Trying To Figure Out Why Your Brooklyn Home Hasn't Sold???
Get Answers and Find The Reason What Stopped Your Brooklyn Home From Selling
Hi, if you are here it means that you wanted to sell your home in Brooklyn NY, but were unsuccessful and your home left the market unsold.
Why your Brooklyn NY home hasn't sold? What was the reason? and what to do about it?
There are not that many reasons why homes in Brooklyn NY do not sell:
Now let's get a little bit more into details for each given reason:
Please, understand that you can't mix the reasons order, because if Marketing wasn't done the right way, Show-ability and price wouldn't really matter.
Only after you have reviewed the Marketing and everything was done how it supposed to be done, only then you go to the next step and review the potential Show-ability part of the sequence.
After you done reviewing the Show-ability and everything looks good there, then and only then you go to the next and final step - was your Brooklyn NY House, Condo or Coop priced correctly or not?
Let's see what's included in each reason and what you should pay attention to:
The job of the realtor that you have hired to sell your Brooklyn NY House, Condo or Coop is to make sure that everyone and I mean everyone who is looking to buy a property in Brooklyn NY and also their friends, relatives, family and coworkers would know that your property is for sale.
After you checked and confirmed that your House, Condo or Coop was advertised on all those services, websites and social media resources you need to review how your realtor advertised your property:
It's just kills me when I see pictures of a property for sale that was taken with a cellphone with a bad lighting and absolutely without even minimal staging to show your property at its best.
Nowadays all the potential buyers, their family, friends and coworkers (All the people that know when someone close to them is looking to buy a House, Condo or Coop in Brooklyn NY) they are all on social media.
Nothing attracts more attention and desire to share than a High quality, great looking video tour of your property for sale, showing it in the best possible way with a right music (to attract even more attention).
What is a 3D Virtual Reality Tour with immersive capabilities does to get even more attention for your property for sale?
Everything. First of all it gives your property the WOW factor, which in turn attracts more attention and share-ability on any social media.
Another great thing to have - 3D Virtual Reality Tour, it's having 24/7 3D Virtual Reality Open House with immersive capabilities. Potential buyers can browse 3D Virtual Reality model of your property for sale 24/7 on their mobile devices, tablets and computers from anywhere in the world.
Think about all those out of city, out of state and out of US potential buyers and investors that would be able to attend your 3D Virtual Reality Open House.
Now let's talk about show-ability and what components of it can affect the sale of your House, Condo or Coop in Brooklyn NY.
After you are 100% sure that Marketing was done the right way and everyone knew that your property was for sale, it's time to pay attention to how easy it was for potential buyers to actually see the property for sale.
Currently in Brooklyn we have a buyer's Market. I did a research and based on BNYMLS and City records we have 10 months supply of properties for sale. Anything over 6 months supply is considered a Buyer's Market and anything under 6 months supply is considered a Seller's Market. Having 10 months supply means that the way properties are selling, the Market will need 10 months to sell all the properties that are currently for sale on the Market in Brooklyn NY.
Basically it means that if potential buyers can't get in to see your property for sale, there are many other properties for sale that they are able to see ASAP. So, it's very important for the realtor that is selling your property in Brooklyn to be able to show your property for sale to every potential buyer ASAP.
Sellers that are unable to let a realtor to show their property for sale promptly, should understand the consequences and how this situation is affecting their chances of selling their House, Condo or Coop in Brooklyn NY.
Same goes for the realtor that is selling your property. If your realtor was not responsive and it was hard to get him/her on the phone to schedule a property showing, then it simply means that your realtor didn't do the job he/she took an obligation to do when he/she was hired by you for the job of selling your property.
Other components of property show-ability are:
When you are selling your car and you want to get top dollar and sell it fast, what do you do? You declutter it by taking out as much stuff as possible, you are not trying to sell your car filled with boxes, clothes and other junk, because you want your car to appear spacious inside and being able to accommodate people of different complexion and their baggage if needed to.
You need to do the same to your property, get out as much stuff as possible, it will make your property for sale look spacious and spacious is very important if you want to sell your property for top dollar and do it fast.
Let's continue with the car selling analogy.
You took out everything you could from your car in order for it to look spacious, what are you going to do next?
You will definitely wash it and try to cosmetically cover all the blemishes, scratches and dents.
Same needs to be done to your property for sale. It must be sparkly clean, smell good and be without visible cosmetic defects.
Next step is pets. Especially dogs.
I love dogs, I always had dogs and I have a dog now, but if I want to sell my car for top dollar and do it fast, I would definitely take my dog out of the car. Especially a big dog.
Throughout my real estate career I did many many property showings and to my surprise a lot of potential buyers are afraid of dogs, even the small and friendly ones, some potential buyers even refused to enter the property for sale if a dog was present inside.
Think about it, how can you sell your House, Condo or Coop to potential buyer if the biggest desire that potential buyer has at the time of showing is to get out ASAP.
Now let's talk about depersonalization. I understand that your home has a lot of memories in it and all your family pictures on the walls or anywhere else make your home YOURS, but now you are in Selling mode.
Buying a home for any potential buyer is emotional decision first and everything else comes later.
If a potential buyer can't imagine how the home will look and feel after he/she moves in, there would be no way that this potential buyer would want to buy your home.
So, if you really want to get a top possible price for your property, make it easier for potential buyers to imagine that it's their home and depersonalize your home as much as possible.
