There were 107 properties in Westchester that expired.
There were 30 properties in the Bronx that expired.
Do you still want to sell your home? And wonder what happened?
Well, there are many reasons for this. Some may be obvious to you and other may not. In my opinion, it has a lot to do with seller motivation and pricing. But there are other reasons too. For instance, when a home is on the market, whether or not buyers know you home is for sale, whether or not your pictures grab a buyer's attention/interest, whether or not your home needs a lot or work and what type of condition your home is in. A seller also needs to look into their decorations on display too and what their curb appeal says. And finally sellers need to understand their role and their agent's during this whole process especially when the home is being shown to potential buyers.
For the sake of argument I am going to expand of the reasons listed above.
Over Pricing and Motivation: These two go together...some what...You can tell a lot about a seller's motivation by where they price it. The reason for overpricing can be obvious. Most people overprice because they want to get the most that they can for their home. Whether that is because of greed or not this is something that can be understand. Other times a seller may overprice because they really don't know what the market is doing or they may want to test the waters. An overpriced home must realize that it is highly unlikely to sell overpriced because of appraisals (even cash buyers may do an appraisal) and comparables (this is when an agent looks at recent sold homes comparable to the subject house to see where to place an offer or to see if priced competitively). Something that I have learned through my 5 years of real estate experience is that a house is only worth what a buyer will pay. Even if comparables or an appraisal say one thing it is the buyer's purchase price that really matters.
Time of Year Listed: So we are getting out of winter. In fact, we had our last bug snow fall yesterday. And I know for a fact that selling a home in winter is tough. I am not saying it can't be done. In fact, us agents like to say "serious buyers are out in the cold, snowy and dreary weathers". But reality is many serious buyers put their real estate goals on hold too. Its about about how easy it is for a buyer. If it is not convenient then they tend to wait until it gets more convenient. Buyers are not just thinking about the pains of tracking through the cold, ice and snow to go see a home...they are also thinking about moving in that kind of weather.
Buyers Don't Know Your Home is For Sale: With technology the way it is today it is vital to make your home known on the Internet. Social media and websites like Zillow and Trulia help spread the word. And keep in mind when you list with agents who are connected to the Multiple Listing Service (MLS) you home is syndicated to a few websites and firms like mine (J Philip Real Estate) who pride themselves on their presence and efforts to spread the word on the Internet can literally get your home on hundreds of websites. And when you list with agency like J Philip Real you are allowing your home to be shown and spread to all other agents associated with the MLS to get the word out there that your home is for sale.
Your Photos are Poor: Way too many times I look at pictures either agents or sellers take to accompany the advertisement announcing a home is for sale and I am blown away with how poor the quality is. For instance, I see pictures that are blurry, too dark or the agent is in the back ground. There are even a few photos of homes out there where people take them from inside there car of the exterior of the home and you can see the speedometer or car window rolled down. Pictures are so important. Pictures attract buyers to see a home. Pictures attract agents to bring homes to their buyer's attention. Pictures can and do sell homes. With the convenience of the Internet allowing buyers to shop for a home in their pajama or at work buyers also within seconds know whether or not they want to go see the home. If you have poor pictures you are doing yourself an injustice. Either take good pictures yourself (or have your agent do it) or hire a photographer.
Your Home Needs Work: Before a seller places their home on the market it may be wise to tend to items you notice need work while you walk through your home. Pretend you are a buyer or ask a friend or a neighbor to do it. You would be surprised at the things that can either cost you thousands in an offer or turn a buyer away. Buyer sees problems and worry about things they can't see or overlooked. Things like a dripping faucet or cracked tiles can scare a buyer away or they will think it is a bargaining tool for them. And if you are really worried about this get an inspection on your home before you place it on the market (and tend to items that are mentioned) and show it to buyers (leave it on display). But understand they may either reach out to the inspector on the report or order their own inspection. If you tend to items that are on the report and have the report on display be sure to keep receipts (you may even display the receipts).
Too Personalized: I know it is hard to depersonalize your home, especially if you live in it as you are trying to sell it, but trust me you should. As a seller the goal ought to give sellers the opportunity to see themselves in the home and if you have too many personal touches in the home buyers may not even place an offer. Once I showed a home to someone who said all the photos of the the current owner's family on the walls made them feel like they were intruding. Something else you can do is hire a stager to help you depersonalize your home.
No Curb Appeal: First impressions are everything. It only takes seconds for a buyer to arrive at a home or drive by a home and decide whether or not they are interested. If you do not tend to your yard you are eliminating a big buyer pool. There have been times when I drive up to a home and a buyer will say "No thanks" before they even get out of the car. I have had buyers call me upon driving up to a home to say they don't like the outside and wish to move onto the next appointment. Examples of things that turn people off are weeds, peeling paint and overgrown grass.
You Are Too Involved: I know this is easier said than done to avoid. I recently sold one of my homes and even as a real estate agent I was always trying to figure things out. I know I was not helping and only making things tough for my agent. But I could not help it and I should have just let her do her job. After all, this is what I expect from my own sellers. Fortunately the home I sold was one I did not live in. I say fortunately because my agent did not have to worry about my being present during showings. This is a big turnoff to buyers because they will not be able to relax and examine the home as freely as they wish. Sellers ought to go for a walk around the neighborhood, go grocery shopping or go to the movies when a showing is to take place. Sellers really should make themselves scarce.
So these are just some reasons why homes don't sell or why homes expire. If you recently tried to sell your home and it did not sell let me know. I would love to help you figure out what went wrong so that we can get you to the closing table.
Author:Lorei Velazco Phone: 914-380-9495 Dated: March 21st 2015 Views: 1,426 About Lorei: Lorei Velazco was born and raised in the south. In fact, Lorei earned two bachelor degrees (Communic...
View our latest blog posts in your RSS reader. Click here to access.
J. Philip Real Estate is one of Westchester County's premier independent brokerages. Founded in 2005, the firm has grown from a single broker to a strong organization of well over 30 associates despite the housing downturn. The team's commitment to results and client advocacy, as well as our focus on technology and innovation, have positioned us as the "go to" brokerage for Westchester buyers and sellers.