6 Reasons why your house won't sell.

Reblogger
Real Estate Agent with WEICHERT, REALTORS ® - McCarthy Associates

 

If you are in NW Philadelphia and planning to sell or wondering why your house hasn't sold, this article is for you. It was written about another part of the country, but what it takes to get a home sold is the same. Both you and your agent have to work together to create the best impression, and offer the property to the market at a price that they market will pay. 

Original content by Alan May

1. Your photos are unimpressive. The vast majority of home buyers start their search for a home on the Internet, your house had better look great in print. Not just nice... downright fabulous.  Today we are considering internet views as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... We consider that your SECOND showing. Today's buyers are expecting good quality photos (and lots of them... just 1 shot from the street won't cut it!), a virtual tour, maybe even a floor plan, if applicable.

(btw... for those who've asked, and have them in their areas... I use Video Home Tours..[vht]... they offer incredible pricing partially subsidized by Coldwell Banker... and it's honestly cheaper to have them do it, than for me to spend my time on photoshop... and they offer professional quality.)

2. It's overpriced. You've got to view your own property as objectively as possible.  Look at the home like a "buyer"... if necessary, go out with your Realtor and view other homes that are priced comparably to yours.  Be objective.  Given the other options on the market (and yes, you DO have to include short sales and foreclosures on your list... your potential buyers are!), would YOU buy your home, over the others on the market?

If no, then you either have to "update" your home to meet or beat the competition... or lower your price to adjust for it.  if you can't afford to sell it for the price, that you KNOW it should sell for, you may want to consider just removing it from the market.

3. It shows poorly. This could mean almost anything... from the barky, barky dog, to the smell of the diaper pail.  Maybe the carpeting is a bit worn, or the woodwork shows a lot of wear.  All things that don't show up on the internet, but whoa.... once you get inside the house... they show up, like a cat-urine-smell on a 95 degree day in New Orleans!

4. You're invisible. Today's buyer comes from the internet, almost exclusively.  Have you (or your agent) simply plopped the property on the MLS, and started praying?  Are you on all the websites...(Trulia, Zillow, Craig's List, Google Base, etc...) all the places that buyers are searching?  If not, you want to be.

5. Your listing is tired and stale on the market. Okay... yes, you overpriced your home initially when you first came on the market 2 years ago.  But since then you have reduced your price almost monthly... constantly chasing the market down.... Now, finally you're truly priced where you should be... but your listing is tired and stale.  Everyone looking for your type of property (ie: 3br/1.1 bath) in your area has already seen it, sometimes twice... and they remember that there was "something" about it that they didn't like... but what they don't remember is... what they didn't like.... was the price.   Time to take the listing off market.  Let it cool off (3-6 months), and bring it back on fresh in the Spring.  Yeah, you'll have 6 mos. worth of holding-costs... but you'll more than make up for it in your purchase price.

btw... Resist the temptation to bring the house back on at a higher price, than when you left the market.  Just "don't do it"!

6. Your house won't appraise. The house looks great... you've finally gotten someone to bring you a bid on your slightly over-priced, but beautiful pied-a-terre.  But the bank appraiser says it's worth $20,000 less than what they've agreed to pay.  Heavy sigh... bite the bullet.... negotiate with them.   If you have to drop the price $20,000 to make it work.... "make it work"... chances are, anybody else trying to buy your house will run into the same problem.

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
-------------------------------
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com

 Evanston Real Estate, Evanston Realtor, Evanston Buyers, Evanston Sellers
North Shore Real Estate, North Shore Realtor, North Shore Buyers, North Shore Sellers

 
Posted by

Kathleen Sheridan

Weichert, Realtors® - McCarthy Associates

6901 Gerrmantown Ave, Philadelphia, PA 19119

Office: 215-843-1414 ext 230

Cell: 215-740-3320

Email: ksheridanrelator@gmail.com

NWPhillyRealEstate

Comments (5)

Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Well said. Good tips/advice, lots of truth in that.

I hope you'll remember me if you learn of anyone moving to "The OC" and I will do the same!

Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors           

Aug 31, 2009 05:59 AM
Jon Budish
Resident Realty - Fort Collins, CO

Your observations are good for any home, in any location.

Aug 31, 2009 06:00 AM
June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

What a great reblog.  These observations will stand well in any market location.  Thanks for sharing.

Aug 31, 2009 06:07 AM
Kaye Brock
Crye-Leike - Nashville, TN

This is some great information.  How well does Item #5 work--Tired Listing?  I'm the 3rd agent on a tired listing.  The sellers are talking auction but maybe taking it off the market for a few months is a better idea.

Anyone have that work?

Sep 02, 2009 10:28 AM
Kathleen Sheridan
WEICHERT, REALTORS ® - McCarthy Associates - Philadelphia, PA

Kaye,

In Philadelphia our multiple listing service posts the cumulative day on market. Even when a house is re-listed by a different broker the number of consecutive days that the property has been on the market shows up in the listing info. To start over the property has to be off the market for over a month.

When the days on market get into the 300's or the 400's how likely are you to show this property? Buyer's want to know what is wrong with it. But, I don't think that JUST taking a property off the market is going to result in a sale when it comes back on. Something else has to change as well.

Sep 02, 2009 11:04 AM