Home Selling in Salamanca>Question Details

Klockwood320, Home Seller in Salamanca, NY

Why isn't my house selling ?

Asked by Klockwood320, Salamanca, NY Sun Jan 10, 2010

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19
I'll give you as much info as you gave us. Price fixes everything.
2 votes Thank Flag Link Sun Jan 10, 2010
Pretty simple, usually it is one of these reasons.
1. Condition
2. Location
3. Price
4. Terms you are offering
5. Your agent.

Which one or combination do you think it is?
1 vote Thank Flag Link Sun Jan 10, 2010
some areas have 100 houses for sale, and only 80 people wanting to buy a house.

If true in your area, somebody will not sell their house. Lower price could help, but not always.
1 vote Thank Flag Link Sun Jan 10, 2010
Well Lockwood, there could be a number of reasons why your home isn't selling

1 price is too high, I'll repeat that..price is too high!
2. condition isn't great - needs to be decluttered or staged - painted, etc. - ie - it doesn't show well
3 location may be an issue (busy street, steep incline with the driveway, too close to commerical buildings, etc)
4 you aren't listed with an agent and getting the maximum exposure you need through the mls and other marketing options
5 home is difficut to show - agents can't readily get in
6 homes in your area aren't selling, either...maybe there's a large number of short sales or foreclosures in the area which may be turning off potential buyers

With little or no information to go on.......these are some of the possiblities.
With more information, maybe you will get more suggestions.

Good luck
Debbie Rose
Prudential NJ Properties
1 vote Thank Flag Link Sun Jan 10, 2010
1. In this market is price is king. You should not look at selling your home in comparison to how much "profit" you're making as you are unlikely to make a profit in this market unless you've owned your home for a long time (20 years etc). That said, your agent should have done what is called a CMA or Comparative market analysis. This is a report of recently sold (past 6 months no more) properties in your area that are similar to yours. That is what you should base your expected sale price on. There may be slight variations on that price based on whether or not your home is a little nicer (provable) than the rest or if it is not quite as nice as the average. Your agent should also look at what homes similar to yours are priced at that are currently on the market. If there are 5 comparable homes on the market at 30k below the average price of recently sold homes and yours is priced at the average of recently sold homes, you're 30k over priced. Hopefully this makes sense. Also, there is no need to price your home WAY over where it should be to "leave room to negotiate." It's okay to leave a little, but if you have comps to support your price, an experienced agent can help you fend off any "low ball" offers. By pricing your home too high you will be missing out on prospective buyers.

What is your motivation for selling? Are you looking to buy another home? If so you most likely will make up the loss on your sale when buying another home. So if you have to sell below what you owe, don't look at it as a loss since you will make it up in your next purchase. If you are down sizing to an apartment or a smaller home, then you may have to bite the bullet accept a little loss to accomplish your goal. If you are not motivated to sell right now, take it off the market and wait a little while. Winter is the toughest climate to sell in.

2. Another reason your home may not be selling is inadequate marketing. There are several things to consider on this front. First and foremost are the photos you have in the Listing Service; assuming your property is listed in a Multiple Listing service! There are many times that agents will view a listing in the MLS where the photos do a horrible job of representing the space. If the photos don't impress the agent and potential buyer, then they will most likely not want to see the unit. Professional photos are around $100. Don't pay just any old photographer, make sure it is someone who has professional Real Estate Photographing experience. Knowing where to set the angles and which lens to use is paramount! If you have some do-it-yourself photos from your home camera this is detrimental to you! This will be the best $100 you've spent when it comes to marketing your home.

Other than photos, ask your agent what he is doing to market your home. Also when interviewing new agents, as you should absolutely do ask them what they will do to market your property. Some good answers besides putting it on the MLS would be: internet marketing, open houses, broker opens, fliers, etc.

3. Before you have any more showings or your professional photographs taken you need to consider the staging of your home! Better staging (presentation) can make a bad place look great and spacious and a nice place look horrible depending on how your furniture is placed in the house. To quote a wise old agent “the way we live in our house is not the way we sell our house. This place is no longer your home it is a commodity! You need to remove any bold paint colors that you may have. Put all of your personal stuff such as family photos etc in a box and get them out of there. The goal is to make your place look like something someone could see themselves in. That is harder to do if you have photos of your trip to Aspen on the wall etc. Take a hard look at your furniture in the house now remove at least one third of it; seriously. Get it out of there! Nothing makes a space look cramped like too much furniture. Add light sources such as lamps to every room and make sure they're all on when you do a showing. This goes without saying, but KEEP YOUR PLACE CLEAN! No clutter, no open toilet seats, no spots on the mirror. Throw some fresh cut flowers on the dining room table (make sure they match the color scheme of their surroundings). If you need to fix something, get it fixed, no one wants to hear oh that'll be cheap to repair… People want a unit that is move-in condition, not something that they will have to put time and money into once they move in. Make sure your agent is pitching the neighborhood amenities along with your home, schools etc. Good luck!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue Jan 12, 2010
Klockwood320 - Location, Condition & Price... and when selling Big Ticket Items like cars and homes monthly PAYMENT often speaks LOUDER than Price...(Unless it's an all cash transaction)
Think outside the Box!
Good Luck!
Web Reference: http://www.321advantgae.com
0 votes Thank Flag Link Tue Jan 12, 2010
Have your agent run some cuurent sold comps. Are priced right? How does the home show? Is there anything that you can do to improve the home cheaply?
0 votes Thank Flag Link Mon Jan 11, 2010
K
How long has it been on the market?

