Donna Yates, Move 2 North Georgia.net: Sellers Want to Know - Why Isn't my House Selling?

Sellers Want to Know - Why Isn't my House Selling?

North Georgia, Blue Ridge Real Estate, Home Values, Home Buyers, Home Sellers, Residential Real Estate

 


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Question:  Sellers, want to know, "Why isn't my house selling?"

 

 

Answer:  Usually the answer is price and most of the time price is the correct answer.  Buyers think the price you want for your home is more than the value they see. 

There's a lot of time and work that goes into buying and selling real estate but the economics is fairly simple.  Value equals what a buyer is willing to pay and a seller is willing to accept.  Determining the market price is complex.  Taking time to become educated on the local market and enlisting the services of a professional agent can help you get closer to that magical sales price.  However, if a seller goes with what they "feel" their house is worth, they could potentially be making a big mistake.  An even bigger mistake for sellers is choosing a real estate agent solely on the basis that the agent claims she/he can sell your house for more money than other agents think.

Other common mistakes sellers make with pricing:
What a seller wants to net from the sell of a home means absolutely nothing to buyers or the marketplace.
Most sellers think their house is the best in the neighborhood, but honestly, a sellers opinion doesn't carry any weight with a potential buyer.  Only the buyer's opinion matters in the end.  It just doesn't matter if a seller's neighbor sold for x amount last year and you want x amount more because you think your house is better.  It just doesn't matter, so don't fall into this trap; it could cost you more in the long run resulting in your home sitting on the market.  Ask yourself, what were the market conditions at the time your neighbor sold compared to what they are at the time you are putting your home on the market.  Did the market drop or go up?  Keep emotional feelings and ego in check.
If you think that you will price higher than the market, because you believe someone will come along who just has to have your home, well, the chances of that in a down market bloated with inventory are slim to none.  Buyers will think your price is unrealistic and so you probably are too and will be reluctant to deal with you.  Your home lingers on the market and then buyers think there's something wrong with it.

So sellers, why isn't your house selling?  
Hire the right agent, experienced and knowledgeable, one who studies the market and backs up their information with factual data. 

Review a comprehensive property evaluation analysis and study the competition. 

The solution is to get the price right, make it easy to show and outshine the competition or adjust the price accordingly if certain conditions cannot be met.  

Spruce Up your home to sellPrice is not always the reason your home isn't selling but it's always related to the reason(s) your home isn't selling.  Buyer's perception is real and if they perceive imperfections in your home, they want a discount.  A buyer has to believe that your price at least equals the value they see.  If there are maintenance issues, a buyer will automatically discount the price. Sellers tend to attach a much lower discount to the price than buyers.


Some of the most common reasons buyers walk away:
Showtime
Buyers want to feel an emotional connection to your house.  They want to connect.  Many buyers will say, "I'll know it when I see it" which also means, "I'll know it when I feel it". They are looking for a house that "speaks to them" so sellers must keep the home show ready or adjust the price to compensate if you are not willing to put in the effort.

If a Buyer can't see it, a Buyer can't buy it 
No doubt, selling is an inconvenience but if you want to sell, it's a necessary nuisance.  If a property is difficult to show, agents tend not to show.  The seller is the culprit for the home not selling.

Beyond your Control
The seller is not always to blame when a house doesn't sell.  Maybe the market keepsHome for Sale changing or a developer is offering lower prices on brand new homes with incentives. Maybe banks are discounting distressed properties at a rate private seller's find impossible to compete with.  And maybe an agent has given you bad advice.  
A seller must take all of these reasons into consideration when establishing an effective marketing strategy designed to succeed in getting your home sold.

 


The North Georgia market is a very opportunistic market for buyers and sellers.  When do you think you will be making your next real estate move?  Call Donna Today ! 706-633-0644

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Donna Yates
Associate Broker, GRI
706-633-0644 Mobile 

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North Georgia Blue Ridge Mountains

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Donna Yates
Associate Broker, GRI
706-633-0644 Mobile
Serving North Georgia Mountains and Metro
Metro Brokers - Better Homes and Gardens Real Estate
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Comment balloon 12 commentsDonna Yates • February 01 2011 10:12PM

Comments

Price cures all is one of my favorite sayings when I teach classes on CMA or visit with my sellers.  If a home has an issue, there will be a buyer for the right price.  Staging, etc. is all wonderful and I strive to get my clients to do all the prep work in advance to make their home sparkle.  If you have an unwilling client then the price must reflect the condtion.  Great post on the importance of discussing and understanding of the big WHY that sellers need to know.

Posted by Connie Goodrich, CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) over 6 years ago

"If you think that you will price higher than the market, because you believe someone will come along who just has to have your home, well, the chances of that in a down market bloated with inventory are slim to none.  Buyers will think your price is unrealistic and so you probably are too and will be reluctant to deal with you.  Your home lingers on the market and then buyers think there's something wrong with it."  ---Great comment.

Posted by Wade Mattingly (WEICHERT Realtors--Bluegrass Living) over 6 years ago

You're right, price is OFTEN the reason a home doesn't sell, but most sellers don't want to hear it.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) over 6 years ago

Connie:  Tough time for sellers in my market area but that doesn't mean there aren't still lots of opportunities for those who really want to sell.

Wade: I turned down a listing like this.  The seller only wanted about $500k over the realistic price.  He said these very words to me, "someone will come along and just have to have it and be willing to pay what I'm asking" NOT!  Someone else listed it for almost two years.  Didn't sell.  Almost two years sitting on the market, valuable time wasted.  Honestly, I couldn't believe anyone would have listed this property for that much over market.  Just proves my two points though, sellers who are unrealistic in their expectation and there will be that agent out there who will list it regardless which is a real disservice to the client and to our profession.

Margaret: I understand it's difficult for seller's to hear a lower price than what they feel is right but I find that most sellers, those who really want to sell, when presented with actual sales data understand and get past their denial.  

 

 

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 6 years ago

Thanks for the post, these are all good reasons points, even though it's hard for the seller to hear.

Your Friend in Charlottesville

Posted by Charles McDonald, REALTOR®, Blogger, Principal Broker®, Owner (Charlottesville Real Estate Solutions) over 6 years ago

Charles: It has been quite a change in my market area for sellers since 2007.  But there are plenty of opportunities for both buyers and sellers in the North Georgia market now that we've adjusted from seller's market to buyer's. 

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 6 years ago

Yes Donna i agree price sells but availability and staging are crucial now

Posted by Tim Peterson, Realtor Safety Training Classes (Wisconsin Realtor Safety and Concealed Carry Classes) over 6 years ago

Tim: Anything a seller can do to outshine the competition is crucial now.

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 6 years ago

Great post and advice for sellers Donna.  When a home sits on the market a long time, price can usually cure it.  Problem can be though that the seller may not be able to bear the price.  It can be a tricky market.  

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 6 years ago

Brenda: It's a tough time for seller's who cannot bear the price.  They face serious decisions with either waiting out the market, short sale or foreclosure but the key is to take action of some kind.

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 6 years ago

Donna - Great Post! We know it is difficult for the sellers but, they need to remember, they aren't the ones buying their house.

Posted by Carla Freund, Raleigh - Cary Triangle Real Estate 919-578-3111 (Keller Williams Preferred Realty) over 6 years ago

Carla: Excellent point.

Posted by Donna Yates, Blue Ridge Mountains (BHGRE - Metro Brokers) over 6 years ago

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