6 Reasons Why a Home Will Not Sell - Even in a Hot Market
6 REASONS WHY A HOME WILL NOT SELL ...EVEN IN A HOT MARKET.
Pricing a home properly is critical to the success of a home
sale. A properly priced home always sells, while an overpriced home usually
The advantage of pricing a home properly offers several
benefits, one of which includes selling it in a timely manner to avoid the
inherent inconveniences that come along with a home sale (i.e. constantly
cleaning up, making everything look its best for every showing, and having to
be absent during the showings and open houses (including kids, dogs, etc.)). Therefore,
getting a home sold in a faster period of time is not only easier, but more
importantly, financially beneficial because a home will receive the most
attention and highest buyer interest when it is first listed for sale.
When a home is priced too high, agents and buyers will label
a home as "overpriced" and wait to see if someone else will "overpay"
for the home. In most cases, nobody does. A homeowner then needs to endure all
of the inconveniences, for a longer period of time. And adding to that, the
result is typically a lower sale price, because the home has now sold with
lesser interest than when it was first listed for sale.
Most homeowners believe all agents do basically the same
thing. If this were true, then all homes would sell.
Also, most homeowners believe that by meeting one agent from
one company means that that was all that specific company has to offer. I have
been told from potential home sellers, "I am already meeting with ABC Real
Estate Company" or worse, "Our friend just got a real estate license.
We thought we would give him/her a try."
Be aware that all agents are not alike, even within a
brokerage house. Brokerage firms give agents boilerplate methods of how to
market a home, but it is up to the individual agent to create and master custom
marketing plans. And what's even better? The ones with a supporting staff. This
will insure the homes marketability and a successful sale.
It is important for a homeowner to understand that the way
we live in a home and the way we sell a home are two totally different matters.
Having a staged and "show-ready" home is best
accomplished by first consulting with a talented and forthright agent that will
explain and counsel a homeowner on how to "stage" a home for sale; a
A "show-ready" home will then help with the sale
and it will sell for the highest price because it taps into the buyer's
emotions. When a buyer sees a home that they fall in love with, "from
floor plan to furnishings," they will typically pay their top dollar price
for that home.
One of the toughest obstacles when working with our buyer
clients is scheduling their showings, which is typically arranged with a
Some agents have not properly informed their seller clients
to understand that buyers want to see the home on their (buyer) schedule
because that buyer may buy another home in the meantime.
To avoid this unfortunate possibility, it is helpful to
understand the mindset of buyers and their agents:
If a buyer schedules to view several homes in a day (not
including yours) and they see a home they love, how likely do you think their
agent will say, "Before you buy this home, I need you to see one that is
difficult to show?" This is not going to happen. Why should it? A buyer
loves a home and is ready to buy it. And what adds to that disappointment? What
if that buyer was the most eager and would have paid the most amount of money
for your home ... if only they had seen it?
This will typically happen when listing agents tell the
homeowner they will be the only person showing their home. I understand this
sounds great in theory; but in reality, it does not work for the benefit of the
homeowner wishing to sell their home.
Here are the facts: If an agent has more than one listing
(you would hope they do. Otherwise they are not active in listing and selling
homes) and they have a request to show a home, there is the high probability
the agent will have other appointments during the day (i.e. spending a day
showing other buyers homes. attending inspections, meeting with another client,
etc). An agent cannot duplicate themselves and sadly for some homeowners, the
buyer that could have been their best bet, ends up purchasing another home.
This experience alone has made a significant difference in getting homes sold
when other agents failed. In almost all occasions when I listed a home
previously and unsuccessfully listed with another agent, I heard my new clients
say, "I cannot believe how many showings we now have since we have listed
with you. We did not have half the amount of these showings before." The
reason: My team and I created the most effective system to show a home and will
be happy to explain this easy process.
A real estate agent's ability to communicate the correct
information to the brokerage community and buyers is important. The opposite is
also true. Poor communication equates to poor results.
Sales are either delayed or prevented by some listing
agent's inability to communicate effectively.
Some agents are simply uninformed or unable to provide
important information on a home that was needed to help it sell. When it
becomes too difficult to buy (anything), people lose interest. The same holds
true when buying a home.
Other examples of poor communication: A listing agent
presenting false information, which can potentially lead to a legal dispute or
to the benefit of a buyer and disadvantage of the seller, the listing agent
shares too much information, leading to compromised negotiations.
When selling a home, choose an agent that you are confident
is a good communicator and one that can properly "sell" the best
features of your home.
As disappointing as it can be for all involved, sometimes
the simplest reason that can prevent a home sale is a matter of timing. An
example: A buyer needs to close in 30 days, but the seller cannot move until 60
I have witnessed unsuccessful negotiations because of this
small yet important issue and as you can imagine there are many other terms
that can get in the way of a transaction.
To avoid losing the sale an experienced agent is better
equipped to explore every option and can typically find a solution to every
dilemma. This is when your agent's experience does matter.