Ask your Realtor how many homes, like yours, since your home hit the market, have:
sold
entered escrow
lowered their price
come on to the market
expired

This will tell you the truth.

Symptoms of problems:
No showings - lower the price
Showings but no offers - lower the price
Showings but LOW offers - lower the price.

The longer a listing sits on the market, the greater the gap between list price and sale price.

Better to be priced low and get multiple offer, than be overpriced and receive none.
0 votes Thank Flag Link Mon Jan 11, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
If you can make additional statements perhaps we can assist.

Where is your home located?
What is economy like in your area?
Does it back up to busy street
Are you a FSBO or listing agent represent you?
What does your listing agent state for DOM ?
Are you in a family community where homes are on the market from approx. April - August
What is value of home? Higher priced homes take longer to sale?

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 11, 2010
Great answers. I will keep it simple. PRICE!!!! Price first, check the advertising of your agent. Is it on Trulia, zillow, realtor.com, etc? But that is a far second. Price is the biggest reason. I don't need anymore information. There are buyers in every market, it's not "the winter". It is the price

Sean
0 votes Thank Flag Link Mon Jan 11, 2010
You only have to ask yourself "are other properties selling in my area"? If there are then you are overpriced. If nothing is selling then there is no market.

No buyers or no funds available for the buyers.

To sell a home it must be priced to show value. That is the first step in drawing the attention of a buyer. Then when the buyer comes to see the property is has to look good and not be a problem to see. If all of that is done and the buyer is still intereested it becomes the task of the agent to draw out an offer and negotiate terms and conditions that are acceptable to both principals.
0 votes Thank Flag Link Mon Jan 11, 2010
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
Klock,

When did you list your home? Selling real estate in upstate New York during the heart of the winter months is an "up hill battle." It's long been known that this is commonly the slow season.

This does not mean it is impossible to sell during this period....only more difficult.

It's important to understant the mentality of today's buyers. To the person....buyers today are seeking value and are being supported by good information available on the internet.

Your task is being made more difficult be the current state of the economy and as well as the large numbers of short sales and foreclosures....a sector of the market that is most appealing to many of today''s buyers.

If you can make your property stand out among the rest and be percieved as a value that can be competitive with short sales and foreclosures you will stand a chance in today's market. Ask your agent to review your property's price relative to other similar propertys that represent your competition. This may help to point you in the right direction.

Best wishes,
The Eckler Team
0 votes Thank Flag Link Mon Jan 11, 2010
Without knowing all the particulars it's hard to say. What are other homes in your area doing? How do you compare to other homes that are currently for sale and have sold recently? What kind of marketing are you doing? What kind of traffic are you getting through your house? How is the condition of the home? How is the location of the home? How long have you been on the market? What is the average time it is taking for a similar house to sell in your area?

Ask yourself these questions and then adjust your strategy and marketing accordingly. Make your house better than the competition so that it becomes more attractive to buyers.
0 votes Thank Flag Link Sun Jan 10, 2010
As Dan says, there may not be enough buyers in your area to go around.

Funny thing, but home selling is a bit like open seating in an auditorium. If people have had to wait in line to get in, they scramble early for seats, throw down coats to reserve seats for friends that may not even show, and they won't leave once they've settled.

However, if the place is pretty empty, nobody bothers to reserve a seat, sometimes people will just sort of stand along the walls, plenty of seats to go around, nobody seems to care whether they sit or not.
0 votes Thank Flag Link Sun Jan 10, 2010
Thats a pretty tough question without giving more information. Right now the main driving force for buyers is price. If you are over priced, you will not sell.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlamericorp@aol.com
708-250-2696
0 votes Thank Flag Link Sun Jan 10, 2010
in simple terms In most cases when a house does not sell the house is over priced or under marketed or both. You should have a new bpo done on your house so you can see what it's value is in todays market. The other thing you can do is look at what the feedback has been from showings, what do people not li8ke and is it something you can change or fix. good luck with working things out on your sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 10, 2010
Is it listed on the MLS? If not then it isn't being exposed to your local buyers.
Are there photos of the inside and outside listed on the internet? No photos, less like of being shown.
Is it being shown?
What have been the comments?
Do you make it easy to show?
Is your home always in showing condition?
Does your home boarder something unsightly?

May reasons ---

Usually a house that doesn't sell isn't priced correctly. Sad but true. If you don't get a full price offer within 30 days you probably will not receive a full price offer.

Have your agent take you on a tour of the homes that are similar to yours in condition, then also a tour of the homes priced like yours. You should be able to see the difference and come to a conclusion.

If you say that they are all priced the same for the condition, then you have location or other factors and need to adjust price to compensate.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Jan 10, 2010
Do you really think that you are going to fix your situation by asking such a question with no additional details? ...Do you believe there is one simple answer?
What was the explanation and suggestions of your realtor when you sat down and had this discussion?
0 votes Thank Flag Link Sun Jan 10, 2010
If the property shows well, is neat, clean, clutter free, has the right marketing behind it then-- consider--the price-- a home is worth what someone is willing to pay for it; it doesn’t matter what the seller “needs” or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place. Check recently sold similar properties in the immediate area--if you are priced higher--a reduction is in your best interest.

Anna
0 votes Thank Flag Link Sun Jan 10, 2010
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