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The 4 Main Reasons Why Houses do Not Sell

By
Real Estate Agent with The Somers Team at KW Philadelphia

4 Main Reasons Why Philadelphia Houses Do Not Sell

Why Philadelphia Houses Do Not Sell ?

 

Below are the 4 main reasons why Philadelphia houses do not sell.  I believe these 4 reasons are also the main reasons in any geographic market as well:

Each reason is also the subject of it's own individual blog entry so please click on each link for further explanation.

So without further wait, the secrets (and solutions) are below:

 

 

1. Price - Improper pricing from the beginning and failure to adjust the price when needed.

Solution:  Research and analyze the current market and identify the best starting price from the very beginning.

2. Poor Advertising and Insufficent Marketing

Solution:  Market Market Market - make sure your Realtor is an expert internet marketer !

3. Difficulty Showing the Property - You cannot sell properties that you cannot see.  Does the "key in office" (the other side of town) ring a bell ?  Or better yet "listing agent must accompany" for a vacant property sound appealing when you have 4 other properties to show ?

Solution:  Use a professional showings desk to set up and monitor all showings. 

4. Stigma - Once a property has a stigma, buyers may avoid it like the plague or will run out of the house faster than they walked in.

Solution:  Identify stigmas and remove them either through repairs, disclosure and/or staging.

So how do I sell my property you ask ?

Simple, with the market as difficult as it is, it is imperative to hire the right listing agent from the beginning that has experience with the process, understands what the buyers are looking for, knows the market inside and out, and acts as a consultant and advisor every step of the way !   We sold close to 100 properties in 2008, maybe more once I look at the stats so who says the market is slow in Philadelphia ? 

Our combination of intensive internet marketing, pricing and making sure that every showing request gets in the property along with eliminating any possible stigmas works !

What are you doing today to get your property sold ? 

What other items can you add to this list ?

 

The Somers Team - Chris and Stephanie Somers

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The Somers - Philadelphia Real Estate

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Comments (66)

Janine Gregor
Your Virtual Wizard - Marketing Magic When You Wand It! - Parrish, FL
MSM

As a virtual assistant working with real estate agents, I often consolidate showing feedback information and then pass this information onto the agent.  Your #4 reason reminded me of a home in Texas I was working on that not only had a chained-up dog barking at anyone who showed the home but the kitchen had a natural gas leak. When the listing agent went through the home initially, these problems were not apparent.  So it is important to continue to elicit feedback from agents as long as the home is on the market. Anything about a home can change over time.

 

Janine Gregor
www.YourVirtualWizard.com

Feb 24, 2009 03:37 AM
Carin Arrigo-Zimmer
TopBroker Network Real Estate - Orange, CA
TopBroker Network Real Estate

Christopher & Stephanie ~ As you would say, "You guys totally rock!" 

I learn a lot from you two so thanks for the great and informative blogs. Now entering my 2nd year as a full-time newbie, I thought I'd ask about using the Internet to market a listing. First of all, this "internet-thing" you speak of...sounds so, I don't know,,, interesting! =) Okay, I'm not THAT out-to-lunch! But I get so many of these e-mail flyers on a daily basis, I wonder how effective they are? I'm here in Cali, btw. Thanks, you two.  

Feb 24, 2009 08:40 AM
Anonymous
Beth Reynolds

I just had this same conversation tonight with a For Sale By Owner. You are right on, hopefully they will take to heart everything I said tonight and give me a call tomorrow. I just wish I could have left with the listing.   Thanks Chris and Steph, Great post!

Feb 24, 2009 11:03 AM
#49
Robin Turner
Happy House Real Estate - Cocoa Beach, FL
Robin Turner

God points but the main thing is ALWAYS price. Anything can be overcome if the price is low enough...

Feb 24, 2009 09:16 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

 I like your no nonsense approach and agree with your major 4 points. I always say every home "will sell". I just don't know when and for what price. It all will hindge around price or condition. Thanks for sharing.

Feb 24, 2009 09:23 PM
Mary PAUL, ABR, CRS,GRI, e-PRO,
RE/MAX Advantage Realtors, Searcy, AR - Searcy, AR

Great post!

