Over most of the country there are more buyers than sellers of homes. In most cases homes are selling more than list price and with multiple offers in the first few days of going on the market. So why are there still homes for sale that buyers are passing up? Well here 3 top reasons these homes are going unsold.
1) Over Priced
Over pricing is the number one reason homes go unsold. The market has rejected the sellers price for what can be many reasons. Some reasons are; Location, Condition, Availability to be shown. The industry standard is this, you should have at least 1 offer for every 10 showings and you should have at least 10 showings the first week.
Sellers not willing to price their home according to the market will end up losing money. I have heard sellers say ” I want to price it at a high price to see what kind of offers we get” or I need this amount of money to do this or that. The market doesn’t care what you need the money for, the market is the market. Buyers are very well informed these days and they know what the market in their price range and in the area they want to buy in. Sellers that fight the market will always lose and it will cost themselves thousands of dollars. It’s a fools strategy.
2) Home Is In Disrepair
Homes in disrepair will sell but the number of buyers diminish greatly. You may be limited to investors who will buy but are in the business of making a profit but there are a few buyers who are interested in building some sweat equity. Sellers should be aware that a home in disrepair will take a deep discount to homes in a “Move In Ready” condition. With this being said, take advice from your Realtor whether you should do upgrades or not. Sometimes you could just be trading $$$ and it wouldn’t make any sense to do the upgrades. Generally when it comes to this decision you have to be all in with the renovation or nothing at all.
3) Difficult To Show
Having too many showing restrictions will cause buyers not to see your home. Buyers will pass on your home in favor of a home that is more accessible to their schedule. Generally you can’t sell a home unless people can see it.
There are many more reasons homes don’t sell such as poor quality pictures. 90% of buyers look at homes online before deciding to go see in person. So in reality, the online pictures are your first showing. I wouldn’t consider any Realtor to list my home that doesn’t use a professional photographer. A competent listing agent should be able to advise you on getting your home ready for market.
My goal for my clients is getting it sold in the least amount of time for the most amount of money. It’s a lot of work but will pay off in the end. If you are thinking of selling the planning should start at least 90 or 120 days before you want to put your home on the market.
Remember there is a buyer for every home at a price.
4) Not Having Professional Pictures Online
I only use a professional photographer who is trained to shoot real estate. Remember this. Your first showing is online. If you have less than perfect pictures you’ll have less than perfect success with the sale of your home.
If you are thinking of selling your home in the next 6 months or if you just want more information about the home selling process.