Six Reasons your home isn't selling....

So, you're in agony because your home has languished on the market week after week. Has your lawn  grown around your For Sale sign? Have wasps moved into the lock box at your front door?

If so, your chances of success have been drastically reduced.

Following are the six most common reasons why homes don't sell and what you can do about it.

Is your home overpriced?

Optimistic home sellers love the much over used adage, "There's a buyer for every home." BUT, they often leave the off the proviso: "at the buyers price."

Remember a house is worth only what a buyer is willing to pay for it.

The fact is that buyers, not sellers nor real estate agents, ultimately determine the market value of your home. You can ask for the moon and set your listing price well above comparable properties in your neighbourhood, but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth.

Overpricing, is by far, the most common reason home's don't sell. When you ask an unrealistic price, it sets in motion a process that often works against you. Here's why:

Most real estate agents, and hence most buyers, will see your new listing within 30 days. If it is overpriced by as little as 5%, it will be duly noted and interest in your property will wane, especially if you show no interest of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated price, the property may not appraise at that figure and the financing will fall apart.

Your real estate agent may have approved or even suggested the inflated asking price to secure your listing. Many agents adopt this philosophy of obtaining a lasting under a guise that the seller can achieve that price. Only later telling the seller that it may be overpriced....and perhaps missing a qualified buyer. Conversely, other agents often use overpriced properties like yours to help sell their own listings.

If you have a house that should be priced at $200,000 and you've got it listed for $265,000, you are trying to compete against homes that are worth close to $300,000 and all of a sudden your home isn't competing as well.

If your home remains on the market too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn't selling.

Does your home "show" well

Your home is competing against shiny new houses in all those pristine new subdivisions out in the suburbs with their attractive prices, incentives and community amenities.

Face it: Even the best old house needs a little TLC if it hopes to attract a qualified buyer.

The good news is most of the work will be cosmetic and relatively inexpensive: a new coat of paint, un-cluttering of the basement and closets, a thorough cleaning of the floors and carpets. Voila! The place may look good enough to reconsider.

A good real estate agent can advise you on where your time and money are best spent.

Price and condition are two things that the seller can do something about.

Painting is the best return on investment.

How is your location?

Nothing has a greater effect on your home's value than its location. Your humble abode might be worth a kings ransom if it were located in Hawaii, Palm Springs or Malibu Beach. It might even jump considerably if it were two streets over....further from Deerfoot Speedway.

The point is location rules in real estate......Location, Location, Location!!

If your location is less than desirable, your options are somewhat limited. A good real estate agent will do their best to help you to accentuate the positive and eliminate the negative of your circumstances.

The best way to compensate for a poor location is to reduce your asking price or offer attractive incentives such as seller financing.

How is your listing agent performing for you?

Yes, they do exist: Real estate agents who mislead, misfire and misbehave.

Their bad advice can cost you plenty of time, money and sheer aggravation of keeping the place show ready 24/7.

The agent from hell will allow you to overprice your home ("Here's what I can get for you if you list with me!"), not market it properly, fail to screen for qualified buyers, be unresponsive to interest from other agents, and keep you in the dark throughout the process.

What's more, if your agent is abrasive, arrogant or otherwise difficult to work with, other agents may not want the hassle of showing any of their listings to prospective buyers.

What are the current competitive market conditions?

We've all heard the terms "buyer's market" and "seller market." In real estate, market conditions are affected by any number of external forces, some of them predictable (the weather, sort of), some of them unpredictable (the local economy, interest rates, public optimism or pessimism, global conflicts, etc.).

In a "hot" or sellers market, homes go fast. Inventory (homes on the market) may be low, meaning less competition for you. Chances are better that you will get your asking price in a hot market; in fact, it is not uncommon to even be offered more than your listing price.

But in a "flat," "cold" or buyer's market, sales slow to a trickle, inventories grow and buyers can find bargains, especially when the know the seller is motivated (i.e., paying two mortgages, job loss, etc.).

If you're trying to sell in a flat market, you're not only competing against all that vacant new construction, but against rentals as well. In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings once again in your favour!

Is your marketing effective?

Gone are the days when an agent could simply place your listing with the local multiple listing service, hold a halfhearted open house and wait for another agent to bring forth a buyer.

Today's top performers launch a multilevel marketing plan that includes listing tours for area agents, newspaper and even TV ads, weekend open houses, listing fliers and placements in local real estate publications.

Computers and also the internet have changed the face of real estate. Today more than 50% of all home buyers use the internet for home hunting. The best agents are computer and internet savvy. They have your listing on their lap tops to show clients and communicate frequently via e-mail, particularly effective when working with out of town buyers.

Call Frank today......403.605.2620 or via e-mail: frank@jantzon.com

 Skype me at: FJantzon

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