Why Didn’t My Home Sell?
This is certainly not a normal occurrence when we are involved with a transaction, but we do get asked this question frequently: “Why Didn’t My Home Sell?”.
Well, there are various factors that usually come into play so let’s look at the top reasons.
- Sellers of course want every last dollar out of their home, as they should, but many Realtors do not interpret the comparable sale data or explain well enough to the sellers so the right price can be advertised from the start. We aren’t in the business of always telling people what they want to hear… but we will tell you what you need to know. That means we thoroughly discuss the comparables together and formulate a pricing strategy, which is realistic for the current market conditions. Sometimes pricing just over a common search threshold can net you far less in the end than pricing by a couple thousand lower to start.
2) Bad Marketing!
- We are paid to maximize the exposure for the properties we sell… that generally means professional services for Video & Photography, knowing where all and when to advertise, using the best remarks, etc. Our goal is always to generate excitement with your home… we want to also create realistic expectations. By that I mean our marketing should mirror what your home actually looks like. We don’t want to over edit photos to make it look like something it’s not or else buyers will immediately be turned off when they arrive. Countless times I see limited remarks, low photo count and just bad photos on listings… many Realtors will place it on MLS and wait for the phone to ring. We don’t… we’re proactively working to find the right buyer for your home through many means.
3) Wrong Timing!
- There are seasons in Real Estate and that can vary locally. We are supposed to know these things. For example, the retirement communities here in Arizona tend to sell very well between October – April due to the influx of “snowbirds” in from out of state enjoying the weather. However, the middle of summer is not the greatest time to sell since nobody even wants to go outside. The opposite is true for homes with a large number of bedrooms. Often times it will be a family buying and they want to be in before the next school year starts so April – July can be the sweet spot. There are always caveats to this, but we discuss those considerations together.
4) Poor Condition!
- If you’re trying to sell “as-is” in a market where most homes are move-in ready, then expect to take a discount on the price to compensate. Also, most buyers would prefer to just unpack their boxes so the fewer items a buyer needs to worry about handling after closing, the better. That condition can also lead to fewer photos, making buyers wonder about condition. This isn’t only about repairs though either… how your home shows will affect the sale-ability also. We offer guidance to our clients in this regard during the initial consultation.
5) Difficult to View!
- Finally, if your home is not easy to show, then many potential buyers (and their agents) will move on to the next. Having to give too much notice, you needing to be home, not allowing a lockbox, barking dogs and some other restrictions can be off-putting before you have a chance. We understand you have a life and the showing process can be disruptive, but we have some suggestions based upon experience, which may help and make the inconvenience as little as possible.
If you’re wanting to Sell your Home, give us a call @ 623-203-2264 and we’ll be glad to help!