If your house doesn’t sell immediately, it’s the fault of the Realtor, right? Maybe partially, maybe not.
There are five main factors in why a house doesn’t sell right away.
1) Price. If a home is not priced right, buyers won’t look at it, and it won’t sell.
Pricing above market values will not mean that people will look and negotiate, it means they won’t select it at all. On the other hand, pricing way under the market will often trigger people to think there is something wrong with the property or it may not fall in the range that they are searching in.
2) Market. Even if a home is valued correctly, a down market may take a while to sell and the seller has to be patient.
If it is a down market and no one is buying, it won’t matter what price you have on your property (unless maybe you have it so low that is an irresistible bargain), because no one is buying. You might want to wait to sell until the market picks up or just know that you have to wait it out.
3) Realtor. A Realtor has to keep promoting your property and not just hope that someone will see the listing the next day.
It’s important that your realtor has your property out there and prepared for the right buyer. In a down market, your realtor will have to be even more pro-active, doing what he/she can to be constantly searching for buyers. Check back with your realtor to see what they are doing, what new ideas they have, and how you, as the seller, can help.
4) Seller. Yes, the seller has a big role in whether a property sells quickly or not.
- Agreeing to set a reasonable price based on the market is important.
- Having the house in viewing conditions that will make the potential buyer want your home, not make them want to turn around and walk out.
- Having incentives such as financing or other kinds of assistance when the market is low.
- Being flexible with offers or trying to come to an agreement when possible.
- Letting people know and getting the word out. Some of the best potential buyers are neighbors and friends and building the “social network” of those that know it is for sale.
I once had a seller tell me that they wanted to sell their house “discreetly”. I had to ask what they meant by that because I don’t know how to market something “discreetly”. I was told “no internet, no MLS, no sign, and no photos”, so basically I could only offer the house to my current buyers looking for that exact house. I told them I couldn’t do it. Of course, I would know it was for sale if I had a direct buyer looking for exactly that, BUT I couldn’t in good faith offer to “sell” their house and represent it without actually marketing it and there was no point in getting a bad reputation for not being able to sell the home when I had my hands tied behind my back the whole time. Cooperation between seller and agent is important.
5) Luck. Yep, luck. Sometimes, just having the timing and good luck to have a buyer come along at exactly the time you put your home on the market can make all the difference in the world.