Friday, July 08, 2005

Why Hasn't My Home Sold Yet?

We all hear it's a hot, hot, hot market right now and in turn, we all assume that everything is selling like hot cakes. Not! (I know, I know, that phrase isn't cool anymore.) The biggest reason homes are not selling in a reasonable amount of time these days is that they are not priced according to the comparatives. Here are the top reasons a home will sit on the market too long:

  • Price. A home should be priced according to the sold comparatives over the past 3 months. Considerable allowances should be made if the home is not in top shape. Buyers want a home that they can move in to. If they can't they want compensation for the time and trouble it takes to upgrade the home.
  • Condition of the home. If considerable upgrades are needed to make the home livable it takes just the right buyer. Many buyers are just too busy to worry about having a new kitchen installed. Beware of offensive smells too. It sounds like such a small problem, however, many buyers are immediately turned off by the smell of pets, smoke, etc. Don't just cover it up, remove the problem.

There are other reasons:
  • Seller terms such as close of escrow, etc.
  • Cooperating commission offered by the listing agent
  • Inventory of comparable homes

Work closely with your real estate professional, and take their advice seriously. They do this for a living and work with buyers and sellers on a daily basis.


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