Gunn Management, LLC
For matters of real estate liquidation and rehabilitation
Why Hasn't My Home Sold?
Homes, even in tough economic times, still sell! Calling in a professional realtor should give you confidence that your home will sell in a reasonable amount of time .....................But sometimes the property doesn't sell. Why?
1. The condition of the home might be worse than the owner thinks...
Existing cosmetic conditions, can be changed by new owners over time.(As long as there aren't too many or they're not too inconvenient, such as a whole kitchen or bath remodel.) Overwhelming cosmetic conditions, are another story. Also housing systems come into play; by these I mean- roof, plumbing, and electrical. If these are in poor to failing condition, it will scare most buyers away.
An example of a system that will make a house hard to sell would be knob and tube wiring. Some insurance companies won't insure a house that has evidence of this dangerous wiring. Most banks will not loan on a house they consider to be uninhabitable. And if the bank won't loan money, then your pool of buyers has shrunk to a very small percentage of otherwise interested purchasers. Other difficult situations are fire damage, broken or rusted sewer lines, etc.
2. Location........
We've all heard it before, in real estate it's location, location, location. Is the home still in a good neighborhood? Maybe what was once a great location, has changed over time. Do your streets have more traffic? Think about the condition of the neighborhood as well - it may be a factor in a slow sale.
3. The Realtor:
Every home sells at the right price.
Face it.. some realtors will suggest an unreasonable price in order to get your listing. Then, when it doesn't sell, they'll start trying to convince you to lower the price to where it should have been in the first place. In these tough economic times, with a "hard to market" house, you need to get in front of the market at the start, to get the house sold quickly - not be behind as housing prices continue to decline.
1. The condition of the home might be worse than the owner thinks...
Existing cosmetic conditions, can be changed by new owners over time.(As long as there aren't too many or they're not too inconvenient, such as a whole kitchen or bath remodel.) Overwhelming cosmetic conditions, are another story. Also housing systems come into play; by these I mean- roof, plumbing, and electrical. If these are in poor to failing condition, it will scare most buyers away.
An example of a system that will make a house hard to sell would be knob and tube wiring. Some insurance companies won't insure a house that has evidence of this dangerous wiring. Most banks will not loan on a house they consider to be uninhabitable. And if the bank won't loan money, then your pool of buyers has shrunk to a very small percentage of otherwise interested purchasers. Other difficult situations are fire damage, broken or rusted sewer lines, etc.
2. Location........
We've all heard it before, in real estate it's location, location, location. Is the home still in a good neighborhood? Maybe what was once a great location, has changed over time. Do your streets have more traffic? Think about the condition of the neighborhood as well - it may be a factor in a slow sale.
3. The Realtor:
Every home sells at the right price.
Face it.. some realtors will suggest an unreasonable price in order to get your listing. Then, when it doesn't sell, they'll start trying to convince you to lower the price to where it should have been in the first place. In these tough economic times, with a "hard to market" house, you need to get in front of the market at the start, to get the house sold quickly - not be behind as housing prices continue to decline.
