Homes Don’t Always Sell Fast

By
Real Estate Broker/Owner with Island Style Realty Inc. RB-19250

Selling a home can be quite a stressful process for sellers.  Many homes are on the market for months and sometimes longer.  Sellers need to maintain their home in showing condition during that period.  That can be a big burden while trying to live their lives. They are paying mortgage and can’t finalize their future plans until it sells.

Homes may linger around for a couple of reasons.House

A)      Failed marketing.  It may be one or more of the following.

  1. Over priced
  2. Now showing well
  3. Not properly advertised (MLS, Internet, virtual tours, flyers, open houses, etc.)
  4. Hard to show
  5. Bad neighbors
  6. Poor location
    1. Next to a pig farm.
    2. Not convenient to transportation, shopping or schools.
    3. Across from the sewage plant.
    4. Surrounded by industrial properties, etc.

(Items 1 through 6 - can be overcome with a lower price.) 

A)      Changing market conditions.

  1.  Short sales and foreclosures in the area.
  2. Bad economy (increasing unemployment in the area, etc.)
  3. Prices falling
  4. Surplus inventory

       (Items 1 through 4 - can be overcome with price)

In the end there are many variables you have to deal with, when selling your home.  The price is the great equalizer.  Any home in any condition can be sold in one day at the right price.  The question for sellers is, “How close to the one day price do you want to be? “

By properly marketing the home and having it better prepared (repairs and upgrades completed and the home staged), along with making it easy to show; the home will sell faster and possibly for more money.

If the home is not selling after being for sale for a long period of time, the market has rejected your home at that price.  Buyers are able to find another home at equal or above condition for a better price.  In some cases sellers hang on too long to their price because they are either convinced their home is worth more than buyers are willing to pay or because they need to hit a certain price.  In a some cases the home is not being properly marketed.

Tips for sellers:

  • Get a top full time Realtor® who specializes in your area.
  • Listen to your Realtors® advice for getting your home ready, pricing and marketing strategy.
  • Be prepared to adjust the price after it has been on the market a period of time.
  • Remember time is money.  If it is not selling, you are paying carrying costs. (Mortgage, utilities, taxes, insurance, maintenance, etc.)
  • Have reasonable expectations and plan accordingly.  If the average sale time in your area is X number of days and you want to sell faster than that, you have to do something to make your home a better deal than those you are competing with.
  • If on Oahu call me for a free consultation.  I would be honored to evaluate your home and present you a marketing plan for your home.

Good Luck and Happy Home Selling!

Posted by

 

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Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Cheryl Willis 09/06/2011 12:32 PM
  2. Celeste "SALLY" Cheeseman 09/06/2011 01:01 PM
  3. Eric Kodner 09/06/2011 03:26 PM
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Show All Comments
Rainmaker
122,984
Bill MacBride
Ski-in/Ski-out, Luxury homes, Second Home Buyers - Mammoth Lakes, CA
Mammoth Lakes Resort Real Estate

HI Randy,

All good points and it's up to us to discuss those points with potential listing clients.

Be direct about what you think it will take to get their home sold.

Good luck this year!

Bill MacBride

 

Sep 06, 2011 01:31 PM #7
Rainmaker
624,581
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Bill - Thx, good luck to you also.

Sep 06, 2011 01:42 PM #8
Rainmaker
409,905
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Randy, 

Price is a phenominal "equalizer".  Some folks will listen to this more than others!  

All the best, Michelle

Sep 06, 2011 01:54 PM #9
Rainmaker
1,867,795
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Randy

The for sharing the reason behind the reason that homes don't sell fast.

Good luck and success.

Lou Ludwig

Sep 06, 2011 02:10 PM #10
Rainmaker
313,960
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Randy, this is a nice comprehensive list to have and go over with clients. Good job!

Sep 06, 2011 02:10 PM #11
Rainmaker
624,581
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Michelle - It always comes done to price in the end. Was it priced too high or just right?

Lou - Thank you, good success to you also.

Sandy - Thank you

Sep 06, 2011 02:24 PM #12
Rainer
112,528
Karen Richards
Keller Williams North Collin County - McKinney, TX

Excellent post! "close to a pig farm"! LOL I have been in some homes on the market that smelled like the pigs were living in the house!

