There are several factors that control the selling process of your house. Some of these factors could be controlled by the homeowner and others are not. However there are 5 main Reasons that make a real estate do not sell in a timely fashion. These top five reasons are as following:
1- Price.
2- Condition.
3- Location.
4- Real Estate Agent.
5- Marketing Plan.
Price
It is a smart move to interview many agents, more than one before listing your house for sale. Even if the first or second agent makes you feel comfortable that you decide to list your hose immediately, it is always better to have multiple choices and compare each agent's advantages, disadvantages, marketing plans and their price recommendations. One of the main and important services that your agent is offering you is an accurate price of your property.
However, there is a valuable lesson you should know before a certain agent buy your house listing is if one agent quotes you a significantly higher price than the other agents, then that means that this specific agent is probably not the good and right one for you. The market does not lie, so each agent you deal with should arrive at a very close figure, it must not be the same price but when there is a difference of EGP 20.000, something is defiantly wrong in the price that your agent is offering. If you list your house higher than the market normal value then you need to rope your price later to be able to sell it.
But why do home sellers overprice their house? Often it is their agent's advice to do so as we have previously discussed. Another reason is that they will overprice the house based on the past value. For example, if you have priced your house five years ago and its cost was EGP 180.000, then you will assume that its price has increased now and add an annual rate of 3 or 5 percent to come up with EGP 200.000 or even more, which is totally not correct.
Your house is only worth what today's market is saying it does, regardless what the house was worth one, two, five and even ten years ago. Keep in mind that houses are just like stocks, sometimes they go up and some other times they go down. A property's value is determined by today's value not yesterday's plus an interest rate. Pricing is one of the important reasons that control the selling process and it can really delay the selling of any property if it is overprices.
House Condition
The second reason is the house condition. Buyers are looking for model-home conditions, they want to purchase a home, which is basically in a good condition and does not need major fix up work. The paint inside and out of the house should be near perfect. Everything should be kept perfectly straight and in order. Even if you have received an offer, the condition of the house would cause the buyer to offer less than market value. You need to make the house and pain it from inside and outside, cleaning everything, including the carpets, windows and light fixtures. Although it may be difficult, seller really has to walk through the house as if he is the buyer, being very critical and asking whether he can buy a house in this condition or not. You can then invite all three agents to visit the house again and make another market analysis. One of the most common things that you should take care of during your house show is pets, especially dogs. You need to make arrangements for your pets, let a friends keep them for a while or have some relatives take care of them during this important stage of selling your house. There is nothing worse than an offensive pet (or pet smell) to chill prospective homebuyers from quickly buying your home.
Location
Location is the third reason that affects your house and its selling process. There are so many factors that can mark a bad location, such as undesirable schools in the neighborhood, a high crime rate, messy neighbors or noise pollution. Location is the only thing that is out of your control. However, if your house is in a poor location, you can compensate this bad location factor with offering a lower listing price than what similar houses in better areas have sold for. You have to be more competitive than other home sellers and attract the buyers to overcome the poor location obstacle.
Real Estate Agent
Another reason that does not help in selling your house is the real estate agent itself. Your agent could cause huge problems if he or she is hard to get along with or difficult to work with. This is something you cannot really anticipate. Agents who are rude, arrogant and difficult to work with will not have a s many showing as an agent who is cooperative and enthusiastic. Just because an agent is top producer in your area does not guarantee that he or she has the respect of other agents in town. The only way to make sure you are hiring the right agents is to check out the reputation of this agent and get personal referrals. Forget the famous real estate brokerage names, which advertise heavily. What really matters most is the success record of the individual agent who gets your listing. Never sign a listing for longer than 90 days, unless the listing agent includes a written clause allowing you to cancel the listing after 90 days without specifying a reason to do so. A 90-day listing clause is the best way to assure you that your agent will work hard, smart and fast to get your property sold during that period.
Marketing Plan
So your house is priced right, in good condition, has a good location and your agent is easy to work with. Still your house does not sell. If this is case with you, the marketing plain is probably the problem. It is not enough to just put "for sale" sign in front of the house and wait for the offers to come in. The successful agent must have a strong and aggressive written and planned marketing plan. Your agent must make effective use of the latest technologies and must be attuned to the new information age. A good agent will be spending a good deal of money marketing their listings with all the possible means until it is actually sold. So you must make sure your agent has a definite marketing plan that is made as an addendum to your listing agreement.
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