I was talking with a few Agents yesterday discussing the usual slump this time of year for selling and buying properties during the holidays. I mentioned that I am sure it will pick up once the New Year begins, and pointed out how well the last quarter was progressing and improving. One Agent said “yes, but all the inventory (of properties) that are available have been exhausted.”
“The inventory that is available has been exhausted;” that statement sat in my mind and I thought; if inventory is exhausted, but the properties are still sitting on the market, what’s wrong with this picture? Flipping through the MLS I have seen some properties that have been lingering and I know what is wrong with the picture…
The pictures themselves for one thing; the presentation of the properties are not the best representation. If I was a buyer I would be tired of seeing the same outdated, messy, overcrowded with furniture properties too. So what can a seller do?
1. Be objective– if your home has been on the market beyond 90 days it is time to really reevaluate your original plan to sell
2. Ask your Agent to be honest about what needs to be done to improve your listing. Be open to the suggestions and be willing to act upon them. If the Agent feels they should not be in the position to evaluate your property, have them hire a professional stager to review your property.
3. Consider your ROI- yes your return on investment. I hear it all the time; the seller refuses to invest any money in the house because they are selling. Well sometimes investing $45 in a can of paint might just be worth it. It does not have to cost a lot of money to create a fantastic space.
4. Pricing are you properly positioned in the current market for the condition and location of your property?
5. Photography- yes did the Agent post professional photographs of your home, have they been updated since you listed i.e. maybe have a nice shot taken at dusk with the snow on the ground now. Evaluate your home in buyers’ eyes.
So if you are selling, do not become the property that is in the “exhausted inventory” category, make sure it is in the “considered category”. One that stands out in the buyers mind as a possible next home.