My Home Didn't Sell, Now What?
illi News/10017913

STUDIO CITY, Calif. - May 12, 2019 - illiNews -- Deciding to sell your home is exciting and at the same time stressful. You may have spent thousands of dollars in making updates and repairs along with many hours in decluttering to make your home more desirable. You assume being in a hot market like Los Angeles that your home would sell fast and for top dollar. But what if after months on the market your home doesn't sell? When things don't go as planned in the sale of a home, it can be easy for a seller to give up on the excitement to move that they once had. Many times, a homeowner wants to get their home sold but once they've had a little bump in the road, they mistakenly think they need to look at other options. They start wondering about staying in the home, refinancing or even renting the home out. They lose sight of the fact that they actually wanted to SELL their home and now they've lost their confidence in its ability to sell at all.

Peter Wassileff of HomeSmart Evergreen Realty encourages homeowners not to give up on their original plans of moving by staying in a house that you don't really want anymore There are three main reasons why a home doesn't sell according to Peter Wassileff: 1) improper and insufficient marketing 2) home does not show well, and 3) home was not priced properly. None of these issues is the homeowners' fault.

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Peter Wassileff offers solutions to each of these three issues:

Lack of Marketing- in many instances, the marketing consists of putting a sign in the yard, listing the home on the Multiple Listing Service (MLS), and maybe a couple open houses are held. This is what Peter Wassileff describes as passive marketing, where everyone "hopes" a buyer will come forward. Real estate sales doesn't work that way anymore. The key in selling a home for the maximum purchase price in the shortest amount of time comes down to increasing the demand of a home. To accomplish this, a home must be exposed to the greatest number of qualified buyers and buyer agents. Peter Wassileff invests thousands of dollars in a direct target marketing campaign placed directly in front of the most interested and qualified prospects rather than simply listing it on the MLS and hoping that the random buyer comes along and expresses interest.

Home Doesn't Show Well- A home with poor curb appeal, clutter, messy or too many personal items will turn off buyers. Buyers need to envision themselves living in the home. This is where Peter Wassileff's Head Start Program provides guidance on what to do and many times more importantly, what not to do in preparing for a home sale.

Price- Pricing a home at the beginning of the listing is critical. Buyers are very savvy today with access to online data of homes sold and by viewing open houses. An appraiser will value a home value by taking comparable homes in terms of size, condition, and amenities in the immediate area that have sold in the last six months. The chart enclosed from the National Association of Realtors (NAR) that illustrates the visibility of a home to buyers based on the homes price in relation to market value.

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Another NAR stat shows homes sell for 3.2% less if on the market for over 30 days and the percentages increase for every 30 days not sold thereafter. Both of these stats show that if a home is priced over market value, it will not only be exposed to fewer buyers, thereby taking longer to sell, but will ultimately sell for less. Homeowners need to be educated on these pricing stats to avoid disappointments down the road. Simply asking for a higher price and hope someone will pay it, rarely happens. In the case it does happen, the next challenge is getting the appraiser to agree.

More information is available with the guide- My Home Didn't Sell, Now What? Request a copy at  www.WassileffLuxuryMarketing.com

About San Fernando Valley Real Estate Specialist -Peter Wassileff:
Peter, a former Certified Public Accountant, has been involved as an investor and agent in real estate since 2004 in Studio City, CA. He's a Realtor for HomeSmart Evergreen Realty and offers free phone consultations to anyone with real estate related questions throughout the entire area.