Why Didn’t my Home Sell?
3 Reasons to Consider
After such a frenzied spring real estate market, it is natural for any homeowner to feel disappointed if they listed their home and it did not sell. It is also common for a home seller to blame their Realtor as somewhat of a knee-jerk reaction. Realtors get more credit than we deserve when a home sells fast and more blame than we deserve when a home does not sell. It could no doubt be the Realtor’s fault, but before you make that hasty assumption at least consider the following 3 Reasons that a home does not sell.
- Lack of Marketing? The goal with marketing a home is to entice as many buyers as possible to notice your home and want to schedule a private showing. Good marketing is like bait to attract the fish which in this case are buyers. Keep in mind there is no marketing on earth that can force a buyer to actually buy your home. Outdated marking methods such as newspaper advertisements and postcards no longer sell homes. Today just about all marketing of homes is done online because that is where buyers are searching. If your home was on MLS, Zillow, Trulia, Realtor.com and all the other major search sites that is good news. However, do you know if the listing was properly claimed and updated? Were the pictures of the home taken by a professional photographer with top notch equipment? Do the photos display the home in the best way it can be shown? Did the listing include Floor plans? Interactive Floor Plans increase online buyer views of homes by over 70%. If all of these marketing components were done properly then you can check this concern off your list because marketing is not the reason that your home is not selling.
- Lack of Communication? How often do you hear from your agent? You should hear from your agent at least once a week. Even if the agent does not have good news they should be in touch with you. If you are not in regular communication it could mean that your agent is not a good communicator. This could also mean that the agent is not responding to buyers who express interest in your home. When a home is for sale buyers reach out by phone and email at all hours of the day. You have to be sure that your agent has system in place that has been proven to be successful in retrieving all buyer inquires and properly handle them whether it is on their own or with the support of a team member. If your agent is a good communicator then you can check this concern off your list as well.
- Is the Price too high? – Home sellers hate to hear that their home may be overpriced. But it could very well be the reason so it warrants serious consideration. Was your home listed with a price that was in line with what other comparable homes have been selling for in the neighborhood or did you reach for a higher number? Be honest. If this is the case and you did not make the appropriate price adjustment then this is likely your problem. Did you price your home just like others in the area that were or still are for sale? Selling a home is actually not that difficult. The key to selling a home is you must show value. Value meaning a buyer has to feel like they are getting their money’s worth. If they do not see the value, they will not buy the home. If buyers have a lot of inventory to choose from and your house is priced above all the other homes on the market, then a buyer may by pass yours altogether. There are 5 Important things to Consider when pricing a home. One is Comparative Sold Properties, Under Agreement Date of the Sold Properties, Comparative Active Properties, Current Inventory and Overall Market Condition. If you feel strongly that it was priced well then you can also check this concern off your list. If you checked off all three reasons for why your home is not selling then something is wrong. At least one of these three reasons is the culprit because if all three components were implemented correctly when you went on the market then your home would be sold!
When your home does not sell it can be an extremely frustrating experience. The proper direction from a qualified and experienced Realtor can still get the home sold. Although selling a home is quite complex and involves many moving parts, the sale process can be broken down into very basic fundamentals as mentioned above.
For additional information watch Anthony Lamacchia in this Fox 25 news segment explain this topic in depth. Fox 25 Selling Your Home.