You can ask any realtor and they will tell you that the easiest properties to sell for top dollar and do it fast, it's completely empty freshly painted ones. I understand that's if you live in your property for sale, then it's impossible for it to be empty, sparkly clean and freshly painted, but try to get your home as close as possible to that ideal selling condition.
You would definitely do it to your car in order to get a couple of thousand dollars more, you should definitely do it to your property for sale in order to get tens of thousands more as well.
Now, if Marketing was done the right way and show-ability was not the problem as well, the next and final step to look into would be the asking Price:
When you are 100% sure that marketing was done correctly and your property was in presentable condition.
When you are 100% sure that your listing realtor/agent was responsive to showing inquiries and potential buyers could see your property for sale preferably asap.
When you are 100% sure that nothing was stopping potential buyers from entering and seeing your property in person - only then you should review your "Asking Price".
This is the final reason why your property left the market unsold.
Let's be realistic, it doesn't really matter what you think about your property's fair market value.
It doesn't really matter what anyone (your realtor, your friends and relatives) or anybody else think about your property's fair market value.
Except 2 decision makers:
1st one is a buyer who is ready and able to buy your property and also ready to offer you more money than everyone else.
2nd one is a bank appraisal specialist that will decide, based on recent sales of similar properties in the neighborhood, on the fair market price for your property.
Based on that number - the bank will decide on amount they will lend to your potential buyer for the purpose of buying your property.
99% of contracts to buy a property have contingency on bank appraisal/approval, meaning that if the bank says "No", the deal is off.
We are not talking about "Cash" buyers here, because there are not that many of them and because "Cash" buyers usually looking for a deal and would almost never pay top dollar for a property.
You should really understand one important thing, until you sign a contract, you don't owe anything to anyone.
No one can make you sell your house, condo or coop for the price that you don't like. You can refuse any given offer if you don't like it.
"Asking price" has nothing to do with final "Selling price" and should be used as one of the marketing tools to attract as many potential buyers as possible.
The bigger the number of interested potential buyers, the bigger the possibility to find that one willing and able buyer, who will really like your property and will offer you more money for it than anyone else.
Pricing your House, Condo or Coop for sale correctly from the start will make your property more attractive to potential buyers and will create the urgency to see it asap. Which in turn will generate multiple offers and possibly even a bidding war.
There are some professional secrets on how to organize the process to generate higher offers, but I share this strategies only with my clients.
One more time, "Asking Price" is just another marketing tool and has nothing to do with the final "Selling price".
Until the moment you sign a contract - you don't owe anything to anyone and nobody can make you sell your property for the price you don't want to sell it for.
WWWTP - "What's Wrong With This Property?" syndrome.
As you already know, based on your experience, the most interest and showings happen in the first 2-3 weeks of a property entering the market.
Why 2-3 weeks? Because it's the time for every potential buyer and their agent/realtor to notice your property entering the market, make the decision to see it in person, get back from vacation, get well if they are sick and find the time in their busy schedule to actually see it.
After initial 2-3 weeks on the market a property for sale becomes a "Stale Property" and mostly overlooked by potential buyers in favor of new Houses, Condos or Coops entering the market.
The only way to resurrect some interest for your property for sale, would be lowering the "Asking Price".
You can do it every 2-3 weeks in order to get in the price-range where potential buyers will start making offers.
This is when WWWTP - "What's Wrong With This Property" syndrome kicks in.
Nowadays everything is on the internet.
Every potential buyer can see: When your property entered the market, what was the initial "Asking Price", how many "Asking Price" reductions were done and how many days your property for sale was on the market altogether.
That's what potential buyers think about the situation:
If it didn't sell for so many days with several "Asking Price" reductions - there is definitely something wrong with this property.
Potential buyers will either pass your property altogether or come up with a really "lowball offers".
In their eyes the owner is desperate at this point and most likely they can get a "Sweet Deal".
Statistically the longer a property sits on the market unsold, the lower offers it generates and the lower final "Selling Price" it will be sold for!!!
Unfortunately Sellers tend to hire a listing agent/realtor based on the "Price" those agents/realtors are promising them, without any reasonable explanation and real data they based their "Promises" on.
Trust me, I understand why it's happening again and again and again.
Almost every seller has emotional attachments to their House, Condo or Coop and think about their properties for sale not as of a commodity that needs to be sold, but rather as something unique, one of a kind and really, really valuable, definitely more valuable than any other home of this kind.
Unfortunately that's not how potential buyers think about it and your listing agent/realtor must explain it to you with a hard data and desire to really help you to sell your property for the best possible price and do it in a reasonable amount of time.
I have seen it many times, sellers losing time and money, simply because they chose a listing agent/realtor:
Not based on the marketing that agent/realtor can perform.
Not based on real hard data research for the "Asking Price".
Simply based on empty "Promises" and telling sellers what they want to hear.
Hearing what you want to hear and believing empty "Promises" without seeing and understanding real hard data will never take you to the "Promised Land" of selling your property fast and for the most money possible in any given market condition.
There are not that many reasons why homes in Brooklyn NY do not sell:
In order for you to sell your House, Condo or Coop in Brooklyn NY you need to make sure that the Realtor/Agent you chose to work with, really knows what he/she is doing. The easiest way to choose the Realtor/Agent that will sell your Brooklyn property for the best possible price and do it fast, with no hassle is to ask all the important questions and see samples of that Realtor/Agent work before signing a Listing Agreement.