The number one reason why a house doesn't sell is :
- Price- You're price is too high! If the house is overpriced then no one will want to look at it (or even put an offer on it). Pricing your home is an art that involves many factors. For example, location, condition, demand, market movement, etc. Some agents will purposely overprice the house with intentions of lowering the price (by $100k sometimes) at a later date, perhaps after a few weeks or even months of NO ACTIVITY. This will cause you to lose your "competitive edge" when having to reduce your price later. Sellers who want to "test the market" will lose big!
Other reasons of why a house doesn't sell:
- Accessibility- It is difficult to gain instant access to your property! First, your home needs to be listed with a broker who is a memeber of your local MLS (Multiple Listing Service). It's important that other agents in the area show it to as many potential buyers as possible. After all, the more agents show your property the bigger the pool of buyers that will lead to the best offers. Make sure that your agent can see the house at pretty much any time. An hour's notice might not seem like a good idea, however the easier it is to see the home with a prospective buyer the easier and faster it will sell.
- Changing Market- It's no big secret... I'ts a buyers market! To put it as simple as possible: there are too many homes for sale and not enough active buyers. There are several things you can do to combat this market. The most effective approach is to sell at a lower price. Buyers are anticipating to find bargains during a buyer's market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of ready money.
- Lack of exposure- Your marketing is outdated! The finest listing agents all employ an aggressive marketing plan to promote their listings. If your listing agent isn't making sure your residence can be stumbled on effortlessly on the internet, isn't actively publicizing his or her listings to other agents in the area, isn't running ads in the local newspapers and real estate publications, then it might be time to change agents.
- Property Condition- Too many homes competing against yours! Your residence has to contend against other similar homes for sale, as well as competing against polished brand new homes. The more you can do to make your house look attractive to a buyer, the better your chances for a quick sale. Look at your home with an analytical eye - put yourself in the buyers situation. A buyer doesn't want to do anything... except move in.
- Your agent- You have either a part-time agent or ,even worse, a full time agent that nobody likes! If your listing agent is brand new to the real estate OR isn't liked or respected by other agents in your area, it could slow down the sale of your home. When an agent gets ready to show homes to prospective buyers, the agent starts by interviewing the buyer to find out what kind of home they are searching for. Then the agent searches the local MLS (Multiple Listing Service) and other sources for homes that suit the buyer. If there are a number of high-quality matches to choose from, and one of them has been listed by an agent that is difficult to get along with, or arrogant, or has otherwise made himself unpopular, well... It's just human nature to be inclined to pass over somebody you're not fond of.
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