Selling a home is a stressful time for most. The thought of not knowing when your property will sell, how much it will sell for, or bottom line, if it will sell at all can lead to many sleepless nights. These sleepless nights can become more and more frequent as the days on the market (DOM) continues to increase. This article dishes out 6 reasons why your property lingers too long in the market.
There are many reasons why a home isn’t selling. Some of the reasons certainly carry more weight than others. The reason for a home not selling can be solved and sometimes it is a very small and/or inexpensive correction that can make the difference between a home selling or not! Other times there are reasons that your property isn’t selling and they cannot be corrected. Here are 6 common reasons why your home isn’t selling.
Bottom line, the number one reason a home isn’t selling is price. 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 property 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. The internet makes it very easy for buyers to see what comparable homes look like and what they are selling for. If a home is overpriced, many buyers will know this, and won’t even consider viewing the home.
2. Real Estate Agent
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 property is a vital part of whether a home will sell or not.
3. Real Estate Agents who “Buy Listings”
It’s extremely 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 sellable, de-cluttering, or depersonalizing. These “Yes” men or women will agree to anything a seller says just to secure the listing to use as a way to pick-up new business through inquiries, even though they know what they are agreeing to isn’t correct or in the sellers’ best interest.
4. Marketing Plan
Is it important to have a real estate agent who is internet savvy and utilizes online marketing? Of course it is! 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 their client.
5. Poor Condition
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, strong odors, 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.
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 its 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 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.
These above reasons why your property isn’t selling are very common. While some are correctable and inexpensive, others are not. The number one reason a home isn’t selling though, is price! Making sure that your real estate agent has knowledge, experience, and the information to back up their suggestions is critical.
What other reasons do you see when a home is not selling?
Written By: Ayeotan Shola