potential buyers.
Make your home available for prospective buyers
One of the more challenging aspects of listing your home for sale is that you must make it available to buyers as easily as possible. Buyers prefer to see a home without the owner there, make sure that you allow nearly unlimited access and that your home is prepared and ready to show to prospective buyers.
Successfully negotiating the deal
With rare exception, negotiating the transaction is the most complex part of selling a home. At the same time, the one can involve the most creativity. That is why it is important to have an experienced and well-informed Realtor, who has successfully worked through many different transaction scenarios.
Sell quickly but complete the deal safely
Most real estate transactions today is done through financing. To conduct a transaction correctly and safely for both the buyer and the seller has a lot of work with documentation and records.
Specially in Brazil, it is with big risk for both the seller and buyer, if they are not using experienced consultants, lawyers or real estate agents. Many things can go wrong and it can be difficult to repair afterwards.
Buying a property is often associated with large investments and therefore it can cause some headaches later if not all the processes, documentation and records are correct.
Start an efficiently sales today
Below you will find a very valuable guide with more detailed information on how you can sell your property efficiently and quickly. Our best recommendation is to read the “Sell your home faster” guide and take contact to a quality real estate agent, who can advise you about the market today and take account of local conditions.
You are welcome to request a free valuation using the form to the right or call Hansen Imóveis on (71) 9248-3864.