Reasons Why Homes Don't Sell

If you have had your home on the market for several months and haven't seen much activity or any offers, chances are that one or more of the reasons below are to blame.

Your price is too high

No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high to begin with are many, ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if you've priced your home too high, you've set yourself up for a number of obstacles to selling your home. It is important to understand that all real estate sells for 100% of its market value. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the property can not meet the lender's appraisal requirements for that value. Look at other homes for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, your home is competing against those other homes, and what buyers are willing to pay is what will determine final sales prices. I will provide an honest assessment of what you home will sell for and provide substantiating data to validate the Broker Price Opinion (BPO).

The condition of your home

There is a lot of competition out there to sell homes. Your home has to compete against other similar homes for sale, as well as competing against shiny brand new homes. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Think about it; 'what do buyers want?'  They want the most home for the least amount of money. There are two ways of accomplishing that. Either make your home the most home or the cheapest home. Look at your home with a critical eye – put yourself in the buyer's position. A buyer doesn't want to have to do anything except move in. Your best 'bang for the buck' in improving the condition of your home is paint and flooring. Be sure it is the right paint and the right flooring for your particular home.  Make sure that all of the paint is in great condition, both inside and out. Repainting doesn't cost too much, and will usually make the biggest impact on buyers. Make sure all of the flooring looks good too. You may want to consider putting in new carpet. Again, it's not that expensive but it sure does make an impact on buyers coming to look at your home. By making the right improvements on your home you should expect a $2.00 return for each $1.00 you spend.

Location, location, location

It's the oldest cliché in the world, but it's true. When it comes to real estate, it's all about location! When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If you're in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location won't sell for as much as the same home in a better location.

Your marketing campaign is out of steam

The best listing agents all use an aggressive marketing plan to market their listings. In all cases you will get what you pay for. Discounted listings provide substandard listing services and full service providers can provide all the resources needed to sell homes correctly. Understanding where buyers come from allows agents to market your home more effectively. While buyers use a variety of information sources to learn about homes for sale in their target neighborhood and price range, the vast majority will discover your home with the assistance of a real estate professional. According to research by the Texas Association of Realtors®, 72% of Internet home buyers and 63% of traditional buyers were first exposed to the home they purchased by their real estate agent. If your listing agent isn't making sure your home can be found easily on the internet, or isn't actively touting his or her listings to other agents in the area, then it might be time to change agents. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn't coming close to doing all that can be done to effectively market your home.

The market is slow

You'll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. You'll also hear that 'there are too many homes for sale and not enough active buyers'. Let's be clear about something, there are buyers in the market each and everyday looking for homes like yours. The key is to create a marketing scenario that makes your home the natural choice.  There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. This does not mean to sell your home under market value. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that's not always an option for many sellers.

Your home isn't easily accessible

To get your home sold quickly, it's important that other agents in the area show it to as many potential buyers as possible. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have 'lock boxes' on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being 'lock box, appointment required' will not get shown as often as homes listed as 'call showing service, courtesy call'. If at all possible, you should let your agent put a lock box on your home for easier showing providing they use a professional, safe showing service to assist Realtors with the buyers. If not, you should do anything else you can to make it as convenient as possible for all agents to show your home.

You have an agent nobody likes

Sounds almost silly, but it's very true. If your listing agent isn't liked or respected by other agents in your area, it could slow down the sale of your home. When an agent prepares to show properties to prospective buyers, the agent begins by talking to the buyer to find out what kind of home they are looking for. Then the agent searches the local MLS and other sources for homes that fit the buyer. If there are a number of good matches to choose from, and one of them has been listed by an agent that is hard to get along with, or arrogant, or has otherwise made himself unpopular, well… It's just human nature to tend to skip over someone you don't like. It's not supposed to happen, but it does.

Complete the required information on your home and you will receive an expert analysis, of why your home hasn't sold or your home's approximate present value on the market today. You will receive this information quickly, by email, and with supporting data to validate the BPO (Brokers Price Opinion)

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