#1 Reason A Home Won't Sell. Over Pricing!

By
Managing Real Estate Broker with The Reata Realty Group

Home won't sell A Home Won't Sell If It's Priced Too High

This is a fact, homes will sell for a what buyer is willing to pay. What a seller needs to have or what the listing broker's opinion of the home's worth really has nothing to do with home value. Only the market place will determine if a home will sell or a home won't sell.

The listing broker and sellers are both at fault for a home not selling. Sellers will generally select a listing broker based on the price the agent tells them they think the home will sell for. Big mistake.  There are still a high percentage of Realtors who will go on a listing appointment and ask the seller. "Ok what to do want to ask for the property?" Especially if the seller has asked a friend or relative to sell the home. Which, by the way is a bad idea. Because that agent will not want to hurt the sellers feelings and if the property doesn't sell for the list price the relationship goes in the tank really fast. Plus, the home has already been on the market too long and the only way to fix that, is dramatic price reductions.

It's very important if you really want to sell your home to select an agent that has a marketing plan, brings the data to support a value range and is a full time agent. New or experienced, it doesn't matter as long as they have a plan and can full fill it. Taking the sellers asking price, putting a sign in the yard, lockbox on the door and hope someone else sells the property, is not a good plan.

I hear from sellers with these comments. "Well, we can always come down, we need negotiation room." No you don't! In todays market a well priced home will receive a full price offer if the listing agent and the buyers agent can support the value of that price. It just takes a little work.
10 years ago that strategy may have worked but today's buyers have access to the same information as the Realtor and in most cases know more about the neighborhood market than the sellers and more than a lot of Realtors.  That's why seller should look and listen a the Realtor's data.

If your won't sell there are three things you should check.

  1. Pricing
  2. Presentation
  3. Marketing

If any of these are out of whack are chances are really good your home won't sell. 

Happy Trails,

Donnie

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Topic:
Real Estate Best Practices
Location:
Texas Tarrant County Fort Worth
Tags:
sell your home
how to sell your home
home wont sell

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Rainer
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Debra Hight
Coldwell Banker United, Realtors - Houston, TX
Debra Hight

Donnie and Diana, great information.  In Houston the market is very fast paced and people wonder what's wrong with a property that has been on the market more than a month.  Inside the Loop, the houses that are priced right and show well are typically selling in less than a week with full price or above list price contracts.  Even if it is a sellers' market, it's still critical to price appropriately.

Aug 18, 2013 07:15 AM #1
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Rainmaker
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Donnie Keller

Reata Realty - Delivering Excellence
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