Top 5 Reasons Homes Don't Sell
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June 16, 2006
Good article from Inman News this morning on reasons buyers aren't buying or why sellers are stuck in the mud. Here's an excerpt:TOP FIVE REASONS SOME HOMES DON'T SELL.Not a bad list. I would disagree with #5 to a small degree. I believe that after the MLS the Internet is #1, sign #2, and advertising #3. My opinion based on experience and where inquiries originate on our listings.
by Robert Bruss
If your house or condo is listed for sale with a successful realty agent in your vicinity, there are five key reasons your home might not sell although nearby comparable residences are selling:
1. THE ASKING PRICE IS TOO HIGH. By far, this is the top reason a home doesn't sell. Although you might be just testing the market, prospective home buyers are very smart and they know an overpriced listing when they see it. Worse, their buyer's agents won't even bother showing homes with asking prices above recent sales prices of comparable nearby homes.
For this reason, if you want to get your home sold during this peak sales season, it is vital for your listing agent to keep you informed on a weekly basis of recent comparable home sales prices. Perhaps it's time for an asking price reduction.
2. THE LISTING AGENT DOESN'T MAKE THE HOME EASY TO SHOW. Well over 50 percent of home sales involve a listing agent and a buyer's agent. If the listing agent makes it difficult to show a home, such as requiring the listing agent be present for all showings, this discourages buyer's agents.
3. CONDITION OF THE HOME. Most home buyers want to purchase a residence in near "model home" condition where all they have to do is turn the key in the front door and move in. However, if the residence requires considerable work, that turns off all but the most die-hard bargain hunting home buyers.
4. "AS IS" HOME SALE CAN BE A RED FLAG TURN-OFF. Closely related to homes that don't show well are those listed for sale in "as is" condition. The term "as is" means the seller offers the residence in its current condition and will not pay for any repairs. However, the seller must still disclose in writing to buyers all known defects, such as a leaky roof or a bad foundation.
5. INEFFECTIVE MARKETING METHODS. In today's home "buyer's market" in most communities, listing agents and do-it-yourself "for sale by owner" home sellers must use every marketing resource available. Most effective is the for sale sign on the front lawn. A close second is weekly newspaper advertising, especially for a weekend open house. In third place is Internet advertising, especially at www.Realtor.com and other Web sites.
Read the full article here.
Note: emphasis above added by me.
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