Why hasn't this house sold?
Despite the strong market and shortage of inventory, some houses are sitting... why?
It's stale. Whether it was from a seasonal slowdown or because it came on overpriced, the sellers missed the market and now buyers are ignoring it. You know the saying... you never get a second chance to make a first impression.
Timing. Our market is seasonal and spring is the best time to list. Buyer activity is strongest Jan to May. If a house comes on after June, it better be priced and positioned accurately or the seasonality of our market could hinder its potential.
Positioning. The listing doesn't capture the home's features or the neighborhood's desirability. Example, no mention of the luxury kitchen finishes, resort style amenities or the location's proximity to attractions
Staging and photography. Today's buyers choose their home online and from pictures. Their visit to the house is really just to confirm what they've already seen online. Staging is a must for that reason. We are shocked by the listings we see full of clutter and the poor quality of photography - even iPhone photos instead of professional photography!
Condition. Buyers are busy and they don't want to take on a project. If a seller hasn't maintained their home, they can't expect to capture top dollar. If the price is ambitious and the condition is mediocre, buyers will see right through it.
Overpriced. No one wants to be caught holding the bag. Buyers are aware of neighborhood comps and are only willing to pay so much over the comps. If a seller gets greedy and asks too much, buyers will be turned off and won't take the listing seriously.
No wow factor. Every house needs something to compel buyers to see it. It could be cosmetic (like a gorgeous kitchen), or quality materials (like marble and site-finished hardwood floors), or mother nature showing off (majestic oak trees or a natural view), but a house needs something unique that jumps off the page to make a buyer choose it.
Lack of marketing. This falls on the listing agent. The property has to show up everywhere to create the necessary exposure to get in front of active buyers in the marketplace. If a property is limited to a "pocket listing" or "office exclusive," or if a listing agent cuts corners on marketing, it won't have the reach necessary to create offers.
The wrong agent. Even the best listing can't overcome an inexperienced agent who lacks knowledge of the area or the established network to expose the listings to a wide audience of buyers agents. Or maybe they've gotten showings but lack the salesmanship to convert interest to offers.
The Mystery. It's rare, but occasionally there's a listing that has us scratching our heads without an obvious explanation. No matter how much experience we have, the market can still surprise us!
