Home Sellers: There Are Only 2 Reasons Your Home Has Not Sold
Selling a home is hard work, especially in a slow market. If your property has been on the market for more than three months, there are really only two reasons it has not sold. Here they are:
1. Your real estate agent is not using the right resources to market the property. Let's get this out of the way right off. The real estate agent you hired may not be doing the best job possible. Do you have any clue as to how your home is being marketed? If not, call your agent and ask to see the marketing plan for your property.
REMEDY: Ask that your home be listed on the most active resources available today. Today's real estate agent should be using all efforts to put marketing in place where the most buyers are: the Internet. In addition to placing the home on the MLS, your agent has dozens of options to showcase your home. A few of these include blogging, Facebook, Twitter, craigslist, Trulia, Zillow, YouTube, Realtor.com, remax.com, homes.com. Is your real estate agent using these? If not, then your home may be getting low exposure compared to your competitors' homes.
If your agent is doing a non-stop, bang-up job of promoting your home, then there is only one other reason that your property has not sold...
2. You are standing in the way of a successful sale. There, I said it. If your agent has a solid marketing plan, then it is your fault that your home has not sold. The truth hurts, I know. It's tough to admit that you may be the greatest obstacle to your own home sale.
How do you know that you are indeed the obstacle? Here are some symptoms:
- Your agent has recommended at least one price reduction, and you have refused.
- You had the property staged, but you have failed to maintain that fresh, clean look.
- Your agent recommended some updates (flooring, painting, shiny new appliances - that's what buyers like) that would have cost a couple thousand dollars, but you refused and now you've had to drop the price by ten's of thousands of dollars.
- Your agent gave you a list of things to do before the house went on the market, and you just couldn't get around to doing those chores.
- A buyer made an offer (probably kind of low), you made a counter offer. Negotiations went back and forth, and by the time you and the buyer were $1000 apart, you were too angry to sell to that buyer so you lost that sale.
- You limit the days and times that showings can take place, for example only Monday through Friday and never after 2 pm.
- You have special conditions that will probably be impossible to overcome, like "I don't want to be displaced for any period of time" or "If I don't get my price, then I'm not selling."
- You insist on being present for every showing.
- You insist on leaving your dogs and cats at the house during every showing, or expect your real estate agent to handle the pets for you.
- You're lazy and hope that your agent will clean and keep your house in order for you.
- You refuse to make needed repairs to the roof or foundation. Are you aware that many buyers can not get financing if your home's roof leaks or the foundation needs repairs? That eliminates a huge portion of the buyer pool.
REMEDY: Swallow your pride, sit down with your agent and ask for their advice. Then, be willing to take action on that advice. You know, once your home is on the market, you really need to start to let go of it. If you are able to do that, you'll find yourself doing what it takes to get it sold. Work with your agent, not against him or her.
So there you have it: The two reasons that your house has not sold. What will you do with this free advice? Use it to your advantage, or go on to a more fluffy article?
Are you a Massachusetts home owner in need of real estate help? Let's talk - just pick up your phone and call me at (508) 982-0686.
Yours in real estate,
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Text and photos copyright Kathryn J. Acciari unless otherwise noted.
All rights reserved.
Kathryn Acciari, RSPS, SRS, RESE, CFA
Century 21 MetroWest
45 Lyman Street Suite 14
Westborough MA 01581
Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough
Cell: (508) 982-0686