My House isn't Selling

Sometimes, even the best homes don't sell.

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One of the Best, Still No One Bought Your Home

Yours may be one of the best homes available.  But why hasn't it sold?  You've had people come in, say how much they like it, only to decide to buy another home.  Sometimes, it doesn't seem to make sense, and occasionally it just doesn't.

Reasons - Logic and Emotion            

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However, there are reasons why buyers choose another property.  If you should find out which home they purchased you'll find yourself trying to reason their decision logically, when buying is more of an emotional decision for most buyers.

Still, in the buyers mind, they felt the other home offered them more - somehow.  Let's see if we can gain some insight into what might be going on here.

The Price is Right                             

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Most of the time a property doesn't sell because the asking price is more than what a willing, capable buyer wants to pay for it, for whatever reason.  This has been proven over and over again by the number of expired listings on the market every year.  Year after year.  In just about every case, the listing price keeps coming down until it's sold - more proof that over-pricing hurts you in the long run.

Sellers and agents are always testing or pushing the envelope to see how much they can sell for.  In part, this is how property's appreciate over time.  Someone tries a higher price than what's been sold and it works, especially in "hot markets".  But usually, there are limitations based on the laws of supply and demand.

Competition IS Strong                       

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If you have several properties that are competing with each other for qualified buyers, your price must be competitive or you won't be selling.  Since no two properties are the same, you have to compensate for the differences between properties.  Buyers will compare properties in the same area plus within several miles of where they'd like to live.  This is why your asking price must be based on a thorough Competitive and Comparative Market Evaluation.  And you need to see the big picture, just like a buyer will, by getting a snapshot of available properties in your area as well as nearby communities.

Other Issues To Consider                   

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Let's assume you are priced competitively and examine other possibilities.

The floor plan of the house is important.  To each their own.  Some people have strong preferences for certain styles - some like open floor plans, others prefer more traditional floor plans, and on and on the list can go.  For the buyers who have looked at your home, could it have been your floor plan didn't fit their needs or desires - both now or in the future?

This strongly impacts a buyers decision. It is very personal for buyers, who are trying to imagine living in the place you call home, but imagine it according to their lifestyle and needs .  Maybe the present floor plan could be altered by adding another level, an addition, or how about bumping out a few walls to make it larger, or adding walls to create another room.  Again, to make it fit their needs, this is an additional cost added onto their purchase price.  A buyer, if they can afford it, will probably decide to look at homes in a slightly higher price range too, just to see if they could find one they could move into without the time and commitments involved with renovation.

Those Special Touches                          

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Next, consider the amenities your property offers.  How does it compare to your competition?  Buyers will select homes where they feel they'll have to invest the least amount of money, effort, and time to get the house to look, feel, and be the way they want it to be.  If other properties offer newer "hot ticket" items, is newer construction, has newer appliances, etc. and they are priced similar to or a little more than yours, you'll appear to be over-priced for the market to agents and buyers.

If dining rooms or hardwood floors happen to be the "in" thing, if your house doesn't have it, buyers will add the cost of the things they want to change, to make it their home, on to the price.  Will that send your property above a realistic price in your area?  If so, the buyers will keep looking.

Let's say you're priced a little above market value..  Now add to your higher price the amount the buyers feel they "have" to spend on this property to make it they way they want it - not to mention the time, labor, dirt, frustration, etc. that go along with changes in a house.  If they could get it for a realistic price, would they want to put up with all the construction or renovation?

Your competition may be a home that offers most of the features they want, doesn't require major changes and expenses, and it's priced to market.  Almost always they will buy the other home.

Personality                                               

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Another thing you want to do is de-personalize your property before showings begin.  It makes it easier for the prospective buyers to visualize their possessions and living there if your decorating is more neutral.

Not Actively Looking                                 

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You may find out the perfect buyer for your home literally wasn't in the market during all those months you were hoping to sell.  They fell in love with your home and can't wait to get in to make it theirs.  There is a buyer for nearly every property that comes on the market - at one time or another.  It really can be like  "finding a needle in a haystack".  The phrase "it's a small world" doesn't seem to apply when you're trying to sell your property.  Quite the opposite!  It seems to double in size.

The Changing Market Place                     

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But They Still Bought A Home - Somewhere             

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Any of the above factors may have influenced buyers that looked at your property and they decided to buy another.  But they still bought something .  If the majority of buyers and/or agents are giving the same general feedback, you need to listen closely and make any reasonable adjustments so your property is more appealing to the majority of buyers in the marketplace.  It could be a very long wait for that one, single buyer who loves everything about your house.

Marketing and the MLS                                        

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Marketing is important to getting a property sold too.  But realistically, if your property has been in the multiple listing service for some time, even if the marketing hasn't been what you hoped for, real estate agents still had access to your property's details.  Agents could still tell their buyers about your property, show your property, and write offers for your property.  But it didn't happen.  Usually, the number one reason is the  asking price.  Your competition has priced their property for what the market will bear for their location, property type, condition and features. And there is more and more competition coming on the market all the time.

Imagine this:  You need to buy cases of cola for your store.  What's your choice?

Cola "A" current price is $108 per case.  Good taste, proven winner.

Cola "B" - current price is only $109 per case.  The bottles are more stackable and very clean.  Virtually the same great taste as "Cola A".  Are you interested?  Why not?

Cola "C" offers even more "features" for only $110 per case.  The special label design is clean and modern, an added secret ingredient provides extra fizz - which cost the company "a mint" to do, and it tastes very much like the competition.  Are you interested?  Why not?  (Remember it has the special label and "extra fizz" ingredient and now the bottles will be steam cleaned prior to being sold.)  Besides, due to some hard luck and unforeseen circumstances  the company could really use just a little more money.  Just a little bit more for so much more!  How can you pass it up? 

Everyone wants to believe they have the nicest, the best, the most desirable home on the market and yours may truly be in this category.  Beauty and perceived value is definitely in the eye of the buyer though, and is based on their wants and needs.  Buyers, for anything, will almost always pay more for something they really want, feel is a better value, or makes them feel good - physically and emotionally.  The market will tell you if it agrees with your asking price and you'd better listen or you'll be sitting there month after month after....

We all wish we could pull "just a little more money" from the sale. That "little bit" could be all it takes to sway a buyer toward another property.

Faith and Encouragement                             

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Now, let's say the marketing efforts have been fine but you're still not sold.  Your price is where it should be.  The truth is that sometimes - it just takes that long.  Don't hold your agent responsible if everything that is supposed to be done, is being done on your behalf, and your buyer isn't knocking at your door yet.  Stay with them.  Give them your support and encouragement.