Very often, homeowners looking to sell their property are frustrated and arrive at the question, “Why isn’t my home selling?” It may be easy to blame the market conditions for this but there are areas beyond market scenarios why some homes don’t find buyers quickly enough.
If the home has been on the market for sale for over a month or two in a ‘hot market’ in spite of being listed by a reputed real estate agent, then clearly the reasons are to be analyzed and addressed by the owner. Some reasons that in fact have been gathered from surveys include ones such as;
- Home not in a good condition,
- Fencing broken or weak,
- Photographs of the home not impressive,
- Visibility from street affected, etc.
As with home buying, some reasons that can be given a though to and set right can include the following:
- Unrealistic price expectations or price not being right – many owners think this is the chance to make a kill and overprice their homes in the expectations of getting a little more out of it. It’s good however to put oneself in someone else’s shoes and think like them while making a home purchase. Buying a home is a big financial commitment and clearly the buyer thinks just as much as the seller does, hence pricing according to market conditions with maybe a little cap but leaving room for negotiation is a good move.
- Product not being marketed effectively – to the owner who is looking to sell a home, it is a product for sale, hence an effective marketing plan is necessary. Having a good agent is the best bet, but ‘spreading the word around’ through friends and acquaintances can extend the search for a good buyer.
- Interiors and infrastructure not modern – even if the home is in good condition, if it has seen many years of living, an extra coat of attractive paint or a minor remodeling or extension plan or putting in a new flooring makes a good first impression with a potential buyer. Spending a few thousand upfront in putting some extra features or appliances like a steam shower may result in a good windfall. The same goes for removing clutter and unused items from inside and around the home to give it a clean and well-maintained appearance.
- Wrong sale timing – usually home buyers look to close a sale before the onset of the children’s academic year so putting out the ad listing at the right time matters a great deal. Again, summers are the time of year when people usually take a vacation so getting proper advice upfront from an expert would be invaluable.
- Potential buyers are unable to visit – the seller may have a job in the city and is therefore unable to be at home when a buyer decides to take a look. Making adequate arrangements with another member of the family or a good friend or a reliable agent is a good move; people simply move on if they can’t look at a house when they want to.
Contributed by : Greg Clarke Top selling Kelowna Royal Lepage Realtor. If you have any questions about buying or selling a home in Kelowna contact Greg Clarke at 250-869-9119