Why Your Home Didn't Sell and What You Can Do About It
The 2007 summer selling season is over. You listed your home right before school let out and now that school has started again, it's still there... sitting. So why didn't your home sell? Price? Preparation? Presentation? Maybe. Or maybe it was availability. Not the availability of your home mind you - but the fact that there are HUNDREDS of other homes available right now.
So your house didn't sell. Now what?
Six months ago, or maybe it was a year? The market was fresh and inviting with buyers just waiting to buy your home. So you listed your home, fully confident that you would have a buyer for your home in no time at all. Maybe even for above list price. Your neighbors down the street did it, so why couldn't you? Sure it was two years ago, but you've got new carpet and upgraded countertops.
So you set about your plan to sell your home. You talked to a few Realtors and hired the one who claimed he could get you your price without a problem. His marketing plan was long on networking and short on practical details but the way homes were moving, it wouldn't matter. The Realtor did at least give you information about staging your home for sale, but you don't need it... your home shows like a model right? And even though that lovable Rotweiller is rarely a problem, it seemed like a good idea to make showings by appointment only.
The Way It Is
In most neighborhoods in Katy right now, especially those located north of Cinco Ranch, there are easily five homes for sale that might work for each buyer in our market. The only homes that WILL sell are the ones that are priced, prepared and presented right and are readily available for buyer to tour. In some cases, there may be even more which further reduces the chance your home even gets seen, much less toured. The market shifted during the last six months and the number of available homes is at all time highs. Good news for buyers... not so great for sellers.
Why Did Your Listing Expire?
You missed the market in one or more of those criteria. If you priced your home too high in the marketplace (because your neighbor down the street did two years ago), your sale was sabotaged from the very beginning. Prices have been dropping in our market so even if you made subsequent price drops, more than likely you were probably still always above market value. If your home remained unrepaired and unstaged, buyers moved on the homes that looked like model homes; after all there were many more for them to look at. And lastly, if it wasn't available to be shown, there was absolutely no possibility it could have sold.
So What Do You Do Now?
If you need to sell now, relist at the market price, not what your friends told you it was worth, and certainly not what Zillow says it's worth. Use a Realtor that has a real and proven marketing plan and detailed instructions for you. Long gone are the days when you can put a sign in the yard, place an ad in the newspaper and wait for your home to sell. If you can afford to wait, the market will eventually turn back around. But the wait could be a long one.