Sep 06, 2011 02:51 PM #13
Rainer
6,423
Leondra Dimery
Realty ONE Group - Las Vegas, NV

Hi Randy.  This is an excellent post!  I will print this out and share with my sellers.  I love that you included that a "lower price" can overcome most challenges :-) Thank you and all the best!

Sep 06, 2011 03:31 PM #14
Rainer
202,862
Linda Metallo DiBenardo
Re/max Impact, Lockport, Illinois - Lockport, IL

Price overcomes all objections. 

Sep 06, 2011 05:02 PM #15
Rainmaker
215,160
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

This is a very informative post that all sellers should read.  These days...more often than not it's the price that keeps it from selling.

Sep 06, 2011 05:36 PM #16
Rainmaker
71,021
David Selman
Selman Home Inspections, Inc. - Dallas, TX
Certified Master Home Inspector

Very cool concept. I love the idea that when selling a home, the agents efforts are like a marketing plan. Great advice!

Sep 06, 2011 06:29 PM #17
Rainmaker
191,418
Gregory Bain
Mezzina Real Estate & Insurance - Little Egg Harbor, NJ
For Homes on the Jersey Shore

But, Randy. The comments in the agent remarks said "to hurry", it "won't last" at this price. lol

 

Nice post and good advice to home sellers everywhere.

Sep 06, 2011 07:39 PM #18
Rainer
63,500
Ruby Lee Sweeting
Darville Wong Associates Realty Bahamas
Your Bahamas Agent for Relocations & Second Homes

Randy these are very good point - excellent recommendations for sellers - most importantly, IF IT IS PRICED RIGHT, IT WILL SELL QUICKLY. Thanks for sharing this post.

Sep 06, 2011 10:25 PM #19
Rainmaker
981,145
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Randy, this is an excellent presentation, not only for Sellers on Oahu, but for Sellers here in Florida. A houseo will always sell at the right price.

Sharon

Sep 06, 2011 11:28 PM #20
Ambassador
1,319,956
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

Randy, sometimes there are just things that you don't anticipate. In those cases, price is usually a factor. That house next to the pig farm will probably sell if it's priced low enough.

Sep 06, 2011 11:33 PM #21
Ambassador
1,891,545
Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

Randy

An excellent list for including in a pre-listing package. Speaking of pig farms, there was one in a rural area near where I lived back east and a developer came in and build a bunch of new, and expensive, homes. Some buyers later demanded the pig farm be removed. Didn't happen. It was there first and they knew it when they bought. But it made for great gossip in a small town.

Jeff

Sep 06, 2011 11:59 PM #22
Rainer
40,932
Michael L. Brownstead
Ebby Halliday Realtors® - Frisco, TX
GRI, REALTOR

Randy, you said it perfectly, I hope sellers take a look at your posting. Thanks again!

Sep 07, 2011 07:11 AM #23
Rainmaker
624,581
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Karen – I have seen more than a few.

Leondra – That sometimes is enough to motivate sellers to remove the negatives.

Linda – There is a buyer for every home at the right price.

Mary – What I say is it is the price for this home in this condition and this day.

David – That is what they are paying us to do.  Shame on the agents with no pictures!

Gregory – Was that the listing that has been on the market for 12 months?  LOL

Sharon – It even works in other countries.

Tammie – It will sell if priced right.  The problem is generally that the seller wants as much money as the homes not next to the pig farm.

Jeff – We had the same problem when they built a school next to the pig farm.  The flies were so thick the youngsters could eat their lunches.

Michael L. – Thank you

Sep 07, 2011 12:05 PM #24
Rainer
135,136
Margie Kopp Sorrell
Coldwell Banker Lake Oconee Realty and Lake Country - Greensboro, GA
Lake Oconee Real Estate

It's a waste of their time and ours if we sugar coat or allow them to convince us that their home is worth putting it on the market for more than it's worth or for more than it will sell for. I'm getting better at noticing those who are serious sellers and those who aren't!

Sep 15, 2011 11:23 AM #25
Rainmaker
624,581
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Margie - I tell sellers that I would rather give it to them straight upfront, than make a bunch of lame excuses three months from now as to why we can't sell their home.

Sep 16, 2011 10:50 AM #26
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Rainmaker
624,581

Randy Prothero

Hawaii REALTOR, (808) 384-5645
Ask me for a free valuation of your Oahu Home.
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