REASONS HOMES DON'T SELL
If your home has been on the market for a few months and you haven't has much activity or offers, it could be one or more of these reasons:
Price Too High
While there are many reasons for setting the price too high -- this seems to be the most common reason for a home not selling. Pricing a home too high can create several obstacles:
- You are competing with other homes that are selling for less.
- Your home will be "shop worn." Some Agents will point out the number of days on the market.
- It might not appraise -- which will cause the deal to fall apart or require renegotiation.
- Higher prices can bring low ball offers.
- Other Agents will use your home to sell their lower-priced listings.
- Homes not priced correctly do not get the right buyers.
There is a lot of competition out there from brand-new model homes to resales that look like model homes. Look at your home with a critical eye, or get someone you trust to help you. Look at the paint, carpet and flooring. and put yourself in the buyer's shoes. Would you buy this house in the condition it is in? These days most buyers want turn key condition UNLESS it is priced so well that they don't mind doing the work themselves. Don't forget about the landscaping, a neatly mowed and edged yard is vital. Make sure the shrubs and trees are also nicely trimmed. Flowers always spruce up a yard to give it nice color. Your home needs to stand out and look inviting, because, if it looks good from the outside, they will want to see the inside.
The old saying "Location, Location, Location" is still very true today -- it's all about location. Buyers look for good schools, low crime rates, and neighborhoods with good visual appeal. If you are in a less desirable neighborhood, a good real estate agent will suggest improvements to the house to minimize the location. However, the best way to resolve the issue is with a lower price.
The best agents use aggressive marketing to sell their listings. Today when most people look for a house they start with the internet. For that reason, we primarily use the internet -- we use fully enhanced Realtor.com websites with the maximum number of photos, we do virtual tours with floorplans, we are on numerous sites (For a complete list, see Marketing Your Home for our Marketing Plan). Additionally we take advantage of Agent Tours for more constructive feedback. If all your agent has done is put a sign in your front yard and entered it in MLS, then that person isn't doing an effective job in marketing your home.
If the market is slow then there are too many homes for sale and not enough buyers. The most effective strategy is to price your home lower. You can also offer to pay closing costs or offer some incentives.
It is important for your home to be very accessible for it to sell. When agents show homes, most likely they are showing numerous homes in one day and they need for those homes to be easy to show. Easily accessible means it will have a lockbox on the front door and the showing agent can simply get the key from the box. If you show your home "by appointment only" or "appointment with agent" this slows up the process and the agent most likely will avoid your home.