Henri Martin Real Estate

Bristol, Farmington, Burlington, Southington,
 Plymouth and Plainville
Real Estate
.

531 Broad St., Bristol, CT.  06010  Phone:  860-589-0101

 

 


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7 Reasons Why Homes Don't Sell

Has your home been on the market for months without any offers - or without even any showings?

If so, the reason probably lies in one or more of 7 areas:

  • Pricing
  • Condition
  • Location
  • Marketing
  • The Market itself
  • Poor accessibility
  • Your agent's reputation

Pricing:
Price is always paramount. Buyers today are shoppers and they know what comparable homes are selling for. They won't pay more because you paid more, or because you need more in order to relocate to a more expensive area. They'll pay fair market value based on current market conditions. Claims by an agent that they can "get you a better price" than anyone else are simply a false statement made to secure your listing. In addition, "testing the market" with a high price is a tactic that backfires and can result in "no sale" or a greatly delayed sale at a less than market price. The only way to determine a proper selling price is with a well-executed market analysis. A true and reliable market analysis compares your home to the most recent sales and the currently listed homes which are most similar to yours in location, size, condition, and amenities. Your Henri Martin Real Estate agent will use the most up-to-date information available when preparing your market analysis.

Condition:
Condition and price go hand in hand. With the number of homes on the market today, buyers don't have to settle for a home that needs repairs, or even a home that needs new paint or a good cleaning. Thus, the only buyers who will consider a home in less than top condition are those who are looking for significant price bargains. Visit our page entitled "Getting Your Home Ready to Sell" for a checklist of things to do to present your home to its best advantage. Then talk with your Henri Martin Real Estate Agent for tips on staging your home or a referral to an experienced home stager.

Location:
This is one factor you can't control, and it is just as important to home buyers as to businesses. The desirability of the neighborhood is hugely affected by the quality of the schools, the crime rate, the proximity to industrial pollution, and the general visual appeal of the neighborhood. Now, with so many homes in foreclosure, the presence of vacant and boarded up homes can also depress sales in the neighborhood. Often the only way to overcome a bad location is to lower the price.

Marketing:
This is your agent's job, and if it isn't done well, your home will languish on the market. A sign in the yard and a listing in the local MLS just won't do the job. Henri Martin Real Estate Agents leave nothing to chance. We use our "On the Market 19-Step Marketing Plan" to be sure that no marketing avenue is missed and that each of our listings is exposed to as many qualified buyers as possible.

The Market Itself:
Sometimes conditions come together to cause an overall slow-down in a given real estate market. It could be an over-abundance of homes for sale, the closure of a company that provided a large percentage of jobs in the area, or the sudden absence of good financing options. This kind of market is known as a slow market, a cold market, or a buyer's market, and it is not easy to overcome. Sellers can have some success by offering to pay some buyer costs or by lowering their price, but the best option is to wait it out. The market is in constant flux and as all the low-priced bargains are sold, prices will once again begin to rise.

Poor Accessibility:
When you make it easy for agents to show your home, it will be seen by more buyers. But when you set rules and specifications for showings, it may be seen by few or none.. Agents with buyers who want to see several homes in a day will create a showing order based on location, so they can drive logically from one to the next without backtracking. If your home fits the schedule at 11 a.m. and you insist that it can't be shown until 2 p.m. it will likely be stricken from the list. When your listing in MLS has a notation saying "lock box, easy to show" it will get more showings than a listing that requires the buyer's agent to get a key from your agent. Other notations that will cause agents to skip your home are "No evening showings," "No week-end showings," "Listing agent must be present at showings," and "Tenant must be present." Another one of the common seller mistakes is limiting the time buyers spend looking at your home by remaining in the house while they're there. Buyers who are uncomfortable will leave as quickly as possible ? often without seeing the benefits your home has to offer.

Your Agent's Reputation:
This may sound silly, but it is true. An agent who has gotten a reputation for arrogance, for refusing to return phone calls, for failing to present offers in a timely fashion, or for being generally difficult to deal with can greatly diminish your chances of a sale. The first step in finding a home for a buyer is to determine their wants and needs. Then the buyer's agent searches the MLS for homes that match. If there are a number to choose from the agent will try to narrow the list to the most desirable. And one of the things that will determine whether a home goes on the "short list" is the name of the listing agent. It is just human nature to avoid unpleasant or difficult people, so a buyer's agent will put off showing a difficult agent's listings until there are no other choices. We're happy to report that Henri Martin Real Estate listings are regularly shown by agents in every agency in town.

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