3 Reasons why your home is not selling
In today’s BUYER’S MARKET homes are sitting on the market for record numbers of days. Even those everyone says will sell immediately are languishing. After 40 years of selling real estate in Grand Rapids, I believe there are only 3 reasons why a home does not sell. These reasons were valid in 1971 when I started in the business and are just as true today.
Top on the list is your price. The more properties on the market – the more competition you have for the buyers in the marketplace – and price is the only part of the equation many folks even look at. Buyers always want a “Deal.” This was true in 1971 and remains true today.
Everybody wants a bargain. In today’s marketplace, the media has hyped the foreclosures and short sales as to make everyone feel they are sure to get a bargain – so don’t be surprised if any offer you get is a “low ball” offer.
All areas and marketplaces are different so make sure you listen closely to a professional REALTOR who knows your marketplace – and price your home accordingly. If you are interviewing more than one agent – don’t necessarily go with the one who comes in with the highest price for you – go with the person who has the most experience in your neighborhood and knows the marketplace backwards and forward. Study the comparable homes and know the market – then price yourself below your competitors.
2. PROPERTY CONDITION
Houses, which are updated with the latest paint colors, countertops, and hardware and show great – will be the first homes to sell. Having dated wallpaper, woodwork, hardware and counter tops stop a buyers from either making an offer or offering a good price. Have your agent walk through your home to assist you in determining what you need to do to get it ready for the market. If you don’t have the money to update – think about offering a price below market or offering a decorating allowance so they can do the work themselves. Consider hiring a stager to have the place look like a “million bucks”
Our old school real estate mantra used to be “Location Location Location” – even though other things come into play in today’s marketplace – Location could be a key reason why your home is not selling. The good news for those of you who are in a good location is that it will be a real plus when selling.
For those of you who are next to a power line, a railroad track or under the flight path of your local airport – you will need to discount the comparable cost of your home to below others that are not affected by these challenges. You can always turn the tables and aggressively look for someone who shares a love for trains or planes and market directly to them – but keep in mind that re-sale is on the mind of every buyer out there today.
Check with us today if you need any real estate counseling on Price, Property Condition or Location…we’re happy to help.