Everyone’s always talking about how hot our market is, but what about the homes that don’t sell for one reason or another? In Santa Clara County in 2016, almost 1,000 homes became expired listings. Here are the most common reasons a home doesn’t sell in our market.
The first is the home simply doesn’t show well. If a home is dark, dingy, or cluttered, buyers who walk into it won’t get a chance to visualize themselves in it. This will turn them off and cause them to walk away. If your home doesn’t show well, you will lose buyers.
The second reason a home might not sell is buyers can’t get into it. If you put too many restrictions on when your home can be shown, fewer people will be able to walk through it and put an offer on it.
The third reason a home might not sell is because the photos might be bad. A home might look amazing in person, but if the photos of it are not professionally done, it will attract fewer people. Remember, almost everyone starts their home search online, and the photos are the first thing they see. If your home’s photos don’t show well, buyers might skip over it and move on to the next home.
The fourth reason is the home can’t get financing. Most buyers need a mortgage to buy a home, so your home needs to be financeable. If there is a lot of damage to it or there are issues regarding its title, the lender may not want to lend money on your property.
The final reason is the price is too high. If you’re too ambitious and overprice your property, you won’t have any buyers walking through your door. People are attracted to prices that look good. Your goal should be to create a bidding war—not price people out of contention.
Your home must be presented well, marketed well, and priced correctly to take advantage of this market. You don’t want to end up as an expired listing statistic.
If you have any questions about this topic or you’re looking to buy or sell a home in our market, don’t hesitate to give me a call or shoot me an email. I’d be happy to help you.