If your home has been on the market for more than its local market average time and you have not been able to sell, chances are that one or more of the reasons below are to blame:
Price
A good real estate agent should do their best to price a home based on sales of similar properties within your surrounding neighborhoods when. If an agent quoted you a much higher price than other agents you interviewed, they may have attempted to “buy a listing”. Such tactics can hurt a seller in the end. Pricing a property too high can often result in a “stale” listing and a lower sales price in the end.
Sometimes there are features about a property that are hard to place value on. What’s important to one buyer may be less important to another. Ultimately, the market will dictate the value of your home.
Condition
Does the property appear to be well maintained? Are the carpets clean and the paint (both interior and exterior) in good condition? How old is the roof? Are the windows double pane? Is the yard well manicured? Does your pet create a “smell issue”? Have you offered potential buyers the opportunity to look at reports such as termite or a home inspection?
Foreclosed/Bank Owned property typically brings the lowest price because the bank is trying to sell “as-is”. When a buyer is uncertain about the condition of a property it will often result in a lower price. Offering buyers the opportunity to review reports and completing recommended work ahead of time helps a buyer feel more comfortable with the condition of the home and alleviates arguments during the escrow process.
Location
If your home is located in an area with a high crime rate, undesirable schools, busy streets or roads, noise pollution, or neighbors with poorly maintained properties, it can affect the value of your property. Often times, the only way to compensate for a home with location issues is through a lower price. A good agent may also offer a strategy to mitigate a bad location.
Terms
Will you consider all types of buyer financing such as FHA? Will your property qualify for FHA? Can you offer seller financing? Will your property be attractive to first time buyers who are eligible for First Time Buyer Incentives? A good agent can advise you on financing available to help increase the number of potential buyers for your property.
Marketing
If you believe that you have done everything to prepare your home for sale and priced it competitively, there may be a problem with the marketing strategy. How was your home advertised? Did your agent take advantage of all the latest technologies and all the internet options available to “cast a wide net” of potential buyers? Was a lockbox available on your property so agents can show it easily? If buyers have a hard time getting in to the property they cant fall in love with it.
If you are frustrated with the inability to sell your home, give me a call. I have been able to help many homeowners accomplish their goal of selling a home that previously did not sell. I look forward to meeting with you and discussing these 5 factors as they relate to your property.
