Hot Market Some Homes Selling Slow

Sellers should understand that even if houses are selling fast in your area it doesn't mean that yours will. 

Some reasons why your home may not sell is that it is priced too high, there are excessive restrictions on access to buyers and agents, there is a failure to clean or make repairs and, of course, there could also be a variety of other marketing reasons.

With a sellers' markets underway in dozens of metropolitan areas around the country, new research has found that curious statistical patterns are emerging: Even in cities where listings get multiple offers within days or hours, significant numbers of homes are sitting on the market for six months, 12 months or more with no takers.

 

Despite roaring sales paces all around them, for one reason or another these houses aren't selling.   Everyone is talking about "low inventory" right now but little is being said about this fairly common situation in all areas including the Central Coast of CA

Nationally, according to new data from the National Association of Realtors, 44% of all new listings take 90 days or more to sell, 22% take six to 12 months and 9% take more than a year.

 

When agents discuss among themselves the reasons that certain homes aren't selling, the most often phrase used is "self-sabotage".   Although sellers don't intentionally self-sabotage their own sale, their need to make unrealistic demands often brings them no sale at all.  Once it is known that the seller has rejected reasonable offers and refused to negotiate, buyers and agents begin to avoid their property.  Often, once the seller decides to be realistic, they have already created a negative impression and end up taking less than if they had been reasonable in the first place.

Restrictions on when and by whom the house can be shown is another big reason homes don't sell. For example, sellers who will only allow showings between 10 a.m. and noon on Saturdays, or who require a 24-hour advance notice before appointments to show during the week, or who won't let anyone in unless they or the listing agent are present, inevitably delay offers and sales.

Other reasons homes don't sell:

•Poorly cleaned, messy houses with obvious deferred maintenance.

•Sellers who insist on being present (or hover nearby) when shoppers visit so they can point out every feature they improved or like. Better for sellers to be out of the house or out of sight.

•Smells inside the house that are either bad (especially from dogs, cats and other pets) or come across as contrived, such as scented candles, potpourri plug-ins, etc. When buyers encounter obviously artificial smells they wonder: What are the owners covering up?

 

You've got to think of it as a product you're marketing, not just as your home. Get it in shape to sell. Price it realistically. Be flexible and cooperative on showings and negotiations. Unless it has grossly off-putting features (costly physical defects, ugly design, bad location, bad schools) your property should sell.

 

Nancy Puder is the broker and owner of Signature Properties, a real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415. She always enjoys hearing from you!