Why is your home not selling?
Here are some reasons why your home is not selling.
Why Homes Don't Sell
In a sellers market you can almost get away with anything and the chances are your home will still sell. When the market tightens its a different story. Here are the top 5 reasons why your home may not sell.
Most buyers want to be able to move in and not have to do any work. If they see work that needs to be done, no matter how small, it maybe an instant turnoff. Therefore, in order for your home to sell in the fastest possible time, ensure that the home is tidy / free from clutter and that all those DIY jobs have been done (both inside and outside). If you have bright colored walls or if the paint has seen better days then you may need to redecorate with a more neutral color.
Difficult To Show Your Home
Is your Realtor always available to show your home to prospective buyers? If the buyer cannot get in to see your home how can they make an offer? For this reason it is best to stay clear of part time Realtors, and Realtors who will only show your home at certain times (I actually know so called Realtors who will not show homes at the weekend!). Always make sure this is one of the questions you ask when selecting which Realtor to use.
As Is Sales Can Be An Instant Red Flag
An 'As Is' home sale is when the seller says up front that it does not matter what the buyers inspection finds they are not prepared to fix anything. Now in a sellers market, you may get away with this, but not in a buyers market (unless you are prepared to sell for less than value). If an agent lists a home 'As Is' then most buyers will instantly think that there is something wrong with the home and to stay away. If you are concerned with your homes condition then it maybe worth investing in a home inspection (especially with older homes), that way you know what you are dealing with.
The Asking Price Is Too High
It doesn't matter how nice your home is if the asking price is too high then you will not receive offers. The classic case is when a real estate market starts to decline, home prices go down but the seller will not lower their price. It doesn't matter that the exact same home across the street sold for x amount last year. You have to look at your home in today's market! Remember a home is only worth what someone will pay for it.
In a good market a 'For Sale By Owner' might be able to just place a sign in the yard and wait for buyers to knock on the door.
In a slow market this probably will not work. By far the most effective means of advertising you home is the Wasatch Front MLS. More than 90% of home sales occur by Realtors or Buyers finding your home on the MLS and the only people who can list homes on the MLS are Realtors. So if you are not using a Realtor then you are at an instant disadvantage.
Other forms of effective marketing strategies include, internet advertising, flyers / postcards, open houses and property listing publications.