When I list a property I say to the sellers, "There are three reasons homes do not sell, Price, Location and Condition."  You can fix two of them with the price!

Feb 25, 2009 01:09 AM
Kelsey Barklow
Hurd Realty - Johnson City, TN
423/948-9154

I also have a listing where the sellers agreed to do a lot of things to the house and then changed their minds and are offering an allowance now but not enough to cover the things they were going to do. So maybe further down on a list of 10? reasons should be partnership and cooperation with and between sellers and their agents. Nice post.

Feb 25, 2009 05:41 AM
Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Christopher and Stephanie, we are all having to work harder and smarter. That goes for sellers as well.

Jay 

Feb 25, 2009 10:30 PM
Walt Fish
Bay Area Home Inspection, LLC - Marquette, MI
Upper Michigan's Most Experienced Home Inspector

Hi Chris and Steph,

Good information! If you'd like an excellent example of #3, check out my latest post

Feb 26, 2009 01:43 AM
Jennifer Kipila
Van Dyk Group - Barnegat, NJ
The Muldowney Team - Ocean County Homes

#1 Price is definitely the most important, yet it is the hardest one to get sellers to understand.

Feb 26, 2009 06:01 AM
J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

Price is everything. Ultimately, it is the only real reason for not buying.

Feb 26, 2009 06:05 AM
Michelle Chamberlain
Above All Financial Services -Pennsylvania Mortgage Broker - Secane, PA
Suburban Philadelphia Mortgage Broker

I actually saw a house in my neighborhood that had a sign that said "sold in 2 weeks".  Haven't seen one of those in awhile.  While I am sure that it may have been a nice home it was on a very busy main road and right near the train tracks.  However, it was a steal!  My non-expert opinion says #1 is probably the most important

Feb 26, 2009 05:09 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Great post and good tips for sellers. Price is #1 . I ask them if they would buy it if it were priced lower and that gives me a clue if the like the house or not.

Feb 26, 2009 09:35 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Stephanie and I thank everybody for their comments.  We are glad that this post is getting attention as the topic is timely and are glad that it is informative and useful as well.  We will come back over the weekend and comment more specifically.  I have a feeling that spring is going to be pretty busy so it is great for all of us to stay on the front lines and for sellers to have their property positioned to sell before the competition !

Feb 27, 2009 12:10 AM
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

All of these are important for sure. I really can't understand listings that are almost impossible to show, particularly short sale listings where time is of the essense.  Do these folks want to sell their properties or not?!

Feb 28, 2009 02:41 AM
Christianne O'Malley
Dickson Realty - Reno, NV
Exceptional Service - Delivering Results in Reno!

I always thought there were 3 main reasons - stigma was a new one on me. But I'm glad you added it! Great post!

Mar 02, 2009 07:20 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Great post, and I do agree with you 4 points...I have a listing that the owners do not want a lockbox...I am going to discuss this point with them again.

Mar 02, 2009 08:40 AM
Karen Rice Keller Williams Real Est
Keller Williams Real Estate - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

Staging is important, but not the "utmost" important.  The utmost important thing is the price, and overal condition (rather than appearance!) of the home.  A well staged home with shoddy carpets and rotten trim that is priced $50,000 above market is not going anywhere.

Many pieces of the puzzle work together...but nothing, I repeat, nothing, will sell an overpriced home.

Mar 03, 2009 12:40 AM
John Nyiszter
RE/MAX First Realty - East Brunswick, NJ

Price is very,very important, location you can't change but you can tell the sellers about quick fixes like painting the home, fixing anything that's broken and also have a professional come in to stage the home. And if you want your colleague to help you sell a property, the commission is important too. A 4% listing will not pull too many agents but a 6-7% might.  These days everything counts, i mean everything. 

Great post. 

Mar 03, 2009 12:36 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

There are some great comments here.  I am glad to see that other people are mentioning the difficulty to gain access one... I think this is pretty straight-foward.  If it is difficult for an agent to gain access, they might just pass as there are too many other properties to choose from.   You cannot sell a property you cannot show !

Mar 04, 2009 11:48 AM