7 ways to kill the sale of your Idaho home
The Idaho Real Estate market has changed the past 24 months and no one will argue with that statement. I still find it interesting that many homeowners have not been given good advice in dealing with a challenging market. I hope these tips will shed some light on some very important facts.
1. Statistics are meant to be analyzed. Look at statistics in your area and see what trends are developing. The MLS system in southwest Idaho allows Realtors to create what is called a CMA Summary which is the most important piece of data that can assist in establishing the price of your home. This summary will display how many competing homes are on the market, how many have sold in the past six months, how many are pending sales and how many homes expired or were withdrawn. This summary breaks down the average days on the market, average selling prices and more importantly, the average asking and selling price per square foot which is the most important data. This report is imperative for anyone selling a home. Without this report there is no possible way to understand where the Idaho Real Estate market was, currently is, and where it is headed.
2. Let go of your pride. I have seen too many sellers let their pride get in the way of pricing their home. I once had a couple argue with me that their home was better than any comparable sale I showed in my report and that I had not given them any credit for many features their home had that were superior to any of my comparables. They totally ignored my recommendation and hired a "Discount Broker" and listed their home $20,000 higher than what I had recommended. Over a period of time they lowered the price of their home four times and eventually dropped the price below my original recommendation but by the time they lowered it the final time they had missed the market. Their home never did sell and it has now been two years since they first put their home on the market. You would not argue with your doctors prognoses. Please listen to a professional Realtor that has countless hours of classroom study and experience.
3. Get exposed. The Idaho Real Estate market has changed dramatically over the last decade. You will rarely see a sophisticated buyer look for a home in any kind of print advertising. The National Association of Realtors has reported that 85% of all buyers begin their home search on-line. How do you know if your Realtor has a good intertent presence? Simply go to Google, Yahoo or any other search engine and type in the name of your Realtor. If you see their name smoothering nearly every line on the first and second pages it is a good sign that your Realtor embraces the net. Ask your Realtor how your home will be exposed on the net and have them prove this to you. Forget about asking to see your home advertised in print. Print advertising has nearly gone the way of wagon trains. If your Realtor cannot guarantee you strong internet exposure for your home run as fast as you can Forrest!
4. Make your home easy to show. I can't tell you how many times I read "Shown by appointment only". This is a HUGE mistake! With all the homes on the market the last thing you want to do is to make your home difficult to show. I can assure you that if your home is shown "By appointment only" that it will be passed over by 99.9% of all Realtors. The inventory of homes is at an all-time high and many homes are either vacant or the sellers are motivated and very cooperative. If you can't allow your home to be showed easily I can guarantee you that your home will be in most cases passed by when showing schedules are made.
5. Demand your Realtor gives you Web exposure on Realtor sites! This absolutely shocks me but there are many homes that are submitted to the MLS where the Realtor has removed the listing from "Public Viewing". This is like taking a boat away from a water skier! The skier will simply go no where! What does "Public Viewing" mean? When your home goes into the MLS there are many Realtor sites like Idaho MLS Home Search that allow surfers to find your home. If your Realtor keeps your home from "Public View" it will keep your home from being viewed on literally every independent Realtor site out there. I cannot in my wildest dreams understand why any Realtor would hurt their seller like this but many do it. Make sure your Realtor does not do this to you and make them prove it by giving you a copy of the same MLS printout other member Realtors see.
6. Prepare your home to show. This seems like a no brainer but is often overlooked. When you decide to put your home on the market park across the street and ask yourself what you see. Many of us take for granted coming and going from home. Look at your homes through the eyes of a buyer. If you cannot do this yourself have a family member or friend do it that will be honest with you. "We all live in our home in a certain way but we need to prepare it for the masses when we decide to list if for sale". This means cleaning out closets to make them look bigger, de-clutter and get rid of too much stuff and keep your home light, open and airy. With so many homes on the market you need to set your home apart from the competition. This is easy to do and you will see the benefit.
7. Don't be stubborn with price reductions. Keep in mind you are competing with a lot of "Idaho Short Sales" and "Idaho foreclosures" which are selling at incredibly low prices. Many of these homes are in very good condition and you are competing directly against them. Like it or not these homes are forcing the average price of homes downward. If you have done everything right in marketing your home and it still does not sell in 45-60 days you need to make price adjustments until you attract a buyer. I know this is a tough pill to swallow but this is our current market and this market will be with us for at least two more years. The longer your home stays on the market without selling the more it gets "shop worn" and Realtors and buyers begin to ignore it.
Take these tips to heart and I can assure you that you will dramatically increase your chances of selling your home in a very tough sellers market.
All my best,
George