3 Top Home Buyer Deal Killers

Daily Real Estate News | Monday, July 16, 2012

  

Recent surveys have shown that more Americans have a thirst for buying real estate, with home affordability at record highs and mortgage rates at record lows. In fact, real estate buyer agents report a 59 percent increase in buyer inquiries this year compared to last year, according to a recent survey conducted by the Real Estate Buyer’s Agent Council.
So what’s preventing some buyers from making it all the way to the closing table?
REBAC surveyed its buyer agent members to determine the top issues preventing home buyers in their local markets from completing a home purchase. The top three obstacles identified in its 2012 survey are:

1. Economic insecurity
2. Difficulties in obtaining financing
3. Problems selling current home

The number of home buyers citing difficulties obtaining financing has fallen markedly in the last few years. In 2011, 65 percent of home buyers cited this as a big hurdle to purchasing, and 61 percent cited it in 2010. This year that number has dropped to 49 percent, as economic insecurity overtakes it in having the biggest effect on stalling home sales, according to the survey.
In 2011, the top three issues cited by buyers were difficulties obtaining financing, problems selling a current home, and holding out for lower prices, according to the survey

Reasons Your Home Didn't Sell

So you had your property listed on on the market for months and it didn't sell. For your information, listings expire for a reason:

1.  Price: If your house is overpriced it will be less attractive to buyers. Overpricing will only help your competition. Every seller obviously wants to get the most money for his or her house. Ironically, the best way to do this is NOT to list your house at an excessively high price!   
2.  Condition: If you're not willing to do improvements yourself then you need to lower your price to reflect this. To get Top Dollar you need to offer a home in Top Condition.
3. Landscaping- Make sure your lawn is in good condition, your trees and shrubs trimmed and fresh mulch added as needed. Plant some flowers to add color to your landscaping. Put flowering plants near the front door.
4. Exterior of Home- Make sure there is no clutter in the yard, windows cleaned
5. Strengths of property location not emphasized.  Real estate is all about location, and some locations are clearly better than others. The real challenge in selling a home is when your location is not good. For example, if your home is on a busy street you can use hedging or a wall around the property to block unwanted views and reduce noise. If you have a nice view, make sure it is not obstructed and add a sitting area to capitalize on the views.
6. Realtor: Make sure the listing realtor has a proven marketing program. The "one size" marketing plan does not fit all. So make sure that your realtor can taylor their marketing for your needs. It’s important to make sure that you hire a professional who will be open and honest with you about the sale of your home.

If you would like to find out more about my great marketing program, visit my website at www.okc-realty.com   or call to set up a consultation appointment at (405) 426-0307.

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