The Three Reasons Why a Property Doesn’t Sell
By Frank Hough, January 3rd, 2019.
Not all homes that come on the market sell quickly, even in this strong Minnesota market. I’ve made a point of reaching out to homeowners of expired and cancelled listings throughout my career. These people are frustrated and upset at the outcome of their listing, and rightfully so. I’ve found that there are three primary reasons a property does not sell. It comes down to the price, the condition and the way the property is marketed.
Pricing a property can be a difficult task. You don’t want to price it far too low and get ten offers on the property, but you also don’t want to price it so high that you aren’t even getting showings. An experienced agent will provide you with a Comparative Market Analysis as well as a Netsheet of your estimated proceeds at various sale prices.
The condition of the property is also a heavy factor into whether or not you’ll get offers. Properties that need significant updates often require a different type of non traditional buyer, such as an investor. In general you want to have your property look like somewhere you would be ready live right away.
You’ll get top dollar by making all necessary improvements before putting your home on the market. On the other hand you need to be careful not to over improve your property. Not all upgrades return a dollar for dollar value increase. A good agent (cough, cough) can recommend where to make improvements and where to save your money.
If a property is priced correctly and in good condition then you’ll want to review the ways in which it’s being marketed. Top agents pay for expenses like professional photos, virtual tours, and paid online advertising. The designation from the National Association of REALTORs to “prove to consumers that you use the most advanced real estate technology” is called e-PRO.
As always please feel free to reach out to me if there’s ever anything I can do to help.