If your home has been on the market longer than you expected, frustration can set in. This is when some sellers start to play the blame game. They will blame buyers for not being realistic. They will start blaming their agent for poor marketing. They might even blame the weather for ruining an open house.
In the end, selling a home is a matter of supply and demand and how well your marketing works. Instead of blaming others or the market, put your energy into things you can control. We can control our marketing. We cannot control the market conditions.
The market conditions we do not control
Market conditions are the result of supply and demand. These are what determine if we are in a buyer’s or seller’s market. There is very little we can do to control them.
Supply (inventory) is a matter of building new homes. Unless you are a builder or massive landowner, this is out of your control.
Demand is a function of interest rates and unemployment rates. These are also out of our control.
What we can control
We cannot affect market conditions like supply and demand. But we can make smarter decisions based on what the market is telling us.
So what to do when your home has been sitting longer than you would like? Review your Comparative Market Analysis (CMA).
You may find that things have changed since you built out your CMA. It is possible that there has been a shift in the market. Homes might be taking longer to sell. They may be selling for less. And there might be new competition that wasn’t there when you started. When you have current information, you can make better decisions.
Adjustments we can make
Selling your home can feel like driving to a far away destination without Google maps. You know where you want to go but you must figure out how to get there. Throughout the journey, you are making adjustments based on what you learn along the way.
Some of the selling adjustments you can make are:
- The type of marketing activities
- The number of marketing activities
Pricing is a more in-depth topic and one that I will cover in my next article.
Marketing comes in all kinds of forms and opportunities. There are far too many to list them all here. What matters is understanding what you have been doing and evaluate how effective they have been. From there, you can decide if you need to amplify your current activity, stop an activity or try something new.
If you decide to increase your marketing activities, consider your available resources. These are time and money. Each extra marketing event will require you to commit more time to execute. And they may need you to spend more money to activate. Based on the results of your previous efforts, you will be able to make the best decision moving forward.
Avoid the blame game
When selling your home, there are a lot of things that you cannot control. Start with a solid game plan utilizing a CMA. Then focus on the things that you can influence. This will lead you to maximum success.