5 Reasons Your Home Did Not Sell

Dated: 06/21/2018

Views: 243

Your home did not sell?  And then you got bombarded by Realtors® who specifically track the “expired” or “withdrawn” market and they all said they could get your home sold.  Let’s diagnose your situation a bit and take a look at some of the maybe reasons your home did not sell.

ONE:  You hired the wrong Realtor.

This is one of the most common responses.  You may have hired the wrong Realtor if they did not understand the market, they under-marketed your home, the photos were lousy, their communication was poor, the price was wrong.

But perhaps the Realtor hired the wrong seller.  Why?  If a home does not have showings or offers, something is wrong and the market is responding.  Sometimes the market response is silence.  That is the market saying no to your home.  Is it condition, location, price, first impressions online?  It’s one of those and if your Realtor was unable to communicate that with you, then you either had a weak Realtor or the Realtor should not have taken the listing in the first place. 

TWO:  You did not attract the right buyers.

Buyers are online, informed, impatient and fickle.  Buyers saw your home first online, probably on their phones.  Buyers made a decision on your home in the first 30 seconds online.  They decided online in 30 seconds or less whether they were interested based on the first few photos and the price.  If you did not nail this, then your home did not compete with the buyer market.

THREE:  You did not compete with the other available homes.

How many homes sold in your neighborhood the past 2 months?   And how many are currently for sale (we call this inventory)?  The ratio between these two is called the absorption rate.  So were there 10 homes on the market but only 2 sold?  That is a 20% absorption rate which means, in most cases, that only the best-priced homes sold.  If the absorption rate was high, over 70%, and yours still did not sell, then the market rejected your listing.  Were you priced super high based on the other solds?  Is there a sticky objection, something wrong with your home like an enormous electric line, backs to a highway, zero backyard?  Did you price for top $$ yet your kitchen is not updated?  A good Realtor will be able to deliver an honest assessment.

FOUR:  You did not properly study the comps and market trends.

Before you put it on the market, did you thoroughly study what was selling and what was not selling?  Did your Realtor only show you sold data?  What about expired or withdrawn data?  Not all homes sell.  A smart Realtor will be able to tell you exactly what percentage of homes in your area sold and if that trend is going up or down.  The trend analysis is critical.  They should also be able to tell you the days-on-market and whether that number is going up or down.  These trends are critical to an effective pricing strategy. 

Buyers are smart and well-informed.  By the time they saw your home online, they most likely had been studying that neighborhood, viewing homes online and in person, for some time.  Their Realtor may have given them a full dissertation on the market pricing in that neighborhood.  So if your home was not in line with the rest of the neighborhood (visually and financially), then buyers did not give it the time of day.

And it may not be just your neighborhood.  A buyer looking in your specific neighborhood, what other 2 or 3 or 5 neighborhoods are they most likely also considering?  Your home may have more competition than you think.

FIVE:  You did not stage.

First impressions are everything.  Buyers will respond emotionally to your home before they process thing intellectually.  I like to say there are 5 first impressions:  what they see online, what they see from the curb, what they see when they first open the front door, the kitchen/living combo, and the backyard.  How well did you nail the 5 first impressions? 

And did you have professional photos?  You need them.

Did you remove clutter?  How updated is the kitchen?  Any odors?  Is the layout open?  Can’t change open but can stage to create the feeling of more space.  Were the windows clean and the blinds open?  Any wallpaper?  Do you have large, dark, bulky furniture?  Are your decorating tastes current?  Any hunting trophies on the walls?  Any deferred maintenance? 

First impressions are everything.

Hope you found this information helpful.  When you are interviewing Realtors or doing it yourself the second time around, take an in-depth look at these items to fully assess what it is going to take to get your home sold.

 

 

© Julie Nelson and The Nelson Project at eXp Realty,2018. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at eXp Realty with appropriate and specific direction to the original content.  Julie Nelson is a licensed Realtor with Keller Williams Realty in Austin, TX.  This article and other blog postings should not be construed as legal or professional advice.  Contact your favorite Austin real estate professionals in person for actual advice. Search for Austin homes or connect with Julie at www.thenelsonproject.com

 

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Julie Nelson

Licensed since 1999, Julie is a real estate veteran in Austin, TX. Realtor, trainer, coach, industry author, career strategist, Julie serves buyers and sellers throughout the Austin area. On a nation....

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