You had your house for sale in Litchfield County... and it didn't sell. (You might be thinking.. why is she writing about that again?) In a nutshell, NO MATTER HOW MUCH I TALK ABOUT IT, WRITE ABOUT IT, WE STILL GET THESE PHONE CALLS!
We have some tough questions for home owners. It is our roadmap, so to speak.
- Did you have a dollar amount already set when you priced your home?
- Did your price reflect what you want to get for the sale of your home?
- Did your price reflect the current local real estate market activity?
- Do you understand the current local real estate market?
- Did your price reflect the actual condition of your home?
- Are you really aware of the actual condition of your home?
Next, a walk around the home. Have you learned to live with things that you no longer see? Do you really understand how a buyer will see your home?
Routine maintenance. A new roof is routine maintenance. Septic repairs are routine maintenance. How is your heating system? Is it new? That is routine maintenance by the way. Because if it is broken, leaking, not working properly it should be repaired or replaced. But here is the key.... and easy to remember.
- If it was repaired or replaced, it is not going to cost you money off the price of the home! Yeah!
- If it wasn't, if your roof is at the end of its life, if you need a new septic system, if any of your mechanicals are not working properly it will cost you.
If you did keep up with the routine maintenance of your home, you get a gold star, a pat on the back, an atta boy atta girl, but you don't get extra money. But you don't get money deducted!!! It is a great selling point though, something to be featured prominently in the marketing of your home.
Are you the nicest house on the block? Are you the only new colonial set in a field of 1980's raised ranches? Does your neighbor have a graveyard of dead vehicles in his back yard? These things also affect the price of your home, the desirability of your home.
Why didn't my house sell? Here is the real answer to that question. It didn't sell because buyers didn't find it attractive enough to make an offer. If it is not priced for condition, for location, according to the current local real estate market you will not sell.
And here is something you may not even realize. If it is overpriced they won't even consider it because it is off their radar in the first place!
When you call us and ask why your home didn't sell in Litchfield County we will let you know. The proper diagnosis will help you make the most important decision of all.
Are you really ready to sell your home in Litchfield County, CT?
Because if you price it ahead of the competition, if you price it according to the current local real estate conditions, if you price it according to the condition of the home, conditions of your neighborhood, you stand a far better chance of selling. If not, you will be asking that question over and over again.
"WHY DIDN'T MY HOUSE SELL???
Andrea Swiedler, Realtor® & Liddy Adams, GRI, Broker Associate
Cell: 203.460.1775 Email: andrea@andreaswiedler.com
Swiedler & Adams, we know real estate!
Prudential Connecticut Realty, New Milford & Litchfield, CT
Swiedler & Adams
Call us at 203.460.1775
© Andrea Swiedler, 2009 - 2012
Always do right. This will gratify some people and astonish the rest. - Mark Twain
Great article Andrea. Success comes when the condition and price are aligned. Suggested!
Andrea- good points to make for that never ending question "Why didn't my house sell".
Featured in Bananatude
Andrea - this is right on target and provides an excellent answer to the big questions that sellers ask. I hit suggest on this one!
Andrea,
This is a great post! Something all home owners should read and understand if they are selling their home. I must admit as the years have gone by, I have become a lot better at informing and advising sellers of all the things you mentioned when I intially take a listing. If I get the feeling that they can't understand or comprehend what I just advised them about...then I won't take the listing...Wayne
Its been said before because sometimes the homeower is so close to the situation they just can't see reality or maybe they're just in denial.
Sounjds like you should be writing the Dear Seller and take over the Dear Abby marketplace!
Yes, yes, and YES Andrea! Well done and all valid points. That maintenance concept is tough for some "potential" sellers to really embrace. Paint is maintenance too. Not an improvement, maintenance!
That's right Andrea. This cannot be discussed enough. I mean everyone wants to get the most for their homes, however, being realistic is what you have to be. Market dictates what your house will sell for not what you want it to. Our profession sometimes gets difficult getting homeowners to understand that. Great post.
Yes says the seller .Price it right but I don't want to give t away
Nicely written as usual Andrea
HelpfulHannah
Lots of great points! Getting sellers to understand these and truly believe them is a challenge.
Well said, Andrea! Oddly, when an seller out of touch seller becomes a buyer, all those things you mention are important to him/her, too.
Bruce
Great points - and lots of homes aren't selling, so lots of homeowners are asking that question. It's always price, condition, or marketing, isn't it?
Kathy, why thank you! You are right and I like the way you put it!
Kathy, thank you so much!
Barbara, I do appreciate it. It is the question of the day, and no matter how much we say it, they have such a hard time facing it.
Wayne, thank you! It is a new outlook for many real estate agents too, I get that it is so hard, so emotional, has such an impact on the future. But it is what it is.
Bernadine, they are very involved, it is hard to see. And easier to believe that it is something other than what it really is.
Family Abstract, oh my.... thank you, I think, LOL.
Diane, the difference between maintenance and improvement is so hard for some to see. I try to explain, and some understand. They are not happy about it though.
Cheryl, what you want and what reality is... well... it is often a huge difference that is so hard for people (and even some agents) to get.
Helpful Hannah, I cringe when I hear that... price it right but I don't want to give it away. What does that really mean? The market is what it is. A buyer will tell you what they are willing to pay, what they think it is worth. Then the appraiser puts a stamp of approval on the price... or not. But it has nothing to do with what they owe, what they want, what they need. It is what it is.
Bryan, perhaps a bigger obstacle than trying to find a well priced home for a buyer?
Bruce, oh yeah, I wrote about that before too. It always amazes me. I remind them of what they have said to me. Some laugh, some have an "ah ha" moment, others look like if they could punch me and get away with it, they would.. LOL.
