CPM Realty - Selling Advice

Selling Advice

Five reasons why homes don't sell

Selling a property can be a stressful process and most people like to get it over and done with as quickly as possible. You have to keep everything looking “show” ready. You must be primed for a buyer inspection at any time of day (and sometimes night), and you’re often also in the process of hunting for your new home. So, if your home hasn’t sold quickly, chances are one of the following five reasons could be to blame.

1. You’ve overpriced

Some home sellers put their property on the market at a high price, hoping someone will give them what they think they deserve. The fact is, buyers, not sellers, ultimately determine the market value of a home.

You can ask for the moon and set your price well above comparable properties in your local area, but a buyer will only pay what they think your home is worth.

Overpricing is the most common reason homes don't sell. When you ask an unrealistic price, it sets in motion a process that often works against you.

If you have a house that really should be priced at $200,000 and you have listed at $260,000, you are trying to compete against homes that are generally worth close to $300,000, so suddenly your home is not really competing well at all.

In addition if you put your property on the market for a high price with the thought of lowering it over time, think again. If your home remains on the market for too long buyers may begin to wonder if there is perhaps more serious reasons why it isn't selling which could put them off no matter what the price.

2. It doesn’t "show" well

When you sell a property you have to remember you’re competing with every other home on the market, including brand new homes, so if your house needs a little makeover to attract buyers, just do it.

The good news is that getting your home in “show” condition doesn’t have to be expensive. Clearing the clutter, a few attractive plants, a thorough cleaning of floors, carpets and windows and the place can feel brand new again. Most people agree paint is the home sellers’ best friend because it makes a property look fresh, clean and smelling like new.

If you’re not sure what you need to fix before you hit the market, ask a trusted real estate professional or speak with friends and family who have recently sold.

3. You are battling competition or conditions

You may have heard the terms "buyers’ market" and "sellers’ market." In a "boom" or sellers’ market, there are fewer properties on the market than there are buyers, so homes usually sell fast. But in a "flat” or buyers’ market, there are generally more properties on the market than there are buyers and as a result sales can slow.

If you're trying to sell in a flat market, you're competing against all the other properties on the market at the same time, in which case you may find yourself having to settle for less money or taking longer to sell. The important thing to remember is to ensure your home is in top condition so its compares favourably with other homes in your price bracket.

4. You have ineffective marketing

Once upon a time a real estate agent could just put a picture in their shop window and a house would sell.

Things have changed a lot, and today, multilevel marketing plans which include advertising, open houses and brochures are standard.

Computers and the internet have also changed the face of real estate. According to recent research, more than a third of home buyers use the internet to look for a property, which means that if you’re trying to sell, the web is something that cannot be overlooked.

5. You have the wrong agent

If your agent is not telling you all the above, then you have the wrong agent. Your agent should be a professional and your expectations of the service you are getting should be commensurate with a professional service. If your doctor didn’t tell you why you are feeling unwell, would you keep using his services? Your agent is the lynchpin to a successful sale. He/she should be telling you