Many times we get approached by sellers who have had their Miami Beach home on the market for too long and their listing expired. They want to understand why their home has not sold in this busy real estate market.
Homes are always unique in their features, design and location. All of these details can affect the sale of the home. However there are some basic guidelines that can help determine why a property is sitting on the market too long.
1. Did you receive any offers?
If you received offers and the offer pricing was too low, how was it handled? First it’s important to double check the market and make sure your pricing is good. Maybe your home is in excellent showing condition but the price is a little high? Maybe you need to find out why the offers were so low? You always need to keep in mind that our market is very International and the way people from other countries and cultures negotiate can vary. Some buyers like to start with very low offers but that doesn’t mean they are not willing or able to go higher. Put yourself in the buyer’s shoes. In this market they are in a seller’s focused market and it can be challenging to understand the variances in what a buyer paid last year versus what the property is worth this year.
Buyers are often trying to “test” and see if they can get what a buyer paid in a previous market. It can be hard for buyers to justify today’s pricing so they test. It doesn’t mean they won’t pay what the property is worth today but they need to find out for sure. Often sellers get offended which ends any type of negotiation. I encourage all of my clients to not take lower offers personally and allow us to keep an open line of communication. I cannot tell you how many times buyers start with low offers but after careful discussion with their agent and presentation of the true market value, they are often able to come up to a price that our seller is happy to accept.
For instance just the other day we had a low offer come in on a property listing and once I showed the buyer’s agent the recent sales in the building, she showed her buyer the sales and the buyer agreed to come up to market value. Sometimes it just takes a matter of properly educating the buyers.
Is this your case, did you receive low offers that weren’t negotiated?
2. Repair items, clean and keep it in showing condition.
First impressions are everything. Regardless of how great the price is, sometimes buyers cannot look through clutter and bad repairs (leaks, water stains, cracks). Spend little time with your real estate agent and see what are the best features in your home and what is the best way to present your home. It’s not a bad idea to hire a licensed inspector and let this professional go through the home and find any issues that need to be addressed in advance.
3. Overpricing your property
Buyers do a lot of research online prior to selecting properties to preview in person. People are busy and want to spend their time looking at properties where the pricing is inline with today’s market. Also if a buyer needs financing and needs an appraisal, they aren’t going to spend the money to go under contract on a property that is overpriced.
Sellers should not rely on the hope that someone will blindly overpay for their property. Buyers can easily see what properties recently sold and are able to make good educated decisions in today’s market. Pricing is one of our most important and diligent tasks when working with sellers. It is also important to do this right from the get go!
If you didn’t have a lot of showings on the property, chances are it’s probably overpriced.
Is your property overpriced, see what is your home’s current value.
4. Choosing a good real estate agent.
Start off on the right foot. Understand the process. Interview and hire an agent who you can trust. All agents are not created equal, we all have different skills, personalities, knowledge and abilities.
To me the most important aspects for selling a home are:
- marketing skills
- photos
- negotiation
- relationships with other colleagues
- market knowledge
- contract knowledge
- consistency
- are they are part time agent or full time?
- timeliness & more…
We understand that all of the homes we represent are unique so if you need help understanding why your home has not sold, give us a call today and let us help you. We will talk about the price and condition of your home and many more factors that potently are preventing the sale of your home. We will also let you know if you need to do anything to your home to increase the odds of selling your home at the price you want to get.
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Miami Beach The post What Is Preventing the Sale of My Miami Beach Home? appeared first on Miami Beach Real Estate Agents Jamey & Ognjen Prezzi.
What Is Preventing the Sale of My Miami Beach Home? was first posted on January 14, 2015 at 5:08 pm.
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