Nationwide research has shown that there are five main reasons
why real estate doesn't sell in a timely manner. They are price, condition
of the property, location, the listing agent, and the marketing.
Let's take a look at each of these individually.
Every home will sell if the price is right. Nothing else matters if the dollars
are low enough. So if a house is overpriced, it will most likely be overlooked.
There are agents who will quote a price only to have to reduce it later. A
home's value can be like the stock market, although it may have been worth more
previously, it is only worth what it will bring in today's market. How did you
arrive at your price. An agent who does a thorough and complete comparative
market analysis is essential.
Condition of property
Buyers are looking for model home conditions and with so many new homes
available, the competition is tough. Make your home "buyer ready" by
keeping everything clean and orderly, to include fresh paint and professional
carpet cleaning. Buyers want to be able to move right in without having to
accomplish a long to-do list first.
The third reason a house may not sell in a timely manner is location. Such
things as schools, crime, neighborhood appearance, traffic, etc. can be factors.
If the location of your home is affected by one or more of these issues, then a
lower listing price may be the only answer. However, favorable terms could also
help sell your home.
If the listing agent hasn't done their job (i.e . advertised the property,
retuned all calls in a timely manner. followed up on all leads, etc.), then
maybe the listing agent could be the problem. If an agent is difficult to work
with, other REALTORS® may not want to show his or her listings. Even though
such behavior goes against the REALTOR'S code of ethics, it is human nature not
to want to work with someone who is difficult to work with.
If your house won’t sell but you feel the house is priced right, in move-in
condition, in a good location, and your agent is easy to work with, then the
marketing plan, or lack thereof, is probably the problem. No longer can an agent
take a listing, put a sign in the yard, place the property in the MLS and wait
for the offers to come pouring in. The effective agent will make effective use
of the latest technologies.
Ease of showing is the area where you have the most impact on
your properties marketability. If you don't allow your agent to put a lock box
on your property, you will miss out on a huge part of the showing market. Why is
the lock box so important? Because when a buyer's agent has a list of properties
to show, they will show the properties that are easiest to see first (with
lockboxes) and properties without lockboxes last. Their buyer may find their
dream home before ever seeing yours.
© 2005 Michigan Association of REALTORS®