There are five key reasons why your house may not be selling in the New Jersey real estate market. Considering each point carefully can either help your home sell quickly, or keep it on the market for months at a time.
1. An Authentic Agent
Your real estate agent is the most important partner you will have through the process of selling your home. You are trusting their judgement, expertise and guidance from the moment they walk in your door to the time you hand over your keys to the buyer.
Your agent shouldn’t be in the business of listing a home and expecting the house to sell itself. They need to have a well thought out plan that brings buyers to the table within a short amount of time. The sales plan should be understood by all parties so you can adjust quickly to what’s working and avoid tactics that aren’t.
2. A Realistic Price
What’s your home worth? Price it!
Your house is the most valuable hard asset you may have, so there will be emotional attachments that can place unrealistic expectations on what it should sell for. It’s important to sit down with your agent to discuss how your home compares with others on the market. By doing so, you can set a realistic price so the house can sell quickly.
If you overprice your house for the market, it will just sit there for months at a time without an offer. Try to avoid any low ball offers by reducing your asking price. A price reduction will send a message to the entire market that you are actively negotiating without a single offer in hand. Click here to find out the value of your NJ home.
3. Backed Buyers
The most common reason why a contract falls apart in negotiations is that the buyer is not qualified to purchase the house. The inspection for the mortgage appraisal may be significantly lower than expected requiring the buyer to put down more money for the down payment. The buyer may have to make up the difference by dipping into their 401k or liquidating other assets. This is usually a deal breaker for many buyers. The buyer needs to be fully aware of their buying power before placing an offer.
4. Depersonalizing Your Home
One of the most important things to do when selling your house is to de-personalize it. The more personal items in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your personal items and put it in storage. This includes family photos, memorabilia collections and personal keepsakes. No need to hire a home stager… just half-empty the closets, ensure good lighting, get a fresh coat of paint, and conceal the wet dog smell. A clean, non-cluttered home that buyers can envision themselves in will quickly sells whereas an unkempt house will turn people away.
I believe that employing strong marketing techniques is just smart business no matter if it’s a seller’s market or a buyer’s market. A solid marketing plan can mean the difference between a bidding war on yourhome or an expired listing. Marketing tools such as Matterport which allows a virtual 3D walk-thru of your house, social media marketing and a large database of buyers from your agent are all key tools in getting your home into a buyer’s hands. It’s important that you know the marketing strategy before you sign your listing contract.
Liberty Realty (Hoboken, NJ) moves on average 1,089 homes per year. That’s 2.98 homes each day! For any real estate questions on a successful listing of your home, don’t hesitate to reach out to me at firstname.lastname@example.org.
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