First of all there are many homes out their that could sell but do not. They have equity, they are not upside down in a short sale position, and the reason why it isn't selling to another real estate agent is obvious. The onely one that does not seem to get it is home seller. Many home owners scratch their head, and bad mouth their real estate agent if they have one, and blame their agent for their misfortunes! Wrong! The sad fact is that much of the fault of a home not selling is the sellers problem. Under the law, real estate agents are basically only allowed to work on behalf of the seller and follow the directions that they are given. A listing agent can make suggestions of pricing, staging, and how to improve the chances of selling, but it up to the home seller to put the advice into action. So based upon my years of experience in real estate.
Here are the main top ten reasons a home does not sell.
- It's overpriced - It's out of line with recent sales prices for comparable homes.
- Your terms are inflexible - "Price is Firm!"
- You have restricted showings to "Appointment only!"
- Your showing instructions are convoluted and frustrating - alarms, showing times, call first....
- You have a Rotweiller or other "Beware of pet" notice.
- Your home is way too personalized.
- Your home is unkempt - dirty, smelly, and the curb appeal confirms it.
- All showings are inconvenient - you constantly ask agents to come at another time.
- You're smoking about 3 packs of cigarettes a day in the home and the home smells like a toilet.
- Your home is under marketed.*
*Under-marketing is when an agent is too lazy to promote your home sale. They are dreaming about a commission as they work their real day job, but have neglected to enter your home into the MLS correctly. You have no virtual tour, you have no flyers, no flyer box, no marketing plan, no photos, the directions to your home are wrong, the home or property is listed in the wrong city, your fields for schools are blank and your agent does not return calls because they really want to double dip the sale by getting both sides of the commission for themselves.
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Hey Jim,
There is only one reason and one reason alone that any home in the USA has not sold. PRICE ! Everything else is a supporting factor.
The home that Has an alarm, is by apointment only on every last Tuesday of the Month, is built next to the Freeway On ramp, has two Rot Weliers and an overactive Pit Bull all which live in the home, will still sell if the Price is Right!
Jim...
This is a great summary of reasons that a house will not sell in today's market! Thanks for this post.
Downtown Portland Real Estate Broker~Herb Hamilton (RE/MAX Preferred Inc. Realtors) Herb you are right. That is why I placed it number 1. The problem in Atlanta? We have way too many homes for sale. Even with the inventory down, the market is not in balance.
Richard Weisser Coweta Fayette Real Estate ERA United Realty Thanks Richard. We have a lot of issues in the Atlanta market and it is always sad to see home needlessly sitting unsold.
Jim, I share the same thoughts like yours. I believe we can only hold the seller's hand, but it is up to them to agree or not. I told my clients all the time, it is a team job to make a sale, I can only provide advice and opinions, they are the one who decide if they will do it or not. But sadly and true, they always blame us first when the house is not showing, or any other matters.
Jim-
Here in Nashville, if it is priced right AND looks good, it is pending. We're seeing multiple offers on the quality stuff. Everything else? Just sits there.
I tell me my buyers don't bother with homes that have been on the market for 2 months+. Those have been picked over by dozens of buyers who found them wanting.
Wow very simple and to the point. I like it.
Rita Fong (RE/MAX REAL ESTATE TODAY) We must think of home selling as a group effort. AN agent alone cannot sell it alone, the seller must do their part too.
Jim Wood Nashville Real Estate (Crye-Leike Realtors, Inc.) Despite higher inventory levels in Atlanta, much of the inventory is wanting also. That is the problem.
Cassi @ Knightyme Video Tours (Knightyme Video Tours) I am glad you enjoyed it.
Jim,
It's tough for sellers to accept that their castle has lost 30%, or even 50%, of its one-time value. That's understandable. However, if they are serious about selling, then they have to go by what the current market conditions are.
Jim:
I like the last one. If you market well and hard, buyers like to talk to you. They want to get your sense of things. This is what makes the business buzz. I can't stop hearing at my showings, open houses and inquires, how the public sees my marketing. It makes it happen.
As far as the lack of reality, you must go with the ones who get it.
Richard
Jim: Having faced all the above I concur. If an agent, let's say a beginning agent, can cover just the basics with all data correct, a complete set of photos and a color flyer they will be substantially ahead of the pack.
Esko Kiuru - Las Vegas NV Mortgage Consultant (FHA, VA, Conventional, Refinance, Jumbo) Some sellers are lost in a time warp. They still believe it is the old days . It isn't. That is why it is a buyers market. In Atlanta sales are off, inventory is down, but there are still too many choices. In states like NJ or the DC area sometimes there are only a few homes to choose from. That is not the case here.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Thanks Richard, I always go with the ones that do get it.
Matt Grohe CRS, GRI, ABR (Remax Real Estate Concepts) I agree. They will at least have a chance to sell the home. Too many listings have incomplete data.
Jim,
Great blog. I love #9! "You're smoking about 3 packs of cigarettes a day in the home and the home smells like a toilet." I read that and it gave me a good laugh. But you are right, that is a big turn off to buyers!
Gina Tufano (RE/MAX Select Properties, Inc.) It is funny to us in real estate because it is so true.
Jim, this would be an excellent list to use when on a listing appointment too!
Hi Jim - As you know an agressive price or at least at market value cures most of this issues.
Jim Crawford, Atlanta Real Estate-ABR E-PRO Atlanta, GA
Hi Jim, Great information, honest and to the point. I have turned down 3 listings in the past 2 weeks because the sellers were unable to value thier property at current market levels. I've advised many more clients to rent their properties whenever feasible.
Columbus Ga Real Estate, Fort Benning Homes, Phenix City Real Estate,
Russell Lewis, Broker,CLHMS,GRI (AvenueOne Properties, Austin Texas Real Estate) It is funny, but there are very few listings I would be interested taking right now. The sellers must be part of the team or list with someone else.
Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) Atlanta needs more than price - it is the nature of this market.... there is just too choose from.
Erika Nicholson (RE/MAX CHAMPIONS) GA is in tough shape and we must act like mature adults when taking a listing. Seller must realize this is not even the market it was just 6 months ago.
Jim - it still always surprises me - I guess I shouldn't be surprised any more - how many mistakes I see one MLS along with the no photos, etc. ~Rita
What's with the listings that don't even have correct directions anyway? Apalling.
Rita and Brian Burke ~KennaRealEstate.com ~ 303.955.4220 No MLS should let a listing be posted without all the data in place. Photos, schools directions etc. How else can a consumer find what they are looking for?
Great list! I plan on sharing it with my agents as a reminder and then they can pass on some of the information to their sellers. I am amazed at the agents that do not market a property beyond entering it into the MLS. Even then, like you pointed out, they omit information and important facts that potential buyers are looking for. In this market it is imperative that we, as professionals, use all the tools available to sell a property and that we educate our clients of why a home does not sell.
VERONICA MCCANTS (RE/MAX Land & Homes & RE/MAX Land & Homes on the Bay) You are so right. I beleive a few persons mentioned that price overcomes all, but if the property is incorrectly listed...no one will find it!