When a house is listed for sale, expectations run high. But, they sometimes do not sell as quickly as we desire. Understanding the reasons why houses do not sell can be very helpful for homeowners both in the listing process, in monitoring and adjusting the selling game plan while a house is on the market, and in deciding what to do if their property does not sell.
What causes some homes not to sell? Consider these five reasons:
♦ The house was priced too high for the market (usually the number one reason a house does not sell).
♦ The condition of the house needs attention. If a house is cluttered, the carpet is worn or the walls need paint, there is a strong pet odor, for example, buyers may well move on to the next house. Small investments in time and money in the look and condition of your house may make a significant difference in how potential buyers see it.
♦ The market exposure given your house was inadequate. In today’s real estate market, it is vital to showcase your home well, especially on the internet through MLS and other real estate websites. Over 90% of today's buyers begin their home searches on the internet. Without good marketing, the job of locating a buyer is made much more difficult.
♦ The competition is strong. One significant factor in today’s Austin housing market is that many new homes are being built and offered to buyers with some very nice incentives. This can make it a very difficult market for resale homes. Similar homes in your area may also make it more difficult for you to sell your house at the price you would like to sell it. A good competitive or comparative market analysis, which I will provide to you, is needed.
♦ The right buyer simply has not come to the market yet. While no house is perfect, yours is the perfect house for the right buyer. For example, a house located in a remote location will attract a buyer who wants to live in that location. Others will look elsewhere, even if the house is attractive in many other ways to them. Keeping the house on the market at the right price is essential for finding that buyer.