A property that doesn’t generate as much interest and sell as quickly as expected isn’t necessarily one that’s flawed. There are several reasons why perfectly good homes linger on the market. Below are some of the most common.
•It’s overpriced. This is the top reason why quality properties don’t sell more quickly. Buyers tend to assume, rightly or wrongly, that a seller whose home is priced above fair market value isn’t serious about selling or open to negotiating. As such, buyers may feel they’d be wasting their time by even making an offer.
•It doesn’t show well. A home may have excellent “bone structure”, be fairly priced, and boast a great location, but if it doesn’t perform well at showings, it won’t sell quickly. What makes for a poor performer? A home that smells bad, is cluttered, dirty, dark, hasn’t been well maintained, or whose décor is seriously outdated.
•It’s inaccessible. Even if buyers could see past the mess, if they can’t get inside the home to see it at all, they’re certainly not going to buy it. Sellers who are too restrictive about showing hours, insist buyers make appointments, require 24 hours’ notice, or cancel appointments, for example, are sellers who should be prepared to have their property linger on the market.
•The seller isn’t working with a real estate representative. Owners taking the do-it-yourself approach to home selling often don’t have enough time or money to effectively market their properties. If they do find interested buyers, these sellers may lack the knowledge (e.g. document preparation) needed to see the sale through to completion, meaning the home remains on the market.
Your Real Estate Professional,