You’ve cleaned, you’ve decluttered, you’ve gotten psyched up to sell your home and you’re pumped on getting an offer – or better yet multiple offers. But the offers aren’t rolling in as expected. Slowly the adrenaline changes to anxiety and even anger. Your house is great and you know it so why doesn’t everyone else see it? Are you ready for a reality check? It’s time to face the music. You’re about to hear a heartbreak symphony.
- Price. This is probably the most important reason that homes don’t sell. You might think it would be location since that’s the number 1 rule in real estate. But even a home in a less desirable location will sell if the price is right. If the price is way too high, buyers generally won’t give the home a chance. Buyers want deals. If the price seems too unrealistic, they won’t see that they are getting a good value. This isn’t to say that homes need to be priced low to attract buyers, but they do need to be in the right ballpark so that their value can be justifiable to buyers.
Homes with views of Newport Beach’s Back Bay are in high demand but homes in the flight path or bordering busy streets need to be priced accordingly.
- Location. You can’t escape that location is always going to be important to buyers. Some locations are going to be more appealing than others. For instance, a neighborhood may be hot for fast home sales but the particular location of a home may be a drawback. I just ran into this when I showed a home in a neighborhood where homes sell quickly. Unfortunately, this home was on a busy corner so it was not as enticing.
- Marketing. There are times when homes will go on the market and you won’t even need to post a photo and the home will sell in a flash. However, proper marketing will help draw buyers to your home. Let’s face it, if you have a high-end home, you want the image that your home projects to be consistent with the price point. Sorry, but an iPhone photo for the main photo of your home and poor quality photos – or no other photos – will hurt the first impression that your home makes. And since most house shoppers get their first impression online, good marketing matters.
- Condition. Homes that need work can be a turnoff. Again, these homes will sell if the price is right. However the price should reflect the condition, otherwise buyers are going to assign more value to homes that are priced appropriately. As a seller, you don’t have to update everything in the home, but you do need to be aware of how the current condition stacks up against the competition. For instance, if you have an old roof, ancient furnace, 40-year-old kitchen and dated bathrooms, you will most likely need to compare the price of your home to the selling prices of updated ones and be realistic about the value.
By Holly Schwartz
Holly Schwartz is a realtor with Villa Real Estate who lives in Newport Beach and has been featured on HGTV’s House Hunters. She can be reached at HSchwartz@VillaRealEstate.com.
