WHY
HOMES DON’T SELL
I
read a great article this week regarding the reasons why homes are slow to
sell. There were five reasons given:
1. The
number one reason why a home does not sell is because it is priced above
market value. Some sellers want to price their home above market value
because they think it will give them “negotiating” room. It doesn’t do
that; it eliminates potential buyers. It doesn’t matter what a seller
“wants” for the property; what’s important is what the property is “worth.”
2. A
horrible photo in the MLS and in the ads will cause a property to be slow to
sell. The majority of today’s buyers are computer savvy and search the
listings on a regular basis. Some buyers will say NO! simply because of the
photo. The sellers should make sure that the home is well represented in
all photographs.
3. It is
hard to sell a dirty house. Homebuyers nearly always think that dirty homes
need repairs, when all they really might need is a thorough cleaning. After
a few turned-off buyers, agents hesitate to show dirty homes. No showings,
no offers, no sale.
4. Curb
appeal is important. Buyers like to do “drive bys.” If they see that the
yard is overgrown or there is “junk” piled up around the outside of the
home, the majority of buyers will not make an appointment to go inside.
5. Worn out,
out-dated components. Sellers have to be careful when making improvements;
some improvements might need to be done in order for the property to sell at
a fair market price but sellers need to weigh the cost of repairs vs.
recovery price.
These were the five reasons listed in the
article. While I tend to agree with all of these reasons, I think a major
obstacle in the sale was omitted. You know what it is.
LOCATION, LOCATION, LOCATION
Location not only includes where the property
is located but what is in the area surrounding the property. I usually ask
buyers to stand on the front porch and back deck or porch and see if they
have any objections to what is in view. You can do lots of things to
improve the interior of the home and the yard but there is very little you
can do about what surrounds the property.
