Six Reasons Why Homes Don't Sell

Six Reasons Why Homes Don't Sell

1. Your home is overpriced.  "There's a buyer for every home."  The fact is that the Seller sets the asking price, the Buyer sets the value and the difference in the range is the market.  Overpricing is the most common reason homes don’t sell.  Remember that the first four weeks your home is on the market is the "golden time" and that is when you will have 80% of the showings.  Overpricing compared to your competition will be duly noted and it is possible that your home may not appraise at the price you've set.  And, when your home remains on the market too long, buyers will begin to wonder if there are serious reasons why it hasn’t sold.

2. Your home doesn't "show" well.  Let's face it, even the very best homes need a little makeover to shine today.  Standing out as clean and pristine, compared with the competition, is something that you can do something about.  You can inexpensively paint walls and clean floors and carpets.  Along with a fresh coat of paint on the front door, these things will have impact on a Buyer's attention.

3. You're in a bad location.  Location, location, location.  Face facts, you can't change your location and location has as much of an impact on the salability of your home as price and condition.  Every effort should be made to accentuate the positives and eliminate the negatives.  Compensation for a poor location includes adjusting the asking price and possibly offering other attractive incentives.

4. You have a lousy listing agent.   "Here's what I can get for you if you list with me!"  That’s the cry of a lousy listing agent.  Bad advice can cost you time, money and buyers when your property is not priced and marketed correctly.

5. You are combating competition and/or market conditions.   Is it a "buyer's market" or "seller's market"?  Market conditions are affected by all kinds of forces, most are unpredictable and unavoidable, and include: weather, economy, interest rates, and the public's sentiment about the current real estate market.  In a hot seller's market, homes sell quickly, inventory is low, and there is less competition.  Chances are you will get your price, terms and conditions.  In a buyer's market, homes sell more slowly, inventory is high, and there is more competition.  Chances are the buyer will dictate the price, terms and conditions of sale.

6. You have ineffective marketing.   Gone are the days of simple marketing – that is – putting your home in the MLS, putting up a sign and running an occasional ad – all the while hoping that your home will sell.  Today, a multilevel marketing plan is needed that includes e-mail promotion, Internet listings, newspaper advertising, open houses, listing fliers to agents, ads in local/national real estate magazine.  And, the Internet has changed the way buyers search for a home.  What you need today is a "marketing agent", not a "listing agent".

9 Ways to Avoid Getting Burned When Buying Waterfront Property