Hot Springs Sellers ask “Why hasn’t my home sold?” My opinion…

Unveiling the Secrets to a Swift Home Sale in Hot Springs

Are you finding yourself asking the question, “Why hasn’t my home sold?” Well, you’re not alone. Today, I want to share some insights based on my experiences as a home buyer in Hot Springs and my role as an Associate Broker with Coldwell Banker RPM Group.

As a potential homeowner, my family and I were drawn to the allure of Hot Springs – its rich history, diverse topography, scenic hiking trails, beautiful lakes, friendly locals, and, of course, the enchanting historic downtown. Just a four-hour drive from Dallas, it became the perfect spot for our weekend getaways.

However, our excitement was dampened by a surprising challenge – the lack of responsiveness from local REALTORS. Despite narrowing down our home choices, reaching out to listing agents proved futile; most of them have never returned our calls. This experience led us to make our first home purchase through a For Sale By Owner (FSBO) arrangement.

Fast forward 13 years, and I now stand as an Associate Broker in Hot Springs with Coldwell Banker RPM Group. Through my professional journey to date, I’ve encountered situations that shed light on the nuances of the real estate market in Hot Springs.

One instance involved a missed opportunity with an out-of-state client interested in a property in Mt Ida. The seller’s stringent buyer requirements led to the property being taken off the market. This seller insisted that all buyers provide proof of ability to purchase before touring.  My client, a private businessperson, did not want to provide this information until a contract was drawn up.  Additionally, the absence of a streamlined showing process, common in other markets, hindered the efficient presentation of properties to potential buyers in Hot Springs.  This seller insisted on being present for all tours.

As a seller, it’s crucial to recognize that limiting access to buyer agents or imposing restrictive showing conditions can impede the sale of your home. Most buyer agents require verification of a buyer’s ability to purchase before scheduling tours. Sellers being present during tours can also deter honest discussions about the property.

Let’s discuss how a buyer tour is scheduled.  In many markets, a showing service is utilized that allows agents to schedule tours online.  The showing service reaches out to the seller and allows the seller to approve a tour, disapprove a tour, reschedule a tour and read what feedback the buyers’ agents have provided after the tour.  It appears to be common practice in the local market not to use this type of seller service; many of the listing agents prefer you contact them directly to schedule a tour.  This can be an effective strategy as the listing agent can ask for more information from the agent about the potential buyer and relay this insight to the seller.  However, my experience has been that the listing agent did not respond to requests for tours, so the seller lost an opportunity to sell.

Now, turning to the critical factors of Location, Price, and Condition, it becomes evident that pricing is paramount. While the location and condition of a home are significant, an accurately priced property, considering location/condition/recent sales, is more likely to attract potential buyers. Location of a home, usually, can not be altered.  Taking into the account of this potential pitfall, price the home accordingly.  Condition is subjective, however, if a buyer has concerns about the condition of the home, you have options!  You can modify the house to meet the buyer’s expectations and needs or adjust the price accordingly.  If a property is priced above market value, many buyers will not tour, and adjustments become necessary.  This increases the amount of time it takes to sell the home.

In conclusion, the correct pricing strategy, streamlined showing process and communication between all parties consistently prove to be the key factors in selling homes.

If your goal is to sell your home in the Hot Springs area, I invite you to reach out. With Coldwell Banker RPM Group and my 25 years of real estate experience, we can collaborate to ensure a successful and timely sale for your property.

Ready to embark on your home-selling journey in Hot Springs? Let’s connect and make your real estate goals a reality!