8 Reasons why your property won't sell

8 Reasons why your property won’t sell

I read an excellent blog post today, written by Alan May, Coldwell Banker Realtor® Evanston, Illinois   It was titled the 8 reasons your property won’t sell.

I think he covered all the reasons why a house won’t sell so I have re-blogged his post, with his permission.

8 Reasons why your property won't sell

1. Your property won't sell because your photos are "less than impressive". Yep, this is an actual photo from our MLS, just came on brand-new this morning.  Apparently the place must be really awful, 'cause the agent didn't even dare step out of her car, to get close to the property so you could see any details.

The vast majority of home buyers begin their search for a home on the internet, so your property had better look fantastic in print. Not just nice, it has to look downright fabulous.  Today an internet view is the same as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... You should really consider that your SECOND showing. Today's online viewers are expecting good quality photos (and lots of them)

2. Your property won't sell because it's overpriced. It's important to be as objective as you possibly can.  Look at the home as though you were a "buyer"... if necessary; make an appointment with your Realtor to view other properties that are priced comparably to yours.

If you can't afford to sell it for the price, that you KNOW it should sell for, this may not be the right market for you to sell.  Consider taking it off-market.

3. Your property won't sell because it shows badly. This could mean almost anything... from the 60 pound Rottweiler, barking and drooling at the potential buyers from behind the safety of the flimsiest child-gate, to the lingering smell of 30-years of smoking.  Maybe the carpeting shows traffic-pattern wear, or your nicotine covered windows allow in slightly less than daylight.  All things that aren't visible from the internet, but whoa.... once you get inside the house... they show up.

4. Your property won't sell because you're invisible. Today's buyer comes from the internet, almost exclusively.  Have you (or your agent) simply plopped the property on the MLS, and started praying?  Are you on all the websites...? (Zoocasa, Craig's List, etc...) all the places that buyers are searching?  If not, you need to be, now! Don't try to be a secret, in today's electronic world.  You want to be found, and the sooner the better.

If you're not making full use of the internet today, you're out of business before you've started.  C'mon people... get on board; the train is leaving the station. (I love a good train metaphor).

5. Your property won't sell because your listing is tired and stale on the market. Okay... yes, you overpriced your home initially when you first came on the market a year and a half ago.  But since then you have reduced your price almost monthly, constantly chasing the market down. Now, finally you're truly priced where you believe you should be, but your listing (not your house) has become tired and stale. 

Everyone who is looking for your type of property (i.e.: 3br/1.1 bath) in your area has already seen the listing online, or in person and they remember that there was "something" about it that they didn't like... but what they don't remember is... what they didn't like.... was the price.   Time to take the listing off market.  Let it cool off (3-6 months), and bring it back on fresh in the spring.  Yeah, you'll have 6 mos. worth of holding-costs... but you'll more than make up for it in your purchase price.

Btw... Resist the temptation to bring the house back on at a higher price, than when you left the market.  Just "don't do it"!

6. Your property won't sell because your house won't appraise. The house looks great... you've finally gotten someone to bring you a bid on your slightly over-priced, but beautiful pied-a-terre.  But the bank appraiser says it's worth $20,000 less than your buyer has agreed to pay. 

Heavy sigh... bite the bullet.... negotiate with them.   If you have to drop the price $20,000 to make it work.... "make it work"... chances are, anybody else trying to buy your house will run into the same problem. If you're not willing to negotiate the difference, you may find yourself with no buyer, and accepting a lower offer somewhere down the line.  Appraisals carry a great deal of weight these days.

7. Your property won't sell because it's unavailable to show. You have a baby, and a 1-year old.  And they need their naps.  So you've told your Realtor in no-uncertain-terms, that you'll only allow showings between 9:00a.m - Noon, and then again from 2:30-5:30 p.m.  And no showings on Saturday or Sundays.  "After all", you've told him "we still live here.. It’s our home!”  Well guess what?  They can't buy it, if they can't see it.  As good as your online photos are, they're no substitute for an in-person visit.

 "If they really want to see it, they'll reschedule", you're already answering as you read this.  Nonsense!  What they'll do is they'll just move on to the next property in line (there are dozens like yours available) and maybe they'll buy that one instead.  Once you put your property on the market it stops being your "home", and has become your "product".  And you want your product to be seen by as large a buying audience as possible.

8. Your property won't sell because you have the heat and power turned off. Okay... maybe it's an REO, or maybe you're no longer living in the home.  But viewers need to be able to feel comfortable when they've viewing your home.  You want them to spend time in the home and get a sense of the place.  You don't want them standing in the darkened foyer shivering, breathing on their hands to keep their knuckles from freezing in position.  If they can see their own breath, the house is too cold.  It's just not an invitation to spend time in the home.  Have the power on, and leave the heat running, at least high enough to keep viewers from shivering.  It doesn't have to feel like a tropical paradise, but it shouldn't feel like the North Pole, either.  Ain't nobody going to buy that igloo.

For additional information on how to get your house sold in the Nanaimo Real Esate market please give me a call.