House not selling? Blame the ……..
2014 is proving to be an interesting year in real estate for our Loudoun and Fairfax sellers. Our robust Northern Virginia real estate market of yesteryear has gone by the wayside, open houses are on the rise right along with inventory and even though interest rates have dipped down a smidge, the buyers just don’t seem to be biting consistently. So who’s fault is it??
I’ve received many a call from a disgruntled seller. Their house has been on the market for x months, they received zero offers, they are looking for someone to blame. Is it the agent’s fault? The market in general? Obama? Should they blame it on the rain? The answer isn’t always simple and is almost always a combination.
There are only a few factors that can influence the sale of a property:
– location: This one we cannot change. The house is where it is. Agents everywhere wish that all properties backed to acres of park land, in a cul de sac, across from a metro in a blue ribbon school zone – alas they do not. Location of your property does indeed affect the price of it. Just because you don’t notice the hum of the high tension wires adjacent to your yard while watching Walking Dead doesn’t mean that the new buyers feel the same way. In my experience I’ve seen a good lot increase a sales price by 10%, a less desirable yard can decrease said price by the same amount.
– condition: Yes, as sellers and agents we have a lot of control over this! Updates and upgrades mean a great deal when it comes to selling your home. We’ve all heard about bathrooms and kitchens being the bomb diggity, this is true. Please listen to your stager on this one. This isn’t their first rodeo, they know the hot colors and wow factors needed to get your house SOLD and for the top dollar. Please, I beg of you, please don’t say “the buyers can repaint it themselves and choose the colors they want” or “let’s just offer a credit so they can get their own carpet”. Most buyers will skip your house, there are SO MANY OTHERS available right now, they have no reason to look at one that requires ANY updates unless it is priced accordingly. Which brings us to our third variable….
– price: Yep, this is where the sun rises and sets. EVERYTHING has a price. No matter what the market, how much snow we have, what side of the tracks you are on or how many different wall paper patterns exist – there is a buyer for every single house at the RIGHT price. You may not like this price or you may love it! Doesn’t matter. Won’t change it. The market will speak and the buyers will ultimately value your house; not your current mortgage balance, not what you need to get out of it to do x (buy your next house, pay off your car, travel to the moon), not even what your neighbor’s house sold for yesterday or 10 years ago.
Everything after these three are less tangible and will vary agent to agent. Does your Realtor know the nuances of the market? Are they well connected in the community? Do they have experience in your area? Do they spend their days in your local marketplace? Are they a full time professional? What is their marketing plan? How do they interact with clients? What is their vibe? ALL of these also make a difference in YOUR BOTTOM LINE. Take the time to interview multiple agents (promise me at least two ok?) and trust your intuition. After all, every home seller really just wants the coveted “TOO LATE!” sign in their yard…..
At AGC we work diligently utilizing our decades of experience in selling Northern Virginia real estate to provide our clients and customers with what they want most: a quick sale, with the least amount of hassle and at the best price. Don’t just take our word for it though, call us today to find out how we can help YOU! 703-574-3478