Recently a couple contacted me because they were considering making a change of REALTORS to sell their home. Their listing was about to expire and their home had not sold. They didn’t get one offer during the listing period and they were frustrated and confused. Their REALTOR told them the price per square foot was less than other homes of similar size and age in their neighborhood. They thought their home was comparable to the other homes in the area and didn’t understand why they were not getting any offers, while other listings generally similar in size and age were selling in just a few weeks.
Same Price Per Square Foot, But My Home Is Not Selling
Now their house was still on the market despite several downward price adjustments, each of which made it look more and more favorably priced than the competition. And yet, while other houses were coming on the market and selling, their house was languishing becoming shop worn and stale.
Why Didn’t My Home Sell? Do an In Depth Analysis
So, I began to look more closely. At first glance, the price seemed reasonable. But a closer, more discerning look showed why the price was way out of line. Here is what I discovered about the home that you couldn’t see on the MLS fact sheet.
- The home was built by a low-end builder in a subdivision of homes built by better builders
- It had cheaply made fixtures (bright brass finish faucets, lighting and shower enclosures) you would expect from a low-end builder
- The house did not appear to have been well-maintained and deferred maintenance was clearly evident
- The fence was rotting and leaning with several missing pieces in several places
- The walks and driveway showed displacement indicative of poor workmanship
- The cabinetry doors showed hard use with marks, scratches and scribbles on them
- The bathrooms had dated, peeling wallpaper and scent of mildew
- The “faux hardwood” flooring was actually a super-thin, poorly-installed, cheap laminate
- The floor plan was awkward and storage was minimal
- The house was cluttered, over-stuffed with too much furniture and personal possessions
Think Like a Buyer: Compare Your Home to Others
When I compared the homes in the area that were selling or did sell already, I found that those homes were:
- