Posted by Joseph Luczaj on Thursday, December 3, 2020 at 11:36 AMBy Joseph Luczaj / December 3, 2020Comment
Here are the main reasons why your home is not selling.
Today I’m sharing the three main reasons why a house does not sell:
1. Price. Without a doubt, the listed price is the primary controlling component that decides whether or not a house is selling. Like with most products, then the "market price" heavily affects the attention a property receives when it hits the market.
What you need to take into consideration here is that with real estate, then the time on the market strongly affects the interest you will receive. If you initially list too high and do not immediately receive the attention you expected and after the first month or so decide to lower the price, then many buyers will be hesitant to see the home and start asking questions as to why it has not already sold (people do not want what other people have avoided). The listing gets stale...
You should always shoot for the highest and best price. However, is rarely above 15% of what a comprehensive market analysis will tell you to list at.
2. Location. The location determines the price to a large degree. Having access to local hotspots and opportunities such as work, school, leisure, and other activities makes a tremendous difference that hugely affects the price. Even being in a subdivision where the other houses are nicer has an immediate positive impact on the price of your home.
You can not affect the location but you can develop a full understanding
that prices are very local and as a result, pricing too high in the wrong location will not provide you the highest value.
3. Condition. The age of the house is the most influential to determine potential buyer's outlook on the property. Second, the major ticket items of the home such as AC, roof, flooring, and heating are most important. Finding affordable replacements and solutions for these items may be of your benefit ESPECIALLY if you are trying to sell quickly. If that is not your primary goal, then statistically making these improvements does not always get you more for your money as many buyers do not take into consideration the real value of the updates.
The most efficient and affordable updates are typically getting the lawn in as good shape as possible without spending much money and also re-painting areas that are outdated.
“Do what you can to make the changes that will create more value.”
If you have any questions about what you need to do to get your house sold for the best price and as efficiently as possible, give me a call or send an email. It’s my honor and privilege to serve you.
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