Based on 45 Malibu homes sold in the past three months, the average days on the market before a Malibu home sells is 144 days. Some homes are taking longer. If you’re asking yourself, why is my home not selling, you may want to take a step back and consider the reasons.
For most people, it is emotionally draining to have your home on the market and receive no offers. As a rule of thumb, it is best to give your home — and yourself — a break. Take it off the market and re-gather yourself as a seller.Whatever the case may be, consider what you are willing to tackle to improve the property. Click To Tweet
Take a week or two and evaluate what feedback you got from the people who viewed the home. Was the price too high? Did it lack curb appeal? Was it cluttered? Was the children’s room painted purple?
Whatever the case may be why your home is not selling, consider what you are willing to tackle to improve the property.
Remember, the person buying your home does not have the emotional connection you have with your home, and as a result you need to have an objective eye for what might be potential negatives for your property. Have your agent provide honest feedback (even if it hurts to hear) regarding how the home shows.
Here are few tips to help you get your property seen in a fresh new light once again:
1. Get out of the market temporarily
It’s a well-known fact that listings that have been on the market for a considerable length of time lose their appeal and become stale.
Buyers who look at these listings inherently think that something could be wrong with the property or assume that the seller is unreasonable with price and will dismiss it or at best offer something very low.
The pool of buyers in the Malibu real estate market, or any other luxury real estate market, is always changing. Usually the buyers are very keen on what is coming on the market. If you let the property cool off for a month or two (if you have the ability to wait) you can put the property back on the market with some new updates, and an entirely new set of eyes who will see it as a fresh listing.
2. Reconsider your asking price
Many sellers in this market want to allow for room because they expect offers to come in lower. This is flawed logic because a well priced listing WILL sell for its asking price. Malibu real estate and luxury real estate buyers know what a well priced listing is.
When you put your home back on the market again, try pricing it where you want to end up or where your real estate agent advised you to price it. Sometimes, placing the property on the market with a new reduced price will inspire multiple offers immediately.
3. Freshen up the look of your property
Many sellers, once they make the choice to really sell their home, feel like putting money into a property for sale is like throwing money into a bottomless pit. This is not true. If you look at the property as it may be seen from a buyer’s eye, you will become aware of the little things that might negatively stand out.
A fresh coat of paint, rearranging some furniture, getting rid of clutter, cleaning up the garden, organizing the garage are examples that can make a huge difference without too much expense.
4. Seek new representation
If you have a relationship with your real estate agent and believe in their professionalism, by all means stick with them. If they seem stuck in their ways and don’t appear too proactive in seeking new alternatives to sell your home, you might want to interview other agents with custom tailored marketing strategies.
5. Listen to feedback
Listen to what your Malibu real estate agent or luxury market real estate agent, friends, or anyone whose advice you trust say about your Malibu home.
What do they see if they were to evaluate your home and consider buying it?
The goal is to learn from your first experience on why your home is not selling, give your home a break, and then come back with a fresh approach designed to appeal to the new pool of buyers. When it comes to putting your property back on the market, little things can make all the difference.
Russell Grether of Compass Real Estate is a real estate agent based out of Malibu,CA. He specializes in Malibu real estate, Malibu homes for sale, Malibu properties, Malibu Land for sale, Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades. Contact him at 310.994.4427 or email him at firstname.lastname@example.org