The Biggest Reason Your Home Has Not Sold

When selling a home, one is often confronted with the troubling prospect of why it has not sold. The reasons for this are but a few often rooted in one cause. Nowadays, homes sit on the market for long periods. A greater number than usual simply do not sell. In fact some may not even get an offer. Right now is one of the worst markets for selling a home ever. Too many homes are for sale, there are not enough buyers for them and the few that are out there struggle to secure financing let alone sell any existing home. Most homes today go unsold and if they do sell usually it is for much less than the original asking price. So what can improve a home sellers chances for success?

Most always the reason a home has not sold beyond the troubling dynamics of a bad market and economy is its asking price. That’s right, not what anyone wants to hear but that number is what does it just about every time. The asking price must invite an offer not repel the buyer. If they come, look and leave it may be because the price does not match the house. Buyers are well informed and market savvy with much to choose from. Just because you love your home does not mean someone else will see it the same let alone pay more for it than they deem reasonable. In poor markets, fear often overshadows a buying decision. Homes deemed overpriced get ruled out by buyers who may also perceive the seller as greedy or unreasonable. Even worse, after the home sits a while buyers begin to wonder what’s wrong with it. Then the house becomes stigmatized with negative buyer perception working against any sale.

When selling a home, the best price is that which matches the homes condition, the overall market and immediate local competition. Thoroughly examine other nearby homes that have sold and are for sale. Listen to your Realtor’s advice that’s what they are there for and they know the market. Never hire a Realtor just because they agree to a list price that suits your fancy. Remember, it’s not 2004, people are not knocking each other over with suitcases of money to buy homes. They are carefully selecting the best deal they can find. If you can’t be that, then don’t bother trying. Buyer perception is the key element to a successful sale. And remember with money tight, owner financing might be the best way to craft a deal that works. Just be sure to do your homework.