Why Hasn’t 123 Main Street SOLD?
The answer to that question is always the same:
The Seller has not received an offer he is willing to accept.
But why? Here are the main reasons why a property does not Sell :
1] Unrealistic Price Expectations
Even if you think the price is similar to other area homes that have Sold,
there are probably differences you are overlooking.
All the same features? Is the style the same? Is the view the same?
2] Difficult to Show
When tenants are involved, this can be a major obstacle.
Negotiating [$$] with tenants to co-operate is wise..
But if you- or your Realtor- is the issue, you need to change.
3] Shows Poorly
Many wonderful properties are ignored. Then the Seller moves out,
& the house is empty. And it sells right away! Ever see that happen?
Any property that is dirty, cluttered, or not staged properly will suffer
either a lower price or no offers.
There are too many competing homes in “showroom” condition.
Buyers truly cannot visualize. They only pay for what they see.
You need to present well to get your proper value.
4] Location Defect
If you’re on a busy corner, geological problems, huge utility poles,
neighborhood noise issues, etc. these are matters no property owner
can solve or ignore. You need to reduce the price accordingly to
create incentive for a Buyer to ignore defects that cannot be changed.
5] Ineffective Marketing
If the Marketing Program created for your property failed to reach
the potential Buyer pool, then you might have hired the wrong Realtor.
A local area specialist, a Realtor who has consistently Sold properties
in your neighborhood, is usually a good choice.