If your house or condo is listed for sale with a successful agent in your vicinity, there are five key reasons your house might not sell even though nearby comparable residences are selling.
Here are FIVE REASONS SOME HOUSES DON'T SELL.
Asking Price too High !
This is the undisputed top reason houses don't sell. Most home buyers are house-smart. They've been looking at houses for a long time and they've done their homework. By the time they get to your house they may have looked at over 100 homes, and perhaps have viewed 100s more on the internet. They know what they can get for their investment dollar. They can immediately recognize an overpriced listing when they see it. Some home buyers use buyer's agents (a real estate agent that works for them and the buyer pays this agent a fee to look out for their best interest). Some buyer's agents won't even bother showing homes with asking prices above recent sales prices of comparable nearby homes. For this reason, if you want to get your home sold during this peak sales season, it is vital for your listing agent to keep you informed on a weekly basis of recent comparable home sales prices. Perhaps it's time for an asking price reduction.
Problems with the Listing Agent
Over 50 percent of house sales involve a listing agent and a buyer's agent. If the listing agent makes it difficult to show a home, such as requiring the listing agent be present for all showings, this discourages buyer's agents. Unless there is a security reason, listed homes should always have a multiple listing service (MLS) lockbox key easily available for buyers' agent showings on short notice.
Lock boxes are especially important for buyer's agents with out-of-town transferees who have just a short allotment of time available to inspect homes for purchase.
A related problem can be the listing agent wants to "double end" the home sale by getting both the listing portion and the selling portion of the sales commission. Although rare, some listing agents refuse to put their listings into the local MLS, thus preventing showings by buyer's agents. Or they might not put their listings on the Internet where 70 percent of today's home buyers start their searches before contacting a local realty agent.
Condition of the house
Most home buyers want a house in near "Model Home" condition where all they have to do is turn the key in the front door and move in. If the house requires considerable work, that turns off all but the most die-hard bargain hunting home buyers.
Fixer-upper homes appeal to a very limited market of home buyers. Sometimes known as "bottom fishers". These buyers will purchase such homes, but only at bargain prices, well below what can be obtained with modest fix-up work. Word spreads among local agents.
"AS IS" houses
Closely related to homes that don't show well are those listed for sale in "as is" condition. The term "as is" means the seller offers the residence in its current condition and will not pay for any repairs. However, the seller must still disclose in writing to buyers all known defects, such as a leaky roof or a bad foundation.
A better alternative is for the seller to obtain a professional inspection report and have the recommended repairs made before listing the home for sale. Of course, when a home needs a major repair that the seller either can't afford or doesn't want to make, then an "as is" sale at a reduced price is advisable.
Ineffective House Marketing
In today's buyer's market, listing agents and for-sale-by-owner sellers must use every marketing resource available. Most effective is the FOR SALE sign on the front lawn. A close second is weekly newspaper advertising, especially for a weekend open house. In third place is Internet advertising.
Listing agents have the local MLS and their special networking among agents who represent prospective buyers for the type of house or condo listed. The local Association of Realtors is an especially effective resource to spread the word about a desirable house listed for sale. A key part of this sales technique is the "broker's tour" where only local agents are allowed to inspect a home for possible later showing to their buyers.
The best listing agents also use additional marketing methods, especially for their more expensive listings, such as color brochures and postcards mailed to nearby homeowners who may have friends who want to move to the area. Above average priced homes demand the listing agent to spending "big bucks" advertising residences in real estate magazine ads and offering Internet virtual tours.
