6 Reasons Homes DON’T Sell

Has your lawn grown up around that “For Sale” sign?  Have the wasps moved into the lock box on your front door?  Did you receive an invitation to your Real Estate Agent’s Retirement Party?

If so, chances are your home sale fizzled.

Here are the 6 most common reasons why a home hasn’t sold and what you can do about it.

1.    Your Home is Over Priced. 

The Fact is:  Buyers NOT Sellers ultimately determine the market value of a home.  Over pricing is the most common reason a home doesn’t sell.  The home sits on the market and Agents and Buyers may begin to wonder if there are other, perhaps more serious reasons why it isn’t selling.

If you can just remember these 4 facts about pricing strategies, you will come out a winner:

• Your property is worth only as much as a Buyer is willing to pay.
• An accurately priced property sells faster and at a higher price.
• A buyer is inclined to making a full price offer on a home listed at fair market value.  Conversely, a buyer is more apt to put in a low offer on a home that is priced above market value.
• If you over price your home, it will have fewer showings, receive lower offers, take longer to sell, plus actually contribute to the sale of other properties in the neighbourhood. 

2.    Your home doesn’t “show” well.

The reality is that your home is in direct competition with those shiny new homes in those pristine subdivisions, with their attractive prices, incentives and community amenities. 

Be Honest:  Even the best old house needs a little facelift if it hopes to attract a qualified Buyer.  The Good News is that the works will probably be relatively inexpensive, like a new coat of paint, some flowers, cleaning the floors or carpets...Voila!!

3.    You’re not in the best location.

Nothing has a greater impact on your home’s value that the location.  If your location is not the best, your options are somewhat limited.  The best way to compensate for your location is to reduce your asking price or offer attractive incentives like seller financing or perhaps lease option with rent credit.

4.    You have a lousy Listing Agent.

Yes, they are out there...those who mislead, misfire and even misbehave. Their bad advice can not only cost you time, the sheer hassle of keeping the place “show” ready 24/7, but they can also cost you valuable money.

The Agent from hell will allow you to overprice your home (“Here’s what I can get for you if you list with me”), not market it properly (see No. 6), fail to screen qualified Buyers, be unresponsive to interest from other agents (if they sell their own listing, they don’t have to split the commission), and keep you totally in the dark throughout the entire process.

5.    You are battling competition or market conditions.

We know the terms “buyer’s market” and “seller’s market”.  In Real Estate, market conditions are affected by any number of external forces.  As we have experienced in the recent “hot” seller’s market, home goes fast and for over list price.  This is because there is a shortage in inventory (homes on the market).  In a “flat”, “cold” or buyer’s market, sales slow to a trickle, inventories grow and buyers can find bargains, especially when they know the seller is motivated.

If you’re trying to sell in a flat market, you’re not only competing against all that vacant new construction, but against rentals as well.  In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings on again in your favour. 

Currently, the market is balanced and bodes well for both Sellers and Buyers.

6.    You have ineffective marketing.

Gone are the days when an Agent could simply put your listing on the local MLS service, hold a halfhearted open house and wait for another Agent to bring forth a Buyer. 

Today’s Top Performers launch a multi-level marketing plan that includes listing tours for area Agents, newspaper and even TV ads, weekend open houses, listing flyers and placement in local Real Estate Publications.

Computers and the Internet have changed the face of Real Estate.  Today 84% of Buyers start their search for their home and/or investment on the Internet.  The best Real Estate Agents are computer savvy.  They have your listing in colour on their laptops to show clients and communicate frequently via email.

Suffice it to say that if your Real  Estate Agent is NOT listing your home on-line through the company web-site, through the local MLS, and any and all other potential marketing portals, you may not be getting the exposure necessary to find a buyer. 

The long and short of it all is, You NEED an Agent who knows the current market conditions, knows how to price your property to ensure you get the top dollar in today’s market, one who is Internet savvy and knows how to properly display and advertise your listing on the information highway.

You NEED Gigi Van Weezel and Valerie Del Brocco to Sell Your Home...Working Together Works!