The 3 Things That Keep a Home from Selling

Written by Posted On Wednesday, 01 May 2019 07:29

No one likes to be on the market any longer than they have to. We price a home and hope it sells, quickly. It can be so frustrating when you see multiple homes around you selling and yours is still on the market. What's going on here? 

Price isn't the only thing that keeps a home from selling but it's usually the main one. Any home will sell if it's priced right regardless of the condition or location, but most homeowners don't want to just give their home away. They want the most profit possible. So if it's not just pricing what could keep a house from selling?

Location

Location can have a lot of different meanings. It could be the location in the city or in the neighborhood, surroundings or distance. Location can be a problem for a lot of buyers depending on what they're looking for. Is the house close to train tracks or a busy street? Is it so far off the map that it would take 30 minutes just to drive to the closest grocery store? Is the driveway steep and could cause problems in winter weather? Is it in an industrial part of town or so 'downtown' that there are no other houses nearby? Is it under powerlines or is there a terrible view of the dump or other unsightly landmarks close by? If you can rule out the location then we can talk about the other two. But if the location is an issue, your agent should be able to have some tips and suggestions on how to focus on the positive aspects of the home. Either that or lower the price to compensate for the poor location. 

Read More: 5 More things that could prevent a home from selling

Condition

Similar to location, the condition can mean a variety of things. Is the property old and need updating? Are there too many hazardous issues that a new buyer will need to contend with? Is it a hoarder situation where there is too much stuff and the buyers are instantly turned away? Does the home need pricing renovations such as a new roof, new siding, foundation repair, updated wiring or plumbing? Has the home been a foreclosure or short sale and all the appliances and lighting are gone? Even without major items, a dated home may still be a condition buyers don't want to deal with. Has the yard been overgrown? Anything that looks like a lot of work for buyers will deter them for sure. And again, if you want to sell you'll need to drop the price accordingly.

Read More: 5 Tops Ways to Make Your Home More Appealing to Buyers

Price.

Let's come back to price as it really is the number one issue. A pristine home in great condition with a great location could be worth $500,000. But take that same home in a poor location and you might only get $475,000. If the property is outdated you might be looking at $450,000 and if the condition is terrible, meaning the property will need major work and renovations you may only get $380,000 if that.  And your pool of buyers is shrinking all the while. Most buyers will love the first home but as you take away value you also eliminate buyers, making your options even slimmer. One thing leads to another. 

Read More: 5 Ways to Increase Your Home's Value

So what if the house IS in a great location AND is in great condition but it still won't sell? Then you go straight to the price. Ask other agents if the home is priced right? Are you the highest priced home in the neighborhood? If the home has been on the market a long time, the market may have changed and where it may have been priced correctly at the beginning, it may be overpriced now. Timing is everything from the right buyer to the right price. But these three factors are typically the most common issues that prevent a home from selling. By adjusting one or all of these you have the potential of selling faster.

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Tammy Emineth

Real estate marketing expert - online content builder, social media manager, website builder and online marketer. 

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