Why my property is not Selling?

Are you a current seller who feels that your home has been on the market longer than you ever expected? Perhaps it is time to rethink your selling strategy and spend some time with your listing agent discussing the situation and possible changes to increase the chances of selling your property sooner. 

Is Your House Priced Right For Today’s Market?

Listing price should always be determined by the current market situation. As we’ve all heard before, “something is only worth what someone is willing to pay for it.” You should not be listing your home for a price that greatly exceeds what similar homes have recently sold for in your area. There are still homeowners who believe that they can ride the “wave” that no longer exists and will put a highly inflated price on their house. The surf is out, the wave is gone, and the market has changed!

Price is usually the number ONE reason that a house is sitting on the market for too long. The longer it sits, the worse it will get. Your listing will either become “stale” and all traffic for showings will stop or you will be forced to do a price reduction if you are determined to sell. Work closely with your listing agent when you are initially setting a purchase price for your house. Your agent should be using data from comparable homes that have sold in the past 30 days (60 days at the most). Pricing to sell in this manner ensures that buyers are willing to purchase because the historical sold data supports this position. Be realistic with your initial price and you are likely to be successful.

Location

Location is also one of the primary factors that play a key role in trying to sell your home. Location is not something that you can change, so you need to be sure that the listing price is reflective of your property’s location. If you live near a city center, close to schools, near a number of popular amenities (such as shopping and movie theatres), medical facilities, golf course, etc. then you have a much higher chance of selling at a price that is acceptable to you. However, if you live on a very busy street or a significant distance to any amenities, you and your listing agent need to take that into account when looking at the comparable data and setting a realistic purchase price.

Condition

You need to give great consideration to the overall condition of your home before putting the house on the market. Make sure that your house is in a saleable condition, and that a new buyer won’t be faced with having to replace a furnace, air conditioning or other major components. Ensuring that primary items are already in great shape will allow you to price at a higher level than if you leave these things for a new buyer to handle. The majority of buyers want a move-in ready home. You can always leave the house in “as is” condition knowing that repairs will be needed, but you will have to price accordingly. The condition of your home, when seen through the eyes of a potential buyer, is not limited to the exterior of the actual building or the interior of the layout. What is known as “curb appeal” is a huge part of what makes up the overall impression of the property. If the landscaping is overgrown and unsightly or the driveway is full of pot holes and cracks, that’s enough for people to just drive by the “For Sale” sign and not bother to follow up with an agent. The outside of your home should be a reflection of what awaits the buyer when they enter the premises.

Conclusion

Right price, good location and move-in ready condition will almost always get a house sold in a realistic amount of time.