Is your home on the market? Is it languishing? Right now, we are experiencing tight inventory, so in general, properties are selling quickly. Very quickly. So, if your home isn’t selling, it is likely due to price.
It’s easy to convince yourself that it’s just a matter of time, but is it? When you first brought your home on the market, you had the best opportunity to sell it. The early marketing stages are critical. Your home receives the most exposure right out of the starting gate. That’s because you are appealing to buyers who are already in the market. They know what they want. They’ve been looking. And, they are pre-qualified. If you miss that wave of buyers, you’ll have to wait for the next wave. Pricing right from the get-go is key to selling your home at the highest and best price.
So, if you are still on the market and that first wave of buyers didn’t bite, ask yourself why? Usually, it’s a function of price. You likely came on too high and now your days on market are increasing and you are stuck waiting for the next wave of buyers. But, will a new wave of buyers see you home listing? Probably. But, will the right buyers see it? If you are priced too high, buyers who can afford your price will be comparing your home to similarly priced properties. If those properties offer more bells and whistles, a better neighborhood, or more square footage, your home will pale in comparison. More importantly, a buyer who might be just the right fit might not even see it. Why? Because it’s priced too high for their budget. They may not even look.
My best advice — if you’ve been on the market over 30 days without a bite, it’s time to adjust your price. Your goal is to sell, so price it to sell. The right price is the best tool in your toolbox, so use your best tool.
There is one caveat, though. If your home is truly priced-well but isn’t selling, marketing may be the issue. Marketing? Yes, in order to get highest and best price, your home needs maximum exposure to the market at large. Is your property being presented effectively to a large audience? Across multiple channels? Is it being promoted in ways that are responsive to changing markets? Home-buyer trends?
If your property isn’t selling and the price isn’t the issue, then let me show you how we market. Hawaii Life’s in-house marketing system produces high-quality, target marketing, and solid designs. Through our web database, social media, statewide and international networks, Christie’s International Real Estate affiliation, Luxury Portfolio, direct mail, events, and more, your property will receive the utmost in marketing exposure.
So, price right. Market right. Sell right.