…chances are, The Trembley Group Real Estate Professionals know why.
Hardly a week goes by that The Trembley Group Real Estate doesn’t get a call from a frustrated Grand Strand homeowner who has been unsuccessfully trying to sell their home. Sometimes the home has been listed with another Myrtle Beach real estate company and sometimes the homeowner has been trying to sell their home “For Sale by Owner.”
However the homeowner has been trying to sell their home, when they decide, that it’s emotionally and financially the right time to sell, that’s exactly what they want to do, sell their home, right now! Every home seller’s worst nightmare is that their home won’t sell, that it will become stale on the market, or it will become another expired real estate listing.
When a home becomes an expired listing, the homeowner will likely ask themselves and maybe ask their real estate agent one of the most FAQs about home selling, “Why didn’t my house sell?” There can be hundreds of reasons why a home doesn’t sell. Some are more common than others.
In the experience of The Trembley Group Real Estate Professionals, in almost every case, a home doesn’t sell for at least one of the following ten reasons. If a home isn’t selling, one of these reasons is likely holding it back. Being aware of the ten reasons can help sellers avoid costly mistakes.
1) Priced Too High
There’s no single factor more important to selling a home than proper pricing. If a home has been on the market for a reasonable time and hasn’t sold, the most likely cause is too high a price.
More than any other factor, overpricing a home is the kiss of death when selling a home. Many sellers think they can over price a home and negotiate down. More often than not, an overpriced home becomes stigmatized as over-priced and real estate agents simply don’t show it. Even if the price is lowered, agents and their customers think of the house as over-priced and it becomes dead in the market. Overpricing a home can actually cost a seller time and money in the long run.
Before pricing a home, sellers should understand how a home’s market value is determined. A seasoned and experienced real estate professional doesn’t recommend a listing price by pulling a number out of a hat.
The Trembley Group Real Estate Professionals complete a detailed comparative market analysis, also known as a CMA, on a home to determine its current market value. A real estate CMA will compare the particular home for sale to similar homes that have sold in the same neighborhood in the past several months. Their CMA is very similar to the appraisal a bank orders when they make a mortgage loan.
Positive and negative value adjustments are made when comparing the house for sale to the recently sold homes. For example, if the “for sale” home has a three car garage and one of the recent sales in the neighborhood has a two car garage, a positive value adjustment will be made for the “for sale” home. The goal is to arrive at a price that is the top of the market.
2) Lack of Marketing Exposure
The market exposure a home receives when it’s for sale has an enormous effect on whether it sells and for what sales price. If a home doesn’t sell, it’s possible it lacked market exposure.
Top real estate professionals use many different real estate marketing strategies to sell a listing. Most home buyers start by searching the Internet to shop for homes, so it is critical that a home receives maximum online exposure. When choosing a real estate company, a seller should always check out the company’s website, paying particular attention to its ease of use. A seller should also read the company’s online reviews on sites, like Zillow. All reviews, both good and bad, are included on Zillow, and The Trembley Group Real Estate is consistently the top-rated Zillow company.
Not only does a home need to be easy to find online, but it also needs to catch the attention of other Realtors and potential buyers. It needs to stand out from other homes on the market. The quality of listing photos and video must be top notch.
3) Poor Condition
Poor Condition & Neglected Repairs are sometimes a major reason a house hasn’t sold.
Nothing scares away potential home buyers faster than a home in poor condition. If a home is in poor condition and there are clearly repairs that have been neglected or deferred maintenance, there is a pretty good chance that it won’t sell for anything near the asking price.
Red flags like ceiling water stains, damaged or missing roof shingles, dry rot, uneven or cupped flooring, and foundation cracks are all common signs that a home is in poor condition. Discerning buyers look for these problems and will likely disqualify the home as having deferred maintenance and condition problems.
A Trembley Group Real Estate Professional often recommends a pre-listing home inspection to address any questions and potential issues prior to listing a home. Completing a pre-listing home inspection can help eliminate issues or problems and eliminate the need for a disconcerting disclosure before a house is ever shown.
4) The Home Doesn’t Show Well
When selling a home, there is only one chance to make a great first impression on potential home buyers. Some homes don’t sell simply because they don’t show well.
One of the biggest inconveniences of selling a home is preparing for showings. It’s crucial to know how to prepare a home for customers. Not preparing for showings and leaving a house looking like a fraternity house on Monday morning will not bode well.
There are some obvious ways to prepare a home for showings, such as picking up clothing, making the beds, and cleaning the floors, but there could be other reasons the home isn’t showing well.
For example, if a home is for sale during the summer, it is important that the home’s interior doesn’t feel like an oven. This may mean turning on the air conditioner, opening windows, and switching on ceiling fans to help keep buyers comfortable and feeling “at home” while they’re touring the home.
Even novice home buyers know to give a home the “smell test” as they walk through a house. Any foul odors in a house can raise a red flag and may be the reason a home hasn’t sold.
Several common foul odors can trigger a buyer’s aversion. A few of the most common odors that can have a buyer running away from a home include stale cigarette smoke odor, pet odor, food odor, and even odors resulting from moisture such as mildew and mold.
Whether selling a house with pets, kids, or just yourself, it is important to ensure there are no foul odors before letting potential buyers into the home. A great way to put a home to the test is to have a few unbiased people including a Trembley Group Real Estate Professional to give the home the “smell test.” If there are unpleasant odors in a home, ensure they’re addressed before listing the home for sale. And a fresh batch of cookies or some herbs simmering on the stove are far superior to chemical deodorizers for making a home smell welcoming.
6) The Home Has A Problematic Location
As the old saying goes, there are only three things important to selling a home. Location, Location, and Location. A home’s location is extremely important to the majority of buyers and if a home’s location is problematic, it could be the reason a home hasn’t sold.
