Why is that some listings don't sell?
Because understanding the market behavior is essential to provide guidance to my customers this question keeps popping up every time a seemly perfect property remains unsold in today's active market and in most areas short of offerings.
In an effort to find an explanation or at least a trend that sheds light on the issue, I have reviewed hundreds of expired as well as cancelled and terminated listings in the MLS
One must start from the believe that every property is different and that without all of the detailed information on the history of each listing it will be impossible to render an opinion as to the exact reason why the property did not sell. But on the other hand the data reviewed showed some issues that might have influenced the no sale.
Price.-
The majority of the listings were priced initially above going price for like homes in the neighborhood. Even thou the majority of the listings lower the asking price at some point, the listed price remained well above the comps and AVM* index.
* Whether you are for or against AVM predictions they are part of the Real Estate scenario and both buyers and sellers can avoid seeing them and in most part be influenced by them. It is up to the agent to bring the tool into prostective for each client.
Details.-
Pictures and feature information were lacking in most of the listings and those with photos many times suffered from what it appeared to be an urgency to list the property having only very poor quality cell-phone pictures. Meanwhile others had high quality professional photos taken with lenses that in my experience showed rooms to be larger than reality, this photos although beautiful may become a let down to buyers when they view the property site.
Accessibility.- At time some of the requirements to either set up a showing or make an offer seem extremely rigid a though with a language that may establish lack of flexibility or co-operation in the mind of the buyer or its agent. This perception (right or wrong) may a mindset of "not even try to show" from sellers and/or listing agents not flexible with very stringent rules.
Some listings the offer of compensation for the o-operating broker is less that the standard may be in the area, completing a satisfactory real estate transaction can be hard a tedious labor that some practitioners may look for what they feel is a fair compensation.
As always your comments and discussions are not only welcomed but encouraged.
Guillermo "Bill" Sanjurjo, Realtor®
Your Go-To Realtor®
Century 21 Continental Realty
Comments
Post a Comment
Your comments are always welcomed and appreciated. Thank you.