Selling your home in a competitive marketplace is difficult enough; now, add in the high price tag you slapped on the "For Sale" sign, and it is even tougher to make that sale. There are a number of reasons why houses don't sell at the full asking price a buyer lists it at. No matter where the location is, what the condition is, or what upgrades you have made, the market and local prices in the area you are selling, are going to have an affect on how quickly you will sell, and at what price. So, if you are wondering why it just won't sell or you can't get that elusive listing price you are asking for, these are a few reasons.
1. The Condition
If the home is falling apart, if it isn't properly staged, or if you haven't upgraded it in over 20 years, you can't expect it to sell at the highest price point possible. This is especially in extremely competitive markets like Los Angeles...where fix & flip investors have fully renovated houses currently listed around the same price as you are asking for your home. So, you either have to adjust your expectations and bring down the price, or spend some money to hire a professional stagger to help you get that property sold for a little more.
2. The Size
Some homes might be massive, but if the designer of the home didn't properly lay out the floor plan in the design, this is hurting the possibility that your home will sell for the price you want it to sell at. If there are local families in the area, and you are trying to sell a one bedroom home, which is 2000 sq ft in space, what good does this do for local families? Sure, this isn't your fault, but if the home doesn't have a good balance of rooms to bathrooms, based on local buyer needs, it is going to be tough to sell it.
3. Price Is Too High
The Los Angeles real estate market is going to drive the price you are going to get when selling your home, not you. But, it doesn't stop with hyper local market forces. You can be rest assured that any buyer today is going to research homes within a 20 to 50 mile radius of where you are selling. Especially with pricey properties, or luxury properties, they want to make sure they aren't overpaying for the home you are trying to sell to them.
With that said, if local home prices which are a similar size, condition, and in the same neighborhood as yours are priced at $10K, $20K (or more) lower than your asking price, don't expect to receive an offer on your home. Even if you have done the work and put in the money to upgrade your home, local market conditions and asking prices for similar homes in the area, are one of the greatest driving factors as to the asking price you should consider when putting your home up for sale.
Although its not an inclusive list, these are some of the most common reasons your home simply won't sell for the asking price you have listed it for.
Other Options For Getting It Sold
Check with an LA home buyer to see what they'll pay you. Here are a few that we know of:
- Do you live in San Antonio, and not LA? Here is a local San Antonio Home Buyer that we know of:
- House Buyer San Antonio
Other Resources To Help Guide You In Selling
Why Your House in San Diego Isn't Selling