What’s a problematic location? A home located near railroad tracks, major highways, retail establishments, or on a primary thoroughfare may take extra time to sell and may require seller concessions. Homes with tough locations generally take longer to sell and do not sell for as high a price as similar homes situated on a quiet neighborhood street. Sometimes a difficult property requires a creative marketing solution and The Trembley Group Real Estate Professionals have been trained in marketing problematic properties.
7) Not Being Flexible & Realistic
Not accommodating showing requests, nixing any repair requests from inspection, and not being open to any offer less than asking price are all examples of not being flexible or realistic when selling a home. This probably sounds familiar to some unsuccessful home sellers and is likely the reason why their home hasn’t sold!
Home sellers must be flexible and realistic when selling a home. A stubborn home seller’s property will likely sit on the market for months. Almost every home buyer and most mortgage lenders will order an inspection, and some buyers can only view a home when it’s convenient to the seller, and not every offer is going to be at the full asking price.
A lot has been written about responding to low-ball offers, and The Trembley Group Real Estate Professionals have been trained the best way to respond to low-ball offers. Home sellers should always consider addressing repair requests from a home inspection, particularly if the requests are related to safety issues or are a condition of the mortgage company. And unfortunately, sometimes work or family or travel schedules make dinner time on Saturday the only possible time to see a home.
Being flexible and realistic during the sale of a home is vital for success!
8) Poor Timing
First and foremost, it’s important to understand that homes are sold throughout the year. Regardless, certain times of year are better than others. The best time of year to sell a home depends on the home’s location.
In the local Myrtle Beach real estate market, many sellers grapple whether they should sell try to sell a home during the summer or winter. The spring and fall seasons are generally the best time of year to sell a home in Myrtle Beach. Summertime may not be the most ideal time for selling a home along the Grand Strand because of the extreme heat.
There are many reasons why real estate markets are different, even if they’re relatively close in proximity. Carolina Forest and the North Myrtle Beach condominium markets are as different as night and day. It’s possible that a home hasn’t sold because it’s the wrong time to sell it.
It’s suggested that home sellers discuss timing with a Trembley Group Real Estate Professional as early in the process as possible. They know the Myrtle Beach and Grand Strand real estate market and are in a position to give objective and unbiased advice on the best time to sell a home. A Trembley Group Real Estate Professional looks out for their clients’ best interests and will advise if now is not the best time to sell.
9) Local Market Conditions Aren’t Ideal
Selecting the right time of year to sell a home is important but so is the current state of the real estate market. If a house is for sale in a real estate buyer’s market, there are a lot of homes are for sale and buyers have a lot to choose from. It’s possible that a home hasn’t sold due to a slow or stagnant market.
When deciding when to sell a home, it’s important to consider the time of the year as well as the local market’s performance. Ask a Trembley Group Real Estate Professional about current market conditions, particularly about the market absorption rate.
The market absorption rate in real estate is a number that indicates the number of months it would take to sell the remaining homes for sale in a given area if no other homes were listed for sale. The market absorption rate is a good indication of the local market.
A high absorption rate likely means that the market is a buyers’ market. If the absorption rate is low, it means that the market is a sellers’ market.
An experienced Trembley Group Real Estate Professional can explain the subtle meaning of market absorption rate in the area and also help sellers understand what it means to them. Local market conditions ebb and flow and a house may not have sold because of market subtleties.
10) Listed With the Wrong Real Estate Professional
Sometimes a home doesn’t sell because it is listed with the wrong real estate agent. Hiring a top real estate professional and a top real estate company to sell a home is paramount to the success of a sale. A professional Realtor is not necessarily the guy who goes to your church, teaches history at the local high school, or has a license and sells one house per year in his spare time. He may be a prince of a fellow, a great father, and an outstanding history teacher. But the principals at The Trembley Group Real Estate knows that being a sales professional is not something that can be done part-time. It is a full-time commitment. Being a nice guy or someone’s cousin or a good golfer doesn’t qualify someone as a real estate sales professional.
Before selecting an agent, home sellers need to learn how to interview a real estate professional. The right professional will greatly increase the chances of a successful closing. A top real estate professional can eliminate many of the reasons a home doesn’t sell. For example, a Trembley Group Real Estate Professional knows the market, and will not take an overpriced listing just to have a listing. They’ll make recommendations on how to stage a home for showings, and they’ll also ensure a home is getting enough professional marketing exposure.
Watch for red flags. A good agent is a good communicator. If a call to an agent hasn’t been returned for two days or if there’s been no communication in the two weeks since the sign went up in the front lawn, chances are good the wrong agent was hired. Good clear communication is the key.
Home sellers who do not place a high priority on hiring a top agent are almost guaranteeing that they’ll be sorry at one point or another. The real estate agent that’s selling a home can be the reason why your home isn’t selling, so be sure to take the hiring process seriously and hire the right professional.
Selling a home is a stressful endeavor, and nothing is more frustrating to a home seller than watching a home sit on the market with little or no activity. If a home is on the market and hasn’t sold, understanding the reasons why is the first step to getting it sold.
The solutions to these ten common problems can be easily diagnosed by a competent Trembley Group Real Estate Professional. If there’s a difficulty selling a home, there’s a pretty good chance at least one of these reasons is the culprit!
At The Trembley Group, we pride ourselves on being the experts at more than just selling real estate. We are local residents, some of us have been here for a lifetime. The rest of us will be here until the end of time. We love living, working, and playing in the diverse backyard of Coastal Carolina, and look forward to helping you live and love your dreams soon too. Please reach out to us by phone or email for personalized service and one-on-one advice.