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Real Estate

2007-03-01 12:52:00

Why is my home not selling?

: Why Won't My Home Sell?

ANSWER: My home is very spacious, with four bedrooms, a large family room with a wood burning fireplace, a second gas log fireplace, and a three car garage. It's located just down the street from some of the best public schools in our area. There are a number of great retail stores and a pretty nice variety of recreational things to do. The residential real estate market in our area is really strong, and lots of homes are selling really quickly. So, why is it taking so long to sell mine? This is a question that is raised to most of the good agents when they’re faced with this situation by a Seller who doesn’t understand. Their answers all pretty much parallel one another. Here is a consensus of thoughts I’ve derived from them. The longer a home sits on the market the more likely its asking price will have to be reduced ... and reduced ... and reduced again, until finally, the seller is so anxious to get it sold that any offer will just about do. In the Wichita area, with today's relatively healthy long term economy, in which there certainly isn't a shortage of prospective buyers, why do some homes still sit on the market, while others are quickly snapped up? Remember that most, if not all, buyers comparison shop for that next home…which means that if your home isn’t selling while others are, there is something that is causing potential buyers to use yours as a reason to buy a different home. If buyers and agents aren't responding positively to your home...if you're getting offers well below what you're asking, or the home has remained on the market far longer than other like properties, then it's time to take another hard look at the listing price. There may have been a time when homes could be overpriced and owners might still make a sale. Overpricing a home looking for an offer is a big mistake in the current market. Except in extraordinary cases, those days of overpricing successfully are simply gone. Purchasers now have agents who know the market, and the internet search engines make it easy to be an informed buyer. Because of those things, Buyers who do their homework have little reason to be shy about making a reasonable offer with a more realistic price. If it’s too low, the Seller will, of course, counter the offer with what they will take, and then the Buyer can decide if they want to take the home, or move on. If they’re moving on in droves, something must be changed, to get a different result on your home sale. Most agents receive feedback from other agents who show your home and after a marketing period, can usually give you some accurate info on what should be done to adjust whatever it is that is preventing your home sale. The condition in which a home has been maintained directly affects its marketability. Buyers, no matter what their rehab dreams have been in the past, quickly return to reality when they realize that they don't have the time, skills or money to embark on a major, or sometimes minor, rehabilitation job. But "poor condition" does not necessarily describe homes in need of a major overhaul. Minor things can also put buyers off…such as an area of peeling paint, filthy carpeting, faucets that are corroded or leaking. In other words, if the home isn't sharp...it's a problem. None of these items is a big matter individually, but they do make buyers wonder if bigger problems are lurking behind the walls or floors. The obvious answer for a seller is that to not repair these kinds of items prior to putting the home on the market makes no sense. So, the bottom line is to clean and do the fixup repairs before placing it on the market. This will speed the sale and reduce a potential buyer’s questions and/or concerns. Good clean windows, bright lights in the fixtures, and a well manicured lawn and driveway, together with a fresh coat of paint here and there can do wonders toward helping that home to sit up and be noticed when compared to its competition on the market alongside it. Tips on how to depersonalize your home for sale next month…