Inside Real Estate Episode 3 – Compelling Offers
Hi everybody. This is Doug Buenz with the 680 Homes Group at Venture Sotheby’s International Realty and 680homes.com. Welcome to the latest episode of Inside Real Estate.
Our topic today is why aren’t buyers looking at my home? This is a question I get quite often from sellers that are experiencing little interest and very little traffic. The simple answer is it’s not a compelling offering in the marketplace.
What do I mean by that? Buyers get to decide what is compelling to them. Ten or 20 years ago, buyers went to see homes in person. That was their first showing, and if they were interested they would come back for a second look. Nowadays and with modern technology, the buyer’s first showing is online and they decide at that point whether they want to come see the house or not.
So if your home is not a compelling offer in the marketplace buyers are not going to come out to look at it. In essence, buyers are voting with their feet. If it’s not compelling, it’s not selling.
So the question is, what is a compelling offering or a compelling value?
Well, it’s several things.
*Up-to-date fit and finish. For instance, right now modern homes are very much in demand. So if the home is nicely upgraded with modern finishes it’ll get a lot of attention.
*Outstanding amenities. If you have an outdoor kitchen and pool and outdoor living room, en suites, all the bedrooms are suites, things like that, buyers find that compelling.
*Great location is always important.
*Privacy, views, all these things contribute to the property being a compelling offering, and if you’re missing any of them it’s not as compelling to buyers.
The last thing of course is the price. Price makes any property compelling if it’s at the right price. So if people are not coming to see your home and you have checked all of those boxes, it’s likely an issue where the price is just perceived to be too high on the part of the buyers.
It is not what most sellers want to hear, but price is simply the adjustment mechanism between supply and demand.
If you have a weak demand for your property at a given price, if you lower the price and reposition it in the marketplace, that will normally compel more buyers to come out to see it.
So what can be done if people aren’t coming to look at your house? What can I do as a seller?
That’s a great question. Number one, you could change the photographs. You could virtual stage, change some of the furnishings, make them more modern or up-to-date.
You can change the front picture of the property. Add an aerial view.
Change something to make the pictures and the visualization of the property more compelling to home buyers. Remember, $100,000 in marketing won’t sell an overpriced listing.
Those are some of the factors that influence whether buyers come out to see your home or not. Thanks for watching. Be sure to like and share this video with friends.
Also, do you have a real estate question? Comment below and we will be sure to address it in a future issue. As always, if we can help you or anyone you know with their real estate needs reach out to us at (925) 621-0680
or at 680homes