top curve 1 top curve 2 top curve 3

The 5 Reasons Why a Home Does Not Sell

Reason 1) -The marketing is incomplete or ineffective. 
Not all real estate agents are alike and unfortunately, some do a minimal job in marketing the property once they’ve obtained the listing. 

I often research properties as part of my commitment to my craft. I’m frequently surprised by the number of incomplete property descriptions, lack of multiple attractive photos, and many times, just incorrect or incomplete information reported in the listing. In most situations, once a listing is entered onto the internet and the REIWA website it will appear on many sites on the internet, as well as the agents own sites and national real estate sites they may participate in. 

Those properties with limited information, or worse, just a few photos or unflattering photos are eliminated by buyers and their agents without the buyer ever setting foot on the property. There are three groups of people your property must appeal to: agents, local buyers and out-of-town buyers. All three are influenced by the computerized representation of your property. If your property’s online and printed marketing isn’t appealing, you will have no physical showings. 

While a very small percentage of homes are bought "sight unseen," the general rule is if the buyer doesn’t step inside your home, they won’t be buying it.

Reason 2) - The home shows poorly.
Let’s face it; your home has to compete with all the shiny model homes going up in every corner of the city. You are competing with professional decorators and landscapers who are experts at creating emotional appeal. These model homes don’t have real families living in them while being on the market. 

Thankfully, this is one of the easiest things to fix. A good cleaning, de-cluttering and cosmetic facelift is pretty inexpensive compared to the return in a higher sales price and faster sales time. Sparkling windows, kitchens and bathrooms, professionally cleaned carpets and fresh paint make a world of difference. 

Curb appeal from an attractively-maintained yard and an inviting front door doesn’t require a professional or large amounts of money.

Reason 3) - The property is in a bad location.
This is one thing that can’t be changed. A good real estate agent will be able to maximize the positive aspects of your property while trying to minimize the negatives. It may be possible to screen an adjacent property with landscaping either to lessen the visual impact or the sound impact of a busy street.

If your home is located in a less desirable school district or close to perceived nuisances, the best way to compensate is usually to reduce the sales price.

Reason 4) - The market is the market. 
It’s all based on supply and demand. All real estate markets are cyclical, sometimes hot, sometimes cold, and sometimes just in balance. They are affected by any number of things that you have no control over, such as interest rates, the economy, weather, national or local disasters, consumer confidence, and sometimes the time of year, such as the winter holidays.

If there are many buyers for a type of property and there is a limited supply, the market will be faster and sellers won’t need to pay as much attention to condition, marketing and proper pricing. If there is a large supply of inventory, with little buyer interest, homes will languish on the market and buyers will choose the best of the available inventory. 

That’s the time that paying attention to the items mentioned above makes a real difference in terms of how long it will take to sell your property and ultimately the price you’ll receive.

Reason 5) The home is overpriced.
I’ve seldom met an owner who doesn’t think his/her home is "better." I’ve been told many times about specific features that "should" make the home be worth more money than comparable homes. No matter how much you may appreciate your home and its particular special features, the buyers ultimately set the price by what they are willing to pay for the property. Overpricing, either by you or by an agent willing to suggest a higher price in order to obtain the listing, begins a chain of events that often works against you.

Real estate agents and qualified buyers currently in the market will see your listing within the first two to three weeks, and if it’s overpriced they will note that and move on to other properties. After those important first few weeks on the market, the only buyers who will see your property are those that are new to the market, and your property will be labelled as "overpriced." Buyers and their agents always look for "days on market" when searching the REIWA member website listings.  

Day-old bread, leftovers, and overstocks are always discounted. The longer your home is on the market, the lower the price you will eventually be offered. Every property will sell, if it is priced properly. I have said it all of my career, the way to get the highest price is to price the property correctly at current fair market value.

Thank you and see you in the market place.

Symptoms that a property is overpriced

I have often over the past decade espoused what I call "cause and affect" factors in the sale and marketing of property. In other words, selling a property, while of course it is personal and unique, basically it is predictable.

The same things needs to be done, in a relatively similar sequence and certain barometers or indicators help us read or determine the effectiveness of various marketing and sales methods.Much like a good chef knows that the use of various ingredients in a certain order, in certain proportions create a particular outcome and a good builder knows the same, so does a good real estate agent.

A good physician can through understanding various symptoms, a thorough understanding of possible available options and through a process of elimination, can diagnose probable causes a

In order to look at what the symptoms of an overpriced listing, let’s first look at what a well priced listing behaves like. nd therefore possible courses of action.

What are the symptoms for that?

1) Lots of enquiry
2) Lots of inspections
3) Second inspections
4) Lots of drive bys
5) Lots on internet inspections
6) Early offers
7) Multiple offers
8) A Rapid result (In the first 30-45 days)

By definition therefore, the opposite is true.

---------------------------------------------------------------------------------

What are the symptoms of an overpriced listing? (And I believe it makes no difference which time of the year, and what the economy is doing. Every property is sellable if priced correctly).

1) Limited or no enquiry
2) Few inspections
3) No second inspections
4) Some drive bys
5) Some/ maybe even lots of internet inspections
6) Low offers/ no offers
7) No result in first 90 days

After 90 days, unless written offers in the range of 3-5% of the asking price have occurred, it is probably that the property requires a significant price adjustment.

There is a saying that buyers always find well priced properties.

Blog List

bottom curve 1 bottom curve 2 bottom curve 3
designed & developed by aussiehome.com