I always like to share a little bit about the back end of real estate. Many times, sellers call me up with the following complaints. Either they’re currently listed with another broker and their home is just not selling, or their listing expired with another broker and they’re deciding to do it on their own. If it’s for sale by owner, there are different reasons why a home won’t be selling with or without a broker.
Many times, they will call and give me a short description of the home and ask me if I have a buyer. But that’s not how it works. I always like to hear the whole story, although be aware that some sellers appreciate that, and some sellers do not; they just want the buyer to list with them.
But if your house is on the market for nine months and it’s on a great block there has to be a reason why it is not selling. There can be many reasons. I believe that when this is the case, Hashem is holding the home for a specific buyer. I see it A LOT. Below are some of the reasons why a home doesn’t sell.
Reasons Why Your Home Is Not Selling
Open permit, no Certificate of Occupancy, or violations: These are issues that can be resolved. Resolving these issues requires more than just filing the needed documents. Sometimes there is a monetary fine or the issues can be a combination of things and can take six months to resolve unless you use an expeditor to help expedite the process to get rid of the violations.
TOO Unique: Is it a modern home near an apartment building, or is it overextended for that particular block, etc.? Are the taxes way higher than average?
Unrealistic Price: The price of the home that the sellers initially wanted was unrealistic (as the market showed us) or sellers rejected multiple good offers.
Home Sale Strategies
To put up a sign or to not put up a sign? That is the question (after, to sell or not to sell, lol).
The sign in it of itself does not sell a house! I have generally not yet heard of a single home which sold ONLY because someone was walking down the block, saw a
for sale sign and bought the home. One needs to have multiple strategies to sell a home.
Putting up a sign can be one strategy, but should not be the only one. Examples of other strategies are, perfecting negotiation skills, social media accounts, excellent marketing campaigns, and relationships with other agents and community members.
All of these alone do not sell a home, but together they’re an immense help.
Some sellers give me an entire list of what I cannot do but still expect to get top dollar. I can’t put up a sign, can’t post on social media, can’t take pictures, basically I can’t use any of the tools I usually use. These restrictions do create a challenge, especially when the sellers still expect top dollar. I have had sellers who had used this same strategy with another agent for eight months, still did not sell, and expected me to have some sort of power to make it happen while not being able to use any or all of my usual strategies. Though I understand the need or want for privacy, sometimes these needs should be measured against what you gain if the sign is up. It’s definitely a personal decision. It also definitely depends on the type of house, location, and price. Those all affect our decisions.
Many times, I suggest to those who are hesitant about the sign that they start without a for sale sign, then as showings or offers come in (or don’t) a sign can be put up to help further interest. So yes, a sign helps along with many other actions, but each house and situation is unique and should be looked at accordingly