There are many reasons why a home is not selling. Some reasons carry more weight than others. Here are 7 common reasons why your home isn't selling.
Who is your Sales professional?
Every real estate market has hundreds or even thousands of real estate agents in their respective board. Just like “no two people are alike,” “no two real estate agents are alike!” Every real estate agent has different ways of communicating, how responsive they are, how they negotiate, their energy level, and many other characteristics that differentiate one agent from another. Selecting the “right” real estate agent to sell your home is a vital part of whether a home will sell. Both their budget as well as mastery of negotiation & marketing makes such a huge difference.
What is the Marketing Plan?
According to the National Association of Realtor's, 92% of home buyers use the internet for their home search. Is it important to have a real estate agent who is an internet marketing professional? Absolutely!!! The real estate agent should have a strong internet presence which should include their own website, an active blog, and also social media presence. With the growth of social media, it’s important that the real estate agent know how each network will benefit the listing.
Real Estate Agents who “Buy Listings”
It is very common that a seller has no idea their real estate agent has “bought the listing.” What is a real estate agent who “Buys Listings?” Simply put, it’s a real estate agent who tells a seller what they want to hear not what they need to hear! This can include the pricing of a home, suggested (or lack of) repair items to make a home saleable, de-cluttering, or depersonalizing. These “Yes” men or women will agree to anything a seller says just to get get exposure to potential buyers.
Where did you come up with your price?
As long as the home is properly advertised price is the number one reason a home does not sell. If a home is overpriced, the other 4 common reasons below mean nothing. Even if you hire the number one local real estate agent with the best marketing plan, it won’t matter if your home is overpriced! The price that a home enters the market at will do a lot of the marketing of the home. Today’s home buyers are well educated and have access to a wealth of information.
How universally appealing is you decorum?
Every buyer has different tastes and preferences. A homes décor can be a reason why your home isn't selling. It is impossible to predict exactly what every buyer who walks through a home is going to think about the carpet, flooring, wallpaper, or wall color. Just because you love the floral wallpaper with the matching vertical blinds, does not mean that it will “appeal to the masses.” Wallpaper for the most part is no longer a desired style. The best rule of thumb is when in doubt, neutrality is king!
What is the condition of your home?
Most home buyers in today’s society do not want to do a lot of “work” and are reluctant to take on a “project.” A home that may have damaged and/or cracked walls, damaged siding, broken windows, worn carpet in every room, strong odor, mold issues, or other “poor conditions” will take time to sell. A home, even though priced to reflect the condition, still may not sell. Once again, many of these “poor conditions” can be corrected and/or repaired fairly inexpensively. In some cases it can be advantageous to do these corrections prior to listing as it may lead to a quicker sale and for more money.
Where is the home located?
The saying “Location, Location, Location” is commonly heard in the real estate industry. If a home isn’t selling, location is a difficult one to correct. A home can be in mint condition, have excellent mechanics, and be a perfect layout but if it’s location is less than desirable, it can be a reason a home isn’t selling. A few examples are a buyer who eliminates any home that is on a primary road, corner lot, or located near a highway. Homes that re located in a less than desirable location normally will have greater days on the market (DOM) and lower sale prices than other comparable properties that are located in a less than desirable location normally will have greater days on the market (DOM) and lower sale prices than other comparable properties.
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