No one assumes their home will fail to sell when they list it on the market, but, unfortunately, this is sometimes the case. The topic of failed listings certainly isn’t fun to think about, but it’s important to understand the reasons this happens so that you can avoid the worst during your own selling experience.
The first and most common reason a listing may fail is its price. If a home is overpriced, this can have disastrous results. Just because you can set whatever price you want for your property doesn’t mean you should. Buyers in today’s market are incredibly savvy. They’re looking for good, fair deals, and they’ll very rarely settle for less.
Agents understand that price is a sensitive topic, but the truth is that honesty matters more than pride. An agent who is truly invested in your success won’t shy away from potentially awkward conversations. They’ll be candid with you about the steps you’ll need to take to get your home sold.
Price isn’t the only reason a home may fail to sell, though—a property’s condition can often play an even bigger role. After living in a home for some time, it’s easy to overlook its flaws. Buyers and their agents, meanwhile, will be on the hunt for imperfections the moment they set foot inside. It’s the job of your agent, therefore, to approach your home with a sense of objectivity.
“Ignoring the honest feedback your agent gives you could cost you thousands of dollars.”
Your home needs to be clean, decluttered, depersonalized, and in good general shape before it hits the market. Ignoring the honest feedback your agent gives you could cost you thousands of dollars.
Unfortunately, the third reason your home may fail to sell is one that’s out of your control—location. If your property sits on a busy road, for example, some buyers may overlook your listing without a second thought.
Thankfully, homes in less-than-ideal locations aren’t necessarily doomed to fail. The three factors we’ve mentioned today (price, condition, and location) are all important. If your home is in a poor location but is priced appropriately and in good condition, you can easily succeed on the market with the help of an experienced agent. It’s all about developing a selling strategy that fits your specific home.
Not every agent has what it takes to help you sell, but our team does. We recently worked with a seller who had already failed to sell three times in the past. After working with us, this seller got an offer after just one week on the market. As this story illustrates, the agent you work with can make or break your deal. So if you’re looking to list, don’t hesitate to reach out. We’d love to help.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.