Myrtle Beach ~ Top Five Reasons Homes Don’t Sell
HERE ARE FIVE KEY REASONS YOUR HOME OR CONDO MIGHT NOT SELL IN TODAY’S “BUYER’S MARKET.”
1. THE ASKING PRICE IS TOO HIGH. By far, this is the top reason a home doesn’t sell. Although you might be just testing the market, prospective home buyers are very smart and they know an overpriced listing when they see it. Worse, their buyer’s agents won’t even bother showing homes with asking prices above recent sales prices of comparable nearby homes.
If you want to get your home sold during this peak sales season, it is vital for your listing agent to keep you informed on a weekly basis of recent comparable home sales prices. Perhaps it’s time for an asking price reduction.
2. THE COND/HOME IS DIFFICULT TO SHOW. Here are three types: Properties on short term rental programs can’t be shown unless vacant, or during limited “change over” times; Properties requiring buyer’s agents to drive to a distance office to pick up keys; and Properties requiring the listing agent to be present for all showings.
Unless there is a security reason, listed homes should always have a multiple listing service (MLS) lockbox key easily available for buyers’ agent showings on short notice. Lock boxes are especially important for buyer’s agents with out-of-town buyers who have a short time available to inspect homes for purchase.
3. CONDITION OF THE HOME. Most home buyers want to purchase a condo/home in near “model home” condition where all they have to do is turn the key in the front door and move in. However, if the residence requires considerable work, that turns off all but the most die-hard bargain hunting home buyers.
Fixer-upper homes appeal to a very limited market of home buyers who will purchase such homes only at bargain prices, well below what can be obtained with modest fix-up work such as painting (the most profitable improvement of all), repairing, and cleaning.
Buyers’ agents will only show that residence to their bargain hunters, usually investors, who want to purchase far below market value.
4. “AS IS” HOME SALE CAN BE A RED FLAG TURN-OFF. Closely related to homes that don’t show well are those listed for sale in “as is” condition. The term “as is” means the seller offers the residence in its current condition and will not pay for any repairs. However, the seller must still disclose in writing to buyers all known defects, such as a leaky roof or a bad foundation.
Whenever possible, home sellers should not offer their homes for sale “as is” because it is like waving a red flag in the buyer’s face. A better alternative is for the seller to obtain a professional inspection report and have the recommended repairs made before listing the home for sale.
Of course, when a home needs a major repair that the seller either can’t afford or doesn’t want to make, then an “as is” sale at a reduced price is advisable.
5. INEFFECTIVE MARKETING METHODS. In today’s “buyer’s market,” listing agents must use every marketing resource available. Most effective is the for sale sign on the front lawn. A close second is weekly newspaper advertising, especially for a weekend open house. In third place is Internet advertising.
In addition, listing agents have the local MLS and their special networking among agents who represent prospective buyers for the type of house or condo listed for sale.
CONCLUSION: Selling houses and condos in the current buyer’s market requires hard work by successful listing agents. If your home has been listed for sale with a successful realty agent over 45 days and without any purchase offers, it’s time to discuss the five key reasons some homes don’t sell with the listing agent and make adjustments to get your home sold.
Source: Bob Bruss, Inman News
For more information on “Selling Property in a Buyer’s Market,” contact Barbara Chartier at 843-902-0204.
