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Why won’t my house SELL!!!!!!!
We have all seen that house on the block that seems to have been for sale for the last 200+ months and just won’t sell. I mean it looks like a nice house from the road and I am sure it is beautiful on the inside but I wonder why it is not moving. Remember the objective to anyone who lists their home for sale is to sell it. Now I am not just talking about homes that are listed by a realtor, I am also talking about homes that are for sale by owner. Now from the point of view from the home owner this could be extremely frustrating and in all reality this stagnant home can really begin to affect market value of the surrounding homes and the comparables used by appraisers and realtors alike. A home sitting on the market for all eternity is good for no one.
Let’s dive into 4 reasons as to why the home is not selling. I hope these 4 reasons provide some insight to everyone because we all know that we are here to have a home sold not sit on the market until the second coming.
Reason 1: It is really obvious but still worth mentioning – the home is priced too high. For whatever reason the owner has decided that their home is worth more than the market can bare and you know it might be worth a $1,000,000 but if the market cannot justify the price than the home will sit. Also, just some food for thought even if you have someone willing to pay the high price and it is something other than a cash buyer who just doesn’t care about what they pay, when it comes to the bank appraisal the bank will not loan out more than the home is worth. So you will be back at square one. Always remember, a home will sell for what the market will allow.
Some ways to fix this issue: a) pull your property off the market until the market can support the higher price b) change the price of the home to what the market will condone c) Make sure the home will appraise at the higher value (HINT: get a bank appraiser to come out to the home and appraise the home – YES, this will cost some $$ but will save you a lot of time, frustration and money in the long run.
Reason 2: The home is not exposed fully to the market and no one really knows it is for sale. The worst thing I have come into contact with is a home that is amazing but not properly advertised or marketed. Now when the home is For Sale by Owner I can understand that life gets in the way and marketing and advertising can be extremely costly and time consuming but when the home is listed with a supposed professional and the home is STILL not marketed or advertised properly that really blows my mind. I mean come on, the family has trusted us to SELL their home and all you do is simply listed it on the MLS and forget about it. I cannot stress it enough, marketing is so important to moving a home. Any realtor or owner should be doing EDDM, area focused marketing, move up buyers marketing, this home should be on every FREE classified site around the world (Don’t want to forget about international buyers), the home should have a BUYER’S BLITZ on it at least two weekends a month (to get it shown a lot) and the list goes on and on. SIDE NOTE: if you need any guidance or suggestions on exposing the house properly please feel free to email: firstname.lastname@example.org or call 954.610.9112 me, I would be happy to help you out. I love marketing because proper marketing and advertising moves homes and sells them fast!!!
Now even if the home is marketed correctly the owners have to have everything set up so that the home can be shown (yes that means people will have to enter the home). I know some people are sacred to let strangers in the home but I suggest that if you are uncomfortable keep a log for every person who enters: where you gather names, phone numbers and Driver’s License numbers for everyone. I use this on some homes for added protection but since I am a realtor I require that a SUPRA be used on my homes (when possible) so that an electronic log is kept of everyone coming and going. Yeah it costs me more money but it sure allows the home to be shown a lot.
I would recommend that if you have questions about your home and it is listed with an agent that you request to see the agents marketing plan and that you also Google the address as well.
Reason 3: The third reason “why your home won’t sell” I got from www.trulia.com because I have to say that they describe it wonderfully and I could not say it any better. “3. Your home has a glaring issue that needs resolving. Many times, a big condition issue can cause a home to sit on the market unless and until the seller either (a) fixes the issue, (b) offers a credit or incentive to offset the issue or (c ) reduces the price so low that a buyer thinks the bargain is worth the hassle. Some situations are too costly for a seller to fix (e.g., foundation needs replacing), and others are not fixable (nuclear power plant next door). In these situations, reducing the price might be the only resolution.
But other listings are sabotaged by highly fixable issues the seller simply might not be willing to admit are at the root of the problem. You might love the highlighter yellow you chose to paint all of your home’s interior walls, the wall-to-wall powder blue sculpted carpet or the “rustic” look of the weathered paint, fences and trims on the exterior. Or maybe you don’t love them, but you think buyers should just look past these issues.
Your home’s slowness to move is a wake-call. The average buyers’ tastes might simply differ from yours. Or maybe in your area and price range, buyers don’t have to look past issues to find a home that is move-in ready. To concern yourself about what buyers “should” be willing to do is to live in a fantasy world – and as long as you’re there, your home won’t move in real life.”
Reason 4: With all the reasons listed above I know that your home sitting on the market can be really nerve racking and that you feel like everyone else is crazy and you believe your home is worth every penny that you want for it. So the last reason your home won’t sell is because you may not be ready to move on or let get go of your home. If this is the case then I suggest you really look at all your options and decide to either implement one of the approaches above or remove your home from the market. When selling your home you have to detach yourself from all the emotional ties to the home and see it only as a business transaction. I know this can be really difficult but remember there was a reason why you listed your home for sale in the first place.
Well there you go 4 reasons as to why your home may not be selling. There are of course other factors that could be affecting why your home won’t sell but I hope this article really helps to give you some guidance. As always, if I can be of any service please feel free to email: email@example.com Call / Text – 954.610.9112 24/7.
Happy buying, selling and investing – there is not time better to start than today!