“Why isn’t my home selling?” This is a big question that many sellers asked their real estate agents. The truth is there is no iron clad answer to this but rather a group of possibilities that could cause this situation. When confronted with this situation, most home sellers are hesitant to make the important changes for a reason that these can possibly cut into the profit margin. Let’s take a look at some of the usual reasons whey a home does not sell in the market.
1. Mostly, if your home does not sell it is because it is overpriced. There are instances when sellers have the tendency to price their home with emotion and not logic. They are putting a price to their home with feelings, memories and events that exist there and that is not possible. Buyers will not see the need to pay for someone else’s memories. A home must be priced strictly on the current market price and comparable homes in the area and other assets that it possesses.
2. Your home does not show well in the market. Since your home is competing against new shiny houses in pristine subdivisions with attractive prices, community and incentive amenities, you should make sure that your home fares well in the buyer’s eyes. A little makeover should do the trick of attracting qualified buyers. Most of the work to make your home attractive is mostly cosmetic and inexpensive. A fresh coat of paint, a clean house, attractive window boxes and clean floors and carpets should do the trick.
3. You are in a bad location. Nothing has a great impact on the value of your home than its location. If the location of your home is less than desirable, you would have limited options. A good agent will do what he can to help you heighten the positive and eliminate the negative effect of your circumstances, for example, using a foliage to screen off offensive adjoining properties or dampen the noise of traffic. The best way for you to do is to reduce your asking price to compensate for a poor location or offer attractive incentives such as a lease option or seller financing.
4. You have a real estate agent who misfire, mislead or misbehave. They do exist, by the way. Their ill advice can cost you plenty of money, time and sheer hassle of keeping the place show-ready twenty four hours a day. This kind of agent lets you overprice your home and not market it properly, unable to screen qualified buyers, unresponsive to other agents interest and keep you totally unaware throughout the selling process. An arrogant, abrasive and difficult to work with agent may dislike the hassle of showing your home to prospective buyers.
5. You are in battling with market conditions or competitions. I’m sure you’ve heard about a “buyer’s market” and a “seller’s market”. Several external forces such as; the weather, interest rates, economy and public optimism and pessimism affect the market conditions in real estate. In a hot market, homes go fast but if you are trying to sell in a flat market, you are not just competing against all new construction but also against rentals as well. In this case, you should be ready to settle for less than the top price, or wait to sell until the tires spin in your favor.
6. You have poor marketing strategy. Today’s top agents launch a multilevel marketing plan that includes newspaper and TV ads, listing tours for area agents, fliers and placements in local real estate publications and weekend open houses. Computers and the internet now factors a great deal in home selling. A study shows that more than one-third of buyers use the internet to look for homes. The best agent should be computer-savvy and should be able to list your home through the company website to expose your home well.
If you are experiencing this problem with your home, talk to your agent and determine if there are things needed to correct the problem. Make the necessary changes because each day that your home does not sell could cost you a lot.
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