Although the San Francisco Bay area market is still highly competitive, many listings still sit for long periods with few, if any, offers. This ends up costing sellers a significant amount of time and money.
There are four common reasons behind this stressful, but easily remedied, pitfall:
Lack of preparation. Many sellers, and even some agents, get caught in the trap of thinking that they can let the market do all the work. However, while the market may be hot, it’s still essential to take care of any upgrades or repairs before you list, as buyers will tend to amplify the cost and timeline of such projects during negotiations. If a buyer is distracted by issues with the home, this could lead to deductions in their final offer or could even cause the deal to fall apart, altogether. The majority of buyers are looking for a home that is move-in ready.
Inadequate marketing. One of the primary reasons sellers should hire a Realtor to begin with is their ability to offer effective, professional marketing in order to gain maximum exposure for your home. However, not all Realtors have the drive or the experience to market your property as well as you deserve. According to the National Association of Realtors, 90% of buyers begin their home search online. This means that your home’s marketing materials must be top-notch if you hope to earn top dollar. Listing photos taken with a cell phone camera just won’t cut it.
Incorrect pricing. A home that is overpriced will cause buyers to shy away. Not everyone understands that negotiation is an option, and may choose to not make an offer at all.
Undesirable or overly unique home features. Unfortunately, this factor tends to be out of the seller’s, and their agent’s, control. If a home has a poor floor plan, is located next to a busy street, or has any other such innate issues, it may be more difficult to sell. It’s still possible to find a buyer for such a home, but you may have to list at a discount.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.