What Happens When a Home Does Not Sell

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DENVER - ColoradoDesk -- Deciding to sell one's home is exciting and at the same time stressful. Thousands of dollars may have been spent making updates and repairs along with many hours in decluttering to make the home more desirable. Many sellers assume being in a hot market like the Denver/Lakewood area that their home would sell fast and for top dollar. But what if after months on the market the home doesn't sell? When things don't go as planned in the sale of a home, it can be easy for a seller to give up on the excitement to move that they once had. Many times, a homeowner wants to get their home sold but once they've had a little bump in the road, they mistakenly think they need to look at other options. They start wondering about staying in the home, refinancing or even renting the home out. They lose sight of the fact that they actually wanted to SELL their home and now they've lost their confidence in its ability to sell at all.
Peter Wassileff of HomeSmart Realty encourages homeowners not to give up on their original plans of moving by staying in a house that they don't really want anymore. There are three main reasons why a home doesn't sell according to Peter Wassileff: 1) improper and insufficient marketing 2) home does not show well, and 3) home was not priced properly. None of these issues is the homeowners' fault.

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Peter Wassileff offers solutions to each of these three issues:

Lack of Marketing- in many instances, the marketing consists simply of putting a sign in the yard, listing the home on the Multiple Listing Service (MLS), and maybe a couple open houses are held. This is what Peter Wassileff describes as passive marketing, where the seller and agent "hopes" a buyer will come forward. Real estate sales doesn't work that way anymore. The key in selling a home for the maximum purchase price in the shortest amount of time comes down to increasing the demand of a home. To accomplish this, a home must be exposed to the greatest number of qualified buyers and buyer agents. Peter Wassileff invests thousands of dollars in a direct target marketing campaign placed directly in front of the most interested and qualified prospects rather than simply listing it on the MLS and hoping that the random buyer comes along and expresses interest. Based on the price range, size, and amenities of a particular home, Peter Wassileff determines who the most likely buyer will be and markets directly to them.

Home Doesn't Show Well- A home with poor curb appeal, clutter, messy or too many personal items will turn off buyers. Buyers need to envision themselves living in the home. This is where Peter Wassileff's Head Start Program provides guidance on what to do and many times more importantly, what not to do in preparing for a home sale.

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Price- Pricing a home at the beginning of the listing is critical. Buyers are very savvy today with access to online data of homes sold and by viewing open houses. Statistically, homes sell for 3.2% less if on the market for over 30 days and the percentages increase for every 30 days not sold thereafter. These stats show that if a home is priced over market value, it will not only be exposed to fewer buyers, thereby taking longer to sell, but will ultimately sell for less. Homeowners need to be educated on these pricing stats to avoid disappointments down the road. Simply asking for a higher price and hope someone will pay it, rarely happens. In the case it does happen, the next challenge is getting the appraiser to agree.

For sellers looking to get a quick offer, go to www.FullPriceHomeSale.com and enter the Code- CA12. Contact us for the guide- My Home Didn't Sell, Now What?

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Peter Wassileff

Source: BFS Realty investments
Filed Under: Real Estate

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