Why Didn’t My Home Sell?
It can be extremely frustrating to go through a listing period and have your home not sell. You’ve spent time and effort trying to sell your home and may not be sure exactly why it didn’t sell. Typically, the reason homes do and don’t sell comes down to three components. If you are less competitive than other sellers in your market with any of the three components, your home is less likely to sell.
Here are the 3 components of a successful sale:
PROPERTY CONDITION PRICE MARKETING
And Here’s an Explanation of the Importance of Each Component:
Does your home show well by being uncluttered, smelling fresh and showing off the features of each room in the best light? Does your home have curb appeal? Or does it appear outdated, over-full, dark, or needing work? As a seller, it’s important to keep in mind that buyers are typically looking at several different homes and comparing them all. If your home doesn’t show as well as it could, buyers often do not have the imagination to visualize the space differently or in the best light. Presentation can be a huge distraction for buyers, and they often will buy the home that feels the most welcoming and well-maintained. The good news is that with some help and an honest evaluation, you can overcome this sale objection if you believe this may be what you are lacking.
Competitive pricing is one of the biggest challenges of today’s market for most sellers. How did your asking price compare to other available homes in your neighborhood? Have there been recent sales that may have changed your pricing accuracy from when you first listed your home for sale?
When a home is over-priced fewer buyers show interest, fewer other Realtors show your listing, and you can become stale on the market as your Days on the Market clock continues to accumulate. After awhile, people automatically assume something is wrong with your home because it hasn’t sold yet and even fewer people come to see it. It can be a vicious cycle. Listing with a new company can reset your Days on the Market clock, but if you remain over-priced the same vicious cycle will just repeat. Today’s buyers are more informed than ever and often look at several homes before choosing the best value to fit their needs.
Many sellers think if they are over-priced a buyer will just make an offer. But most buyers dread the thought of insulting a seller and will move on if they feel the gap between their sense of a fair price and the asking price is too far apart. And so the home sits on the market longer and longer with less and less activity until something changes.
Except for the choice of Realtor listing your home, the third sales component is often mostly out of your hands as a seller. Did you feel you had full Internet and local marketing exposure? Did you have lots of great color photos, a video tour, color brochures, a Realtor tour, open houses and a huge number of websites where your listing could be found? Did you feel that the photos and marketing description of your home really painted the picture of the best features of your home and what it has to offer?
Sadly this is something a lot of sellers are not well-informed about. Many agents feel that putting a home on the Multiple Listing Service with a couple of blurry photos and having a few open houses will sell a home. The reality is that over 85% of home buyers start their search on the Internet and if your home is not showing up in the places where they are looking and doesn’t have a lot of great color photos and a feature rich presentation to capture their attention, you are likely to be lost in the crowd of other available homes.
Over the past few years, a profound shift has happened in buyer habits and many agents have been left behind wondering where all the buyers went. We are not those agents. We know exactly where the buyers are and what they are looking for. We know how to get your home in front of them and how to capture their attention. And we never stop learning and researching in the continuous effort to be on the cutting edge of buyer trends and new opportunities. And our impressive sales record shows we know what we’re doing and know how to sell homes.
In 9 times out of 10, one of these three sale components is the reason for a home not selling. Do you recognize your weakest link?
Our team of listing specialists are experts in all three fields and can help you determine which factors may need some work to reach your goals. We know how to help you set a fair market value price, how to help you improve the presentation of your home, and we are experts at marketing homes.
For More Information and a Personal Evaluation of What Can Be Done to Sell Your Home, Please Feel Free to Call Us Anytime or Fill Out the Contact Form Below. We Look Forward to Hearing From You!