Top three reasons your house didn’t sell: Episode #269
Todd: Hello! Welcome to Todd Miler TV. Joined here today with Oana. And the question of the day are the “What are the 3 things that will cause your house not to sell.” Okay? So, I want you to tell me 3 things that will make a house not be listed and never sell.
Oana: Well the number one thing is price.
Oana: Because that’s the first thing that people look at. Is this house in my price range? Does it have the appropriate amenities, bedrooms, square footage, whatever it is for the price. What’s the value like? So the number one thing is price and value.
Oana: Number two, its marketing. Now marketing comes a lot of different things. Both exposure of the house and how you are marketing once somebody enters your house. Is your house cluttered? Or is your house free of clutte,r or easy to walk around, easy for people to see.
Oana: And number three, th ethird reason why a house don’t sell is access. How easy is it for people to come see your house. Is your house on electronic lockbox? And agents just have to call and say “Hey, I’m coming over.” They can come over with little notice and show the property or do they have to make an appointment a day or two in advance. Is it only when you’re there between 5 and 6 in the evening. The more access you give people, the easier it is for people to see your house, the more people will come to your house and the more likely is that’s going to sell.
Todd: Okay, so on that note, do you think that there’s some people who are getting in their own way with regards to, you know, saying “I only want, I want people in my house that I know who they are. So I only want showings when I’m home.” And their thing is, they believe in their head, Real Estate agents only shows houses on Saturday and Sunday which is this ridiculous myth. So they’ll say “I’m home all day Saturday and Sunday which is what all the agents are gonna come by.” But the truth is there’s people that wanna see the house during the week, maybe they’re available during the week. Maybe they’re only available during the week or only in town during the week to see their house. They don’t get to see the house so they don’t get many offers on it. And then one of those people might have end up being somebody who may offer the most money. So do you think there are people who loose out on the most money for their house because they’re not actually making it available for everybody.
Oana: Absolutely. Keep in mind, they’re not just looking at your house. If your house is the only one they’re going to consider, and you’re only available during the weekend, that’s great! But they’re looking at other homes. So if they’re looking at homes Monday, Tuesday and Wednesday, they’re going to make an offer on one of those homes because if they don’t. If they wait to see your home until Saturday, those Monday, Tuesday, Wednesday homes are going to be gone. And they no longer have those choices. So you have to be able to show your property when buyers are available and when buyers are looking. Buyer’s don’t necessary work 9 to 5, Monday to Friday. So you have to be accommodating. Remember, you’re the one who has something that you want/you want your house sold. So make it easy for people to see the house. The other thing is if at all possible. Please be there. They’re not comfortable walking around with you at your home.
Oana: They wanna be able to look at the closet. Look at the space and the kitchen cabinets and they’re not gonna open the cabinets, they’re not gonna look at the closet if you’re following them around.
Todd: So one thing I have noticed is that when you’re not there, they stop and talk about openly about things. They wouldn’t do when you’re there ’cause they don’t wanna give up their bargaining positions.
Todd: An the more time they spend in the house, the more comfortable they get with it. ‘Cause it’s strange when you first walk into somebody else’s house. But when you’re in it for a while, you’re start to picture yourself living there. And if you’re there, they’re just gonna walk fast and leave.
Todd: And I’d be interested if there’s any statistics for how much time people spend in the house without the owner vs. the owner. And, yeah I think that’s a perfect way. So, of those 3, which one do you think is by far the most important?
Oana: The most important one is the price.
Todd: And what percentage would you say is that, if you get the price right, then this person of the type are gonna sell the house?
Oana: You know, if you get the price right, then you’re gonna sell the house more times they went anything else. Now the issue is, remember, price is what gets people in the door.
Oana: But if people can’t get in the door because they don’t have access, then eventhough you might be well priced, it’s still gonna take you longer to sell the house because people can’t get in the door.
Todd: What about people that come to Vegas from other markets where they/California is notorious for this. Everyone over prices their home because that’s how they do it out there. So everything sits on the market forever ’cause they’re hoping somebody will over pay for the house, right? And then after price corrections they get it, so that forces/that causes people to go to low volume. It screws up people’s brain on price. I mean, pricing is always very/it’s cultural. Not just foreign cultures but within the U.S. Markets that you have lived in and stuff. Tell me about/tell them about Vegas and how we tend to do pricing here.
Oana: So what happens in Vegas, if a house doesn’t sell in the 1st 30 days, there’s something wrong with it. So what might be wrong is that it was priced high. But even if you reduce the price after 30 days, people are not looking at it that way. They’re looking at it saying there’s something wrong with the house.
Todd: Okay. If you have 3 sold in the neighborhood for $100,000, do you list the house for $110,000?
Oana: No! That doesn’t make sense for a lot of reasons. One, because you’re not going to get looked at. Two, most homes are still getting financed which means that a house will appraise for more than $100,000 it’s certainly not enough for 10% more.
Oana: So at that point you’re wasting you’re time and everyone else’s time. They’re not gonna look at your house, and they’re not gonna be able to buy it for something that it won’t appraise for.
Todd; Okay, good! Alright, So I thought I would share that with you. Oana has sold over a thousand houses. She knows how to price houses and so she has awesome advice for everybody. Well Thank you very much.
Oana: You’re welcome.
Todd: Alright so that’s my update for today and hope to see you on another video. Thanks.