7 Reasons Homes Do Not Sell
#1 IT IS OVERPRICED !
Sellers often price their homes high thinking they can always lower the price later. There is always an optimistic hope that they will hit that home run.
What they do not realize is that the most valuable time to sell their home is in that first initial time frame.
The fact is that buyers, not sellers, not even agents, ultimately determine the market value of a home.
You can ask for the moon, set your listing price well above comparable properties in your neighborhood (your competition), but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth.
Overpricing is the most common reason listed homes don't sell.
For a free Market Analysis, give Susan a call.
#2 Your Home Doesn't 'Show' Well
Your home is competing against not only other homes on the market, but against shiny, brand new, pristine houses with their attractive prices, incentives and community amenities. Face it, even the best old house needs a little makeover if it hopes to attract a qualified buyer.
The good news is most of the work will be cosmetic and relatively inexpensive: a new coat of paint, a yard manicure, de-cluttering, a thorough cleaning, especially of floors and carpets. Magically!
The place may look good enough to give the competition a good run. A good real estate agent can advise you on where your time and money are best spent.
Price and condition are two things that the seller can do something about.
A good agent will always give clients a 'honey-do' list.
For a free "honey-do"consultation, give Susan a call.
#3 You Are Trying to Sell it Yourself
More and more homeowners are trying to sell their homes on their own and the most common reason is
to save the commission.
Unfortunately, only 11% of all "For Sale by Owners" actually sell their own home. The odds of a
"For Sale by Owner" being successful are stacked against them and here is why:
Realtor services are virtually free to buyers.
Realtors have thousands of homes in their inventory.
A "For Sale by Owner" only has one.
Realtors have experience and expertise.
Each "For Sale by Owner" is like an agent on his first and only day.
Realtors professionally assist buyers with the process, legalities, and emotional aspects of buying a home,
Remember, buying a home is probably the biggest investment they will ever make.
The truth is, frequently, the only buyers that are willing to go through the hassle and frustration of going-it-alone,
are the ones that are motivated ... they want to save the commission.
So, if the seller is trying to save the commission,
and the buyer is trying to save the commission,
who saves the commission?
#4 You're In a Bad Location
Nothing has a greater effect on your home's value than its location. Your humble abode might be worth a king's ransom were it located in the Hollywood Hills or Aspen. It might even jump thousands in value if
just on the other side of town.
If your home's location is less than desirable, your options are somewhat limited. A good real estate agent will do her best to help you accentuate the positive and eliminate the negative of your circumstances, say by using foliage to screen off offensive adjoining properties or dampen traffic noise.
The best way to compensate for a poor location is to reduce your asking price or offer attractive incentives such as a home warranty, creative financing or a lease option.
#5 You Have Ineffective Marketing
Today's top performers launch a multilevel marketing plan that includes listing tours for area agents, local real estate publications, weekend open houses, listing fliers, and even TV ads.
The Internet has changed the face of real estate. According to the National Association of Realtors, today more than one-third of all home buyers use the Internet for house hunting. The best real estate firms are computer-savvy. They have your listing on their websites in full color and attract the most out-of-town buyers.Suffice it to say that if your real estate agent isn't listing your home online through the company and personal Web sites as well as with the local MLS, you may not be getting the exposure necessary to find a buyer.
There are those who just put your home on the MLS and pray, and
there are those with a proven track record for getting the job done.
For a free, no obligation presentation of my marketing plan,
give Susan a call or visit www.SusanJackson.net
#6 You Have a Lousy Listing Agent
Yes, they exist: Real estate agents who mislead, misfire and misbehave. Their bad advice can cost you plenty in time, money and the sheer hassle of keeping the place show-ready 24/7.The agent from hell will allow you to overprice your home ("Here's what I can get for you if you list with me!"), not market it properly, fail to screen for qualified buyers, be unresponsive to interest from other agents.
What's more, if your agent is abrasive, arrogant or otherwise difficult to work with, other agents may not want the hassle of showing any of their listings to prospective buyers.
Remember also, you get what you pay for. Discount agents give discount service. If you hire an agent based on his willingness to work at a lower commission... you are hiring an agent that is not in demand.
An agent that gives full service and gets results will always be in demand
without discounting her commission to win the listing.
#7 You are Battling Competition or Market Conditions
We've all heard the terms "buyer's market" and "seller's market." In real estate, market conditions are affected by any number of external forces such as zoning changes, the local economy, interest rates, public optimism or pessimism.
In a "seller's market,"(more buyers than homes for sale), homes go fast. Having fewer homes on the market means less competition. Chances are better that you will get your asking price; in fact, it is not uncommon to get multiple offers and/or be offered more than your listing price. But in a "buyer's market," (more homes for sale than buyers), sales slow, inventories grow and buyers can find bargains, especially when they know the seller is motivated (i.e., paying on two mortgages, lost job). If you're trying to sell in a flat market, your competition can be pretty stiff. In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings once again in your favor.
For information about your current market, give Susan a call.