1. Construction – Whether it is in your building or right nearby construction can make your property less appealing. Construction causes noise. The solution is to install sound proof windows. However, windows don’t stop the disruption, congestion and dirt that goes along with it. Find out the timeline of the construction. That way buyers will have upfront knowledge and feel more relaxed to know when the construction will end.
Your broker can promote the construction as a positive instead of a negative if the construction improves the quality of the building for instance or the view from the property.
If the ongoing construction has a very long timeline you may want to list your property after the construction if time is not an issue. If your neighbor is renovating you may want to wait until his or her renovation is complete before listing your property. That way buyers will know that the renovation will be done shortly and will hardly impact them.
2. Lot Line Windows – If a developer is building next door to you and chooses to build to the edge of the adjacent lot the windows on that side of the building could be covered up. The challenge is the “uncertainty”. Your broker should check on the filed building plan. If there is no guarantee of the outcome then price your property as though the windows don’t exist. It could be a good deal and happy outcome for a buyer if the windows end up not being blocked.
3. Apartment In The Same Line On The Market – First go and see the competing apartment. Have your broker come up with an intelligent pricing strategy and marketing plan that will be position your apartment to be more compelling than the competing apartment. Perhaps the competing apartment is in better condition but your apartment is on a higher floor and gets better light. That selling advantage should be promoted to all the buyers and in the marketing.
Another solution may be taking an apartment off the market to do some minor renovations such as refinishing the floors and painting the apartment. I have had cases where I have gotten more than the asking price when my clients decided to do some minor work. Another solution if you don’t want to spend the money to do repairs is to have your broker stage your apartment either physically or have it digitally staged. Staging has worked wonders on many of my listings that needed renovation. I was able to obtain more offers, get better prices and get the apartment sold faster.
4. Bedbugs – No building is immune to these pests! If you have had bedbugs in your apartment make sure it is bug free. If there have been bedbugs in the building buyers will find out when the buyer’s attorney does his due diligence. Find out from the board or managing agent when the last time the building was fumigated and if it needs done again. Your broker should be proactive so you don’t encounter any bed bug issues that could threaten to kill your sale.
5. The Price Isn’t Right – No matter what is keeping buyers away one thing that will attract them is the right price. Setting the right price is critical when listing your property. You can have the most creative and strategic marketing plan and if you don’t have the right place it will not sell. If you are selling in a softer market buyers won’t even waste time coming to view it. I just had a case where I was broker number three for a property on Fifth Avenue. I thought that perhaps after educating my client with weekly market reports that he would lower the price. After having his listing on the market for a year without a price reduction I decided to part ways. He now is with broker number five.
Setting the right price can cause a great deal of anxiety for sellers. That is where your broker comes in. Enlist the expertise and knowledge of a broker to help you arrive at a competitive and realistic price. (Watch my video “How to Select The Best Asking Price” on CarolStaab.Com
Pricing at the wrong price usually backfires! Homes that are on the market that are overpriced languish on the market for a long time giving buyers the impression that something “is wrong” with the property. Then if you are forced to lower the price the buyers again may think something may be wrong with your property.
When deciding to choose the best asking price you may be tempted to look at other competing homes that are “on” the market. You need to look at the homes that are in contract. Homes in contract will give you a much more accurate picture of what price your home will bear.
- Pricing is not just data driven. There are also psychological factors as well. Consider these!
The price brackets your property fits into on online searches . Make sure your home is priced in the right search bracket.
- Under cutting the market to get great buyer interest Wow this strategy has a huge emotional impact on buyers and drives showings
- Price at more attainable prices. For example, $2,900,000 instead of $2,999,000.