Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: The Number One Reason for a home not selling in any market is.....

The Number One Reason for a home not selling in any market is.....

Everyone knows that we do not have the same market that we had a few years ago.

Homes are taking longer to sell .  We have many homes that do not sell when listed with an agent and sellers may look for reasons why it did not sell. The top 5 reasons why a house does not sell are :

5. The condition of the house . This is the sellers responsibility. Well maintained homes sell faster than homes in disrepair. A staged house sells faster than other homes.

4. The agent did not market it properly. A good agent is aware that most buyers are looking for homes online. The agent should market on as many site as possible. There should be good pictures and good description. Marketing is what gets people to show interest in looking at the house. We should promote the listing in as many places as possible, email to our past clients, send postcards to people living in the area as well as people living in areas nearby who might be move -up buyers or renters  buying their first home , as the case may be. There are many ways we can market the home. It is one of the most important part of our job as listing agents.

3.The house should be available for showings on short notice. There should be a lock box. The seller should keep the house clean and immaculate at all times . I sold a house on black Friday. The seller wanted to take it off the market for the holidays and said they would relist in January. A buyer wanted to see it and I pleaded with the seller to let us show just that day. the buyers loved the house and bought it and it settled in the first week of January. You only need one buyer but you do not know when the buyer will be coming to look.

2. Location. Location is very important. I don't have to write more on this. Homes on busy streets take longer to sell. A good location helps sell homes faster.

# 1 REASON   PRICE. Homes priced right sell faster than homes priced too high. We do not know the right price but we should compare the home with what is on the market. In this market we can not go by what a house sold for 6 months ago. Real estate is local, and some markets are better than others, but many buyers are still waiting to buy,  thinking the prices may come down further. If the price is slightly lower than a similar home on the market , you may get more people interested.

If you get no showings, you may need to lower the price  a lot.

If you get showings but no one interested in buying you need to reduce the price moderately.

If you get showings and you get an offer, try to negotiate the offer . There have been many instances where the first offer was the best offer. A good agent can help negotiate the offer so it will be a win- win for both buyer and seller . Sometimes good terms might be more important than the price.

If your home is in the running and they buy another house, it means a slight price adjustment might be needed. Maybe they would have bought it if it was priced slightly lower.

The Listing agent is not going to buy your house. It is a buyer who will determine what he wants to pay. He will compare with other homes and want the best value for his money. Remember this when you choose a listing agent and remember when you set the listing price.

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 19 commentsGita Bantwal • July 21 2008 03:52PM

Comments

GITA - Good advice for sellers, especially the part about the first offer possibly being the best offer.  It happens a lot, but homeowners don't necessarily believe us when we tell it to them.

Posted by Adam Waldman, Realtor - Long Island (Westcott Group Real Estate Company) over 10 years ago

This is so true!  We all have had listings where the seller wanted to list higher than his/her agent advised.  Then they become frustrated because their home does not sell... but are not willing to lower the price.  Location, location, location has always been important but in today's market price has moved up a notch.  When you have a home in a great location but it's priced too high... it will not sell.  The other dilemma is even if you get an offer on a home close to your asking price... you might just have an appraisal that comes in low!  Now what do you do?  Of course, the seller will have to come down or face not selling his/her home.  Lenders will not write a mortgage for a home more than it's appraised value..  I agree.. pricing is key!  Correct pricing will move homes faster.

Posted by Jon Wnoroski, Summit County Realtor (America's 1st Choice RH Realty Co., Inc.) over 10 years ago

Gita you are so right.  Price is the # 1 reason homes sell or they do not.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) over 10 years ago

Gita, I fully agree. Price is the biggest challagne we face when marketing a property. Great List.

Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) over 10 years ago

Very astute, Gita.  This concise post is wonderful information for ALL homeowners.

Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 10 years ago

Bravo Gita! Well written post that should be featured. All home sellers want top dollars for their house but it is not in good shape. We all know that three things still sell houses - Price,Promotion and Presentation. All was covered in this blog. Great post.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) over 10 years ago

It all comes down to price.  The other points are important too that might help a better offer price or get an offer but I agree the price is the issue.  We even tell sellers that if make a mistake and list something too low there will be multiple offers and a deal will come in above the listing price.  Is tough in this market too for many sellers as there is not a lot of equity to work with which increases the inventory and puts the pressure on the agents.  I have walked away from a number of listings and it felt good watching them expire and go from agent to agent.... or sometimes have a seller come back to us after we walked away to begin with.

Chris Somers   www.thesomersteam.com

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) over 10 years ago

Gita~ It really is true, overpriced homes do NOT sell!  That is a cold hard fact.  As a matter of fact, the home should be priced below it's competition so that it will sell!

Posted by Vickie McCartney, Broker, Real Estate Agent Owensboro KY (Maverick Realty) over 10 years ago

Adam, Thank you. I was talking to an agent who had an offer 6 months ago, which was turned down and now they have an offer for less than that .

Jon, Thank you. I had two listings that the buyer agreed for the price but had to regoniate with buyers later as the homes  did not appraise.

Jim, Thank you.

Frank, Our challenge is getting sellers to agree to a listing price that is competitive .

Lanre, Thank you. Agents can control promotion but the price is controlled by seller.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 10 years ago

Jason, Thank you.Hope sellers will read the post and benefit.

Chris and Stephanie, Thank you. It feels good when they call you after the listing expires and list at the price you had originally recommended.

Vickie, Thank you. It does help if it is slightly below the competition.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 10 years ago

Year ago I was searching a site where I could sell my house. I found really great site. It was called Fizber. There were great services. You can find them here http://www.fizber.com/sale-by-owner-home-services/index.htm.

Posted by Jack Tapping (Fizber) over 10 years ago

Gita, I got the answer on this one right and I like the way you talked about price reductions depending on the situation.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago

Gita -

Great post.  I think this can be applied to anything for sale: if it's not as attractive as it can possibly be, buyers will balk.  I would say, though, that often people will look to price as a solution for another one of the problems on the list: I.E. poor location = price too high.

Dan

Posted by Dan Hartman (Province Mortgage Associates - NMLS #2861) over 10 years ago

Jack, Thank you. I came across that site a few days ago.

Gary, Thank you.

Dan, I tell buyers that they can get a good price if the location is not that great . I have sold houses backing up to a busy street , and they have been less expensive than houses across from them.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 10 years ago

Hi Gita,
Yes, yes that's the reason and why sellers prefer to sit on a home for several months and continued to pay the mortgage, insurance, taxes, etc. instead of come down a few dollars is beyond me!

Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) over 10 years ago

Cynthia, Thanks for stopping by .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 10 years ago

Gita,

I just took a listing from a couple and they are having issues, thus they don't agree on anything.

The price is one of their choice.....what other agent's told them they could get and the other party refuses to confront the other on this matter....

I will share this with them and hope they see what I have been telling them is best.....and get to the market price.

Posted by Daniel J. Brudnok, REALTOR, SRES, e-PRO,ABR,GREEN,CSP (Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038) about 10 years ago

Pricing, it is the area that can buy or loose a listing. It's the most emotional subject to the seller, but the market sets the price, you get it right or the home doesn't sell.

Posted by Mary Strang about 10 years ago

Dan, Good luck with the listing.

Mary, I  agree the market sets the price. Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

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