the Four Main Reasons Your Home Didn't Sell
At some point in your life, you're likely to try and sell a home only to find it won't sell! You will rack your brain and usually end up blaming the agent. Is it their fault? It could be, but did you know that when it comes to selling real estate there is only four main reasons a home will or will not sell? Location, Condition, Accessibility, and Price.
The first and most important aspect for any buyer is the location. Your can't change your location, only highlight the important amenities it offers. When showing a home to buyers they usually need to be educated about the location. Having an agent who lives, works and plays area is incredibly helpful when it comes to showing your home.
The condition of a property is the biggest determining factor in how a property is priced. As it should be right? Homes with balconies and views are worth more than those without, right? Hardwood floors vs. carpet, central air vs. radiators etc. The features and benefits will be different for each type of home (single family vs town home vs condo).
the Ease of Access
Once your home IS listed for sale, you might be tempted to pick and choose when you want showings. BAD IDEA - your home needs to be accessible 24/7. Am I being a bit over dramatic, yes, you should't be expected to show your home at midnight, BUT a buyer might want to get in with short notice. If they can't get it they might see something else that they like instead, and POOF there goes your buyer. Who knows how long until the next interested buyer comes along.
The value of your home and what someone will pay for your home are two different things. When listing in the MLS the "price" is usually based on what someone might pay for your home. The price is usually highly sensitive to the first three reasons outlined above. It's based on recently closed homes where the price has been adjusted for differences in condition, features and benefits.
If your home didn't sell and you're wondering why, these four main reason are likely the only things you CAN have some influence over. The overlying reason your home didn't sell was because there wasn't a ready and able buyer willing to purchase your home because of one or more of the Four Main Reasons Your Home Didn't Sell. This overlying reason is called "the market" and it moves in relatively predictable way, most of the time.
As agents we try and have our finger on "the pulse" of the market, attempting to look into our crystal ball and "see" where it's likely to sell. We always try to portray your home in the best light and make it appealing to as many buyers as possible.