Done everything you can for marketing and promotion, and still that listing won’t sell? Here are the facts and stats behind why you can’t move that one particular property…
- Home is Overpriced – This is the most common reason a property won’t sell. And don’t think about giving yourself that “wiggle room;” 40% of buyers won’t even look at a home priced above market value.
- It’s a Buyer’s Market – The fall/winter seasons are stronger seller’s markets, and give you less competition.
- Stubborn Seller – You should never give up on your most difficult clients, but cotinue to make it clear what sacrafices the seller may have to make if they want to move the property.
- Recently Purchased – This one is particularly interesting. A property purchased or refinanced within the last seven years can be a turn off to many buyers. This affects about 14% of the homes on the market. People want to know the previous owners were invested in their home. Hopping around, especially after refinancing, can rouse suspicion.
- Bad Location – There’s not much a real estate agent can do about geography. Just make sure to cite all the geographic handicaps in your listing interview, so there’s no surprises.
- Needs Some TLC – Whether it’s some simple renovations or just cleaning and tidying, a little TLC can go a long way. Cleaning and de-cluttering can increase property value by up to $2,000, and is recommended by 98% of agents.
- Bad Floorplan – Again, not much an agent can do about this problem. However, great staging can distract people from the problems and show that the layout is still functional. Major additions/renovations are rarely recommended by agents due to poor return on investment. Focus on the more superficial updates that can be made.