Reasons Homes Donít Sell
If you have had your home on the market for several months and havenít seen much activity or any offers, chances are that one or more of the reasons below are to blame.
Your price is too high
No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high to begin with are many. Ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if youíve priced your home too high, youíve set yourself up for a number of obstacles to selling your home. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the buyer may have problems financing at too high a price. Look at other homes for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, your home is competing against those other homes, and what buyers are willing to pay is what will determine final sales prices.
The condition of your home
There is a lot of competition out there to sell homes. Your home has to compete against other similar homes for sale, as well as competing against shiny brand new homes. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Look at your home with a critical eye Ė put yourself in the buyers position. A buyer doesnít want to have to do anything except move in. Your best ďbang for the buckĒ in improving the condition of your home are paint and flooring. Make sure that all of the paint is in great condition, both inside and out. Repainting doesnít cost too much, and will usually make the biggest impact on buyers. Make sure all of the flooring looks good too. You may want to consider putting in new carpet. Again, itís not that expensive but it sure does make an impact on buyers coming to look at your home.
Location, location, location
Itís the oldest clichť in the world, but itís true. When it comes to real estate, itís all about location! When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If youíre in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location wonít sell for as much as the same home in a better location.
Your marketing campaign is out of steam
The best marketing plan is an aggressive marketing plan. But it's easy to run out of steam. That's why exposure on the Multiple Listing Service and Realtor.com are so crucial. Making sure your home can be found easily on the internet is essential. MLS and Realtor.com will expose your home to millions of home buyers nationally. Our Home Seller's Tool Kit will provide the know how for planning and marketing your home sale. And our ten lesson e-mail course on selling your home keeps you on top of the process.
The market is slow
Youíll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But thatís not always an option for many sellers.
Your home isnít easily accessible
To get your home sold quickly, itís important that other agents in the area show it to as many potential buyers as possible. How can they show your home when they don't know about it? Busy real estate agents use the Multiple Listing Service to locate properties that fit what their buyers are looking for. If you are not on the MLS you are not on Realtor.com which can drive buyers to you without an agent. You need to make your home accessible to as many potential buyers as possible. Make it as convenient as possible for buyers and agents to show your home.
As Exclusive Buyer's Agents who don't take listings we can expose you to the most effective ways for you to market your property. We can also research what listing agent and agency is effective in your market place and be a sounding board and resource for you at no cost to you whatsoever. Call us at 800 252-8937 or email info@BuyersChoiceRealty.com