Southern Indiana Real Estate Blog

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AAAAHHHHHHHH! Is It Ever Going To Sell?

PumpkinWith Halloween drawing near, I'd like to talk a little bit about a scary situation, YOUR HOME IS STILL FOR SALE!  Why hasn't it sold yet?  What seems to be the problem?  Well as much as I wish there were, there are no spellbooks or magic potions that we Realtors can use to make it sell any faster.

There are many different factors that affect home sales.  Some of which we can control while others we can't.  More than likely, changing some of the things we can control will help sell your home and let you move on with your life.

Factors we cannot control:

  • Competition - If there is a large number of comparable properties for sale, there is more competition for buyers.  In a supply and demand like real estate, a large inventory of similar properties makes our job more challenging.  You have to take this into consideration.
  • Location - The location is another key factor in the sale of your property.  Like it or not, some of what buyers are going to base their decision on is your surrounding area.  If the neighbor's house looks bad, your house looks bad and visa versa.
  • Interest Rates - The economy will also affect the sale of your property, particularly through interest rates and consumer confidence.  This one is tricky for our area.  Right now, interest rates are still great.  As far as the market is concerned, we are almost even with last year (even up in some areas).  One problem is that people listen and watch the national news when in fact, real estate trends are local.  What happens in Florida has no bearing on what happens in New Albany or Jeffersonville.

Factors we can control:

  • Listing Price - Listing price is the single most important factor in the sale of your property.  The best way to ensure the timely sale of your property is to price it competitively.  The lower you are on the price scale with the homes that are comparable to yours, the better chance you have of A) getting showings and B) selling your home.
  • Condition - The better the condition of your property, the higher price it should bring and the faster it should sell.  I can't tell you how many times I talk with buyers who think they want to buy a "fixer upper" until they go and look at a few.  Then they realize they would rather have something that is ready to go.  Get your property in good condition to appeal to the masses.
  • Marketing Plan - By exposing your property to the broadest possible audience through a coordinated marketing plan, you'll have a better chance of attracting a qualified buyer.  Be sure to ask your agent how they plan on marketing your property.
  • Terms - Your flexibility in negotiating the terms of your agreement (points, closing date, appliances, etc.) can also enhance your ability to sell your property.

How long is it going to take for your home to sell?  And at what price?  Don't let the ghouls and gobblins trick you into making mistakes that will only cost you time and money.

Your Best Move for Southern Indiana Real Estate

Brett Mumaw REALTOR®

Semonin Realtors

3707 Charletown Rd. Suite 1A

New Albany, IN 47150

(812) 542-9057 Office

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Comment balloon 3 commentsBrett Mumaw • October 22 2007 04:45PM

Comments

Brett, I like this post, excellent job breaking down the factors, great blog.
Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) over 12 years ago

Nice, concise post, Brett.  I'm a little afraid of the marketing plan component.  In this area, (West Michigan) newspaper ads are very expensive and they don't make the phone ring.  But you'd need to use them for "exposure to the broadest possible market."

People we list agree in theory with skipping newspaper ads, but if the house doesn't sell they're often convinced it's because the house wasn't advertised in the paper.

Posted by Karen Webster...Grand Rapids, MI Realtor (5 Star Real Estate, Grand Rapids MI) over 12 years ago

Mike - Thanks.  We really can only do so much.

Karen - I don't think advertising in the newspaper is the way to go.  It is far too expensive with no results.  We have some speakers saved on our intranet that talk about newspapers.  I'll try to watch them and send you some info. 

Posted by Brett Mumaw, Your Indiana Move (RE/MAX First) over 12 years ago

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