What To Do If Your Home Doesn't Sell The First Time?

What do you do if you tried to sell your home and it didn't sell? The market slowing down and I'm seeing properties all over the market come off the market and they don't know what to do. So I get the calls. So the first thing I want to walk you through are the three reasons why a property doesn't sell and make sure that you understand these things so that you can make improvements the next time. There are only three reasons why a property doesn't sell, and it could be one of them. Two of them. Or it could be all three of them. So it's important to understand each one.

The first one's pretty obvious. Why is your pricing accurate? How do you determine if your pricing was accurate, especially if it was in line with the market when you put it on? Well, the first thing you need to do is discover what is all of the buyer feedback on your property. Every buyer who came through their home, your home should give you feedback in regards to what their thoughts are. Was it too high? Was it too low? Was it just right? If they didn't move forward with an offer, it's important to understand what would have they have paid for it?

So you want to get that feedback from every buyer to understand Was the price incorrect or not? The next thing you want to do is ask all of the agents who are representing these buyers who came through your property. What did the agents think of the pricing and understand that.

Next thing you want to understand what all of your competitions doing? You want to understand all of the competing properties in your area and look at those and see what they sold for recently. But if some of them are sitting on the market as well and not selling, you want to understand did they received offers and where did those offers come in at? That's the market speaking to you and all of your neighbors and you want to understand those numbers.

Next thing in regards to assessing prices, you want to understand what has the market been doing while you've been on the market? You and your agent may have come up with a great market price when you started it, but has the market moved or changed on you and have you been paying attention to that each week or on a monthly basis and made adjustments since then? So understanding all of those pieces of information to understand if your pricing was correct or not is very important to know.

The second thing you want to know is was it your property and its condition? Now, how do we determine that? Same thing with the buyer feedback. Every buyer who comes to your property, we want to understand what they didn't like about it, not the positive feedback, we want the negative feedback. Was there something about the property? Why? In regards to why they didn't move forward, why they didn't write an offer? Is there anything they would change about the property in regards to its condition? If they didn't write an offer on your property but did write one on another one, why that one and not yours?

You also have wanted to walked all of your competing properties that you're your listings that you're competing with to understand. Do those one show better? Are they in better condition? Are those ones staged? And you're not? Understand how your property compares to all of those. You also want to take into consideration all the advice your agent gave you to help get you the property prepared before you went on the market and decide did you elect not to do some of those things and revisit them as well.

The third thing you need to be aware of is what was the marketing plan and negotiating tactics that were employed on your property? Were you given a full accounting of all of the marketing that was done for your property and was anything missed? Is there anything that could be added to? You also want to know what buyer demographics where your was your agent targeting?

And did you do the marketing reach them? Did they come out and actually look at your property? You want to understand how did the marketing of your property compare to the other ones in your neighborhood that did sell and understand if it was better or worse, or if there's something more you need to do. So from here, if you still want to sell your property, you need to know which of these three factors prevented you from selling and change them the next time around. And if there's one more than one factor, the more you change, the higher your probability of getting your property sold the next time.

If you don't have this information, we do offer a free five point no sale analysis to help you discover and gather this information and provide you with insight in regards to why your home didn't sell and what changes you can make next time.

And if you're interested in that, give us a call. Thank you so much for watching.