Wayne & Jean, I can control the marketing, and I do a mean job of it, so the rest is really up to the seller.
Price and condition set the pace. If the seller is stuck on an unrealistic price - it won't sell. If the home needs work, they have to give it away.
Hi Andrea, perhaps Homeowners should have your bullet points in an addendum to the listing agreement and have the homeowners sign it they that have read it and understand it. That could drive the point home with a bit of power. In fact, it might be a good addendum to give every new buyer of a home. This way , it will at least be familiar to them when they see it at the time of their own listing. :-)
Hi Andrea, you have made some great points. Sellers really need to be realistic and see their property from the buyer's perspective.
Andrea -- You made a good point on routine maintenance. A new roof or new septic doesn't mean that the seller can add what they spent to repair/replace those items on to the listing price of the home. Those are expected to be in good conditon or working order. They're good selling features. If they are not in good shape, THEN buyers will deduct accordingly.
BINGO... Andrea! "No matter how much you talk about it, write about", etc is dead-on.
"Yes, yes, I know...But, have there been any offers?!"
Absolutely! The house down the block with matching condition & price got one & the other house around the corner that showed better with the updated water heater, etc, which made the buyer feel as though they'd be buying a house that was well cared for...Yup, they got an offer, too!
Good people of Litchfield County, CT... Listen to Andrea Swiedler. She's very wise & knows of what she speaks!!!
Andrea, the reason why Sellers keep on asking that question is not because they don't know that answer. They are looking for someone to come along and put the blame on the Realtor and not on them for the house not selling. So they keep on selecting the Realtors that tell them what they want to hear and not what they need to hear, and once again find themselves asking the question, "Why Didn't My House Sell".
Andrea,
Very clear, concise information for sellers. It's so important for seller's to be in reality OR they are not the right clients for me.
Why can't we try it at a higher price? When potential seller's ask that, you know they are not in reality.
All the best, Michelle
Just popped back over here... Great comment, George! (#19) So true!
Andrea, I think all of us work with sellers who are unrealistic about their listing price. They all have a number in mind...
Tatyana
Andrea, this is an excellent look at why homes don't sell. If more sellers listened to us, they'd get their home sold the first time around.
Hi Andrea,
Pfanntastic blog, Homes sell for obvious reasons, when the property is deemed a better deal than any other it will sell and it becomes a better deal by doing what you are suggesting
These are some cold hard truth. I see a re-blog in my future.
Andrea - This is a great post to explain what's important when selling a home. Not only that, but if things need repair, buyers wll generally add more expense that it really costs and then deduct that from the offer.
Andrea, I feel bad when I get short with people, but the fact is that if a house was listed in the mls and didn't sell, it was not a good choice for the price. Buyers are rational and make rational decisions.
Soul searching reflections of these questions will reveal what needs to happen next. Will they listen, is the real question.
So many good reasons you listed on what is going to prevent a home from selling, ultimately the price is going to conquer a lot of objections.
Andrea ... Great blog! It so universal! Thanks for putting everything in writing so clearly!
Hi Andrea,
It is called, "Facing the facts"
Be realistic and hire a great agent to sell your home, or stay in your own dream world, and end up asking, "Why did my house not sell?"
Phil
Ruthmarie, you really hit on something there. If it needs work, they will be feeling like they are giving it away, I am sure of that. But in this market, and this point in time, they are selling it for a very realistic price.
William, hmmm... now that is very interesting... I have been working on a listing project lately, and I think I will do something like that in the presentation at least. But wouldn't that be great... read this, sign this, wear it on your forehead...
Jo, but when they become buyers... look out!
Barbara, they sure will deduct accordingly. And what a shock it is for the seller. Maintenance that has been done is a great selling feature for sure, it won't add dollars, but it sure wont' take them away!
Brian, how kind of you! It is one of the most frustrating things going on right now. And then I see buyers disappear because they get so frustrated with sellers. And if they aren't willing to pay the price, then it just won't sell.
George, I know you are right about that. And some agents cannot bring themselves to tell a homeowner that their hopes and dreams of making a profit, selling for more than they owe will not happen. I get that, and I get angry at that!
Michelle, that is a great point. I am all over the idea of price reductions written into the listing contract. And we real estate agents know that reality has changed, it isn't easy, we know that.
Brian, thanks again! George has a very good point.
Tatyana, we do, some more than others. Sometimes there truly aren't any buyers out at the moment, or numbers to justify anything... and sometimes they just aren't ready to face the truth. And sometimes agents aren't living on this planet.
Tammie, I agree with you!
Peter & Linda... and a pfanntastic comment!
Ellie, thank you so much!
Christine, buyers see a roof that needs replacing and wonder... "if they didn't take care of that, what else will I find?" And that will cost the seller dearly.
Leslie, LOL.. you get short with them? I know I have had to bite my tongue a time or two... or not. As the case may be.
Karen, I do think when someone is selling these days they need to have done a whole lot of soul searching!
Eileen, price conquers many objections. I think foreclosures show that. When a home has been destroyed, there is still a buyer out there for them. Price is key there.
Lisa, you are very welcome, and thank you!
Phil, sometimes I will go to an open house and wonder where in the world the price came from.... what were they thinking... what is the motivation... I know the answer in my heart though. I really do. And it makes me very, very sad.
Tough love but the truth sets us free - and helps sell houses!!
I like your diagnostic questions although I'm skeptical of how some folks would feel about answering them, as well as the potential answers I'd get. But they need to be asked and people do need to understand their own motives and how they might be hindering a sale without even knowing it. I like the concept on pricing based on two key conditions: market conditions and the condition of your home. If either is out of whack it's sure to be overlooked in favor of a seller who priced in alignment.