News & Articles
Top 5 Reasons Your Home Isn't Selling
By Liz Richards
Residential Broker Associate
Oh, things are not as dismal as the news reports. People are
definitely still buying homes and homes are definitely still
selling, yet the process has significantly slowed. A common
question I get from seller's that choose to re-list with me
after not having their homes sell with their previous Realtor is
"why?" So in an effort to help them understand, I have compiled
a "top 5 list of reasons you're your home is not selling." It
simply revolves around the fundamentals of supply and demand as
well as presentation and marketing. Getting a house ready for
the open market is much like getting ones self ready to date
after a hiatus from singledom. You've been there and you know
what I'm talking about. When you aren't on the market, either as
a home or person, 9 times out of 10 yet get a bit relaxed about
the details because you are not in competition mode. And
competition it is especially in this market of hideous abundance
(I'm talking homes here). So in an effort to take the mystery
out of why some homes sell and why some don't, I have come up
with my top 5 reasons as to "why".
1. Presentation- Your home should be impeccably clean,
de-cluttered, and easily accessible. Much like going out on a
1st date, the 1st encounter people have with your home can make
or break their desire to see it again. Spending money on a deep
clean and taking the time to de-clutter helps to showcase the
natural beauty and highlights of your home. People get very
distracted and disturbed by excess . . . much like someone
wearing too much make-up or too many accessories, an excess of
chotchskys and/or mess are a real turn off. If you have pets,
ensure that there are zero pet odors. . . Just like someone that
shows up for a first date with body odor, a home that smells bad
will most likely not get a second visit. Make sure that your
home is easy for Realtor's to show. Too many showing
stipulations send a "high-maintenance" message to potential
buyers. In this market of over abundance, a Buyer's Agent
doesn't have the time or the inclination to jump through a
myriad of hoops in order to show your home. Too many or
intricate showing instructions sends a negative
"high-maintenance" message. Guys can you imagine how you would
feel if you called a gal up to ask her on a first date and her
reply was that she needed " 24 hour notice, you were only
allowed a 1 hour window, and only Tuesdays-Saturday, 10am-4pm
will work." That type of response would be annoying to most, not
to mention that it sends a message that you are a pain in the
ass to deal with.
2. Marketing- How your home is being positioned on the market
place can make all the difference in the world. Not every home
can obtain show-home condition. Some need a lot of TLC and
should be marketed as such. By merely positioning your home as
an "investment opportunity", a "fix-up", or a "potential
scrape", your Realtor can get the right people in the door that
will be willing to overlook a less than perfect environment.
3. Realtor Follow up- Believe it or not, how your realtor deals
with potential buyers and buyer's agents can make or break a
deal or discourage a potential offer. In a market of plenty,
good Realtors steer clear of bad ones because they can do so
without it usually affecting their client's number of choices.
Nothing makes a difficult market more arduous than an
unpleasant, unknowledgeable, and/or rude listing agent. A good
listing agent should be calling every agent after every showing
and keeping on top of the feedback. The Buyer's agent's feedback
is one of the greatest resources out there for they are usually
the ones most current with the competition and seeing your home
the most objectively. Be sure that your listing agent is
following up with agents after each showing and sharing the
information they obtain . . . both good and bad, so that you are
able to make educated market adjustments.
4. Location-Is your home located on busy street, across from
construction, in a sea of suburban sprawl, next door to a
disreputable "home business." These factors can all negatively
impact the desirability of your home. Either have your agent
adjust your home's price accordingly or wait out the bad
situation that could cost you thousands.
5. Price- Last but certainly not least is Price. In today's
market having your property the least bit over priced is
detrimental. With the number of homes on the Denver market at an
all time high, having your home the least bit over priced is
detrimental. After seeing 15 to 30 homes in the same price
range, Buyers have as good of gage as anyone as to what is and
isn't over priced. My rules of thumb in the DENVER market (not
suburban): If you are getting a decent amount of showings yet
not one offer in 3 months for a residential property, 6 months
for an income property, and 6 months for a condo, your property
is over-priced. If you are not even getting showings then your
property could be suffering from significant over-pricing and/or
poor marketing as well.
Moving a house on today's market comes down to the simple laws
of supply and demand. If you your home isn't selling than it
isn't fairing well against the competition. By examining your
property's public presentation, marketing materials, Realtor,
location, and price, one can usually figure out the "why" of the
situation.
