Why Didn't Your Home Sell?
There are many reasons
Why great homes o not sell quickly. The bad new is that if you are reading this you probably have tried to sell your home recently with no success. With the recent slow down in the real estate market selling a home has become very difficult. The days of listing your home with a broker and getting multiple offers within hours or days are over. We probably won’t see a market like that again for several years.
There are typically 6 reasons why a home does not sell.
Absence of a Pro-Active Marketing Plan
Make sure the Realtor you hire has a proven marketing plan. Most buyers work with a Realtor so it is imperative that your agent is actively marketing you home to other agents as well as buyers. A good agent should rovide you with periodic marketing reports to demonstrate what marketing activities they are using. They should also provide you with feedback from other agents and potential buyers to help improve the salability of your home.
Representation Lacking Skill and Experience
Choosing the right Realtor to represent you can make all the difference in the world. Hiring an agent just because they are a friend or relative, or because they tell you they can get more money for your home, could actually end up costing you thousands of dollars in the long run. 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. They should provide you with a detailed market anaylysis and help you select appropriate pricing. They should also be willing to point out potential sale killers and provide you with tips and advice to overcome them.
Difficult Access to Property
You need to make sure that your home is easily accessible to Relator and buyers. If there are plenty of homes like yours on the market and they are easey to access Realtors will ski showing your home if it is too much trouble. Using a lock box will allow agents to show your home while you are away. Typically a Realtor who want to show your home will call the listing agents office to schedule an appointment. This way a record is kept of who entered the property. It is likely your home will be skipped if you make it difficult to show.
Strenghts of Property Location Not EmphasizedStrenghts of Property Location Not Emphasized
Real estate is all about location, and some locations are clearly better than others. Obviously, if your location is outstanding it is easier to sell your home. The real challenge is selling home when you location is not good. For example, if your home is on a buys 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 unobstructed and add a sitting area to capitalize on the views.
Overlooking Inexpensive Improvements
You only have one opportunity to make a good first impression. The condition of you home directly affects its marketability. Little things like dirty walls or wall in need of paint, soiled carpeting, dirty floors, leaky faucets, unusual paint colors or pet odors can be more than enough to scare buyers away. It’s important to make sure that your home is in tip-top condition inside and out before putting it on the market.
Have you ever walked into a home builders model? The home is clean, wall are painted nicely, not too much furniture, no clutter and very bright with natural light. Try to get your property to look like a model home.
Pricing This is the easiest problem to fix but the hardes for sellers to accept. If offers are coming in way lower than the asking price, or just not coming in at all, it may be time to re-examine your pricing. There may have been a time, not too long ago, when homes could be overpriced and buyers would be in a bidding war over them, but that time is past. Get those days out of your head. We are in a different market now. There are more homes on the market, and buyers have more choices.
If possible, find the most recent sales in your area. The value of your home is somewhat determined by your location and the value of homes around you. If there have been 3 similar homes that have sold recently in your neighborhood it is fairly easy to figure out the value of your home.
The problems with overpricing:
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Your house will not appraise properly for a successful sale.
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Buyers are typicall educated about the real estate market and will usually find out what has recently sold in your area.
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No one will even look at your property if it is too over priced.
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You will loose the excitement that a new listing generates. Realtors are working with buyers now have seen what is currently on the market and are waiting for something new to be listed. Therefore, the most activity will take place in the first 30 days of a listing. Your home will probably receive its highest and best offers during this time. After that initial period, the only people to look at your home will be new buyers entering the marketplace or bottom feeders.
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You will lose the most qualified prospects. Buyers won't be able to make an offer because they probably won't see your property. They will view the properties that are priced within their purchase power range knowing that they cannot afford anything above their price.
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Overpricing helps sell your competition. If you overprice your home you are only making your competition look better.
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Your home may become stale. Buyers may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. You may even have to settle for less than market value. A house takes on a reputation surprisingly fast, so don't wear out your welcome on the market.
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You lose a strong negotiation position when your house is on the market a long time: Prospects will not rush to make an offer on an overpriced property, and you may feel compelled to accept less when they finally do.
I hope you found this information useful. If you would like me to help sell your home or condo please call me at 952-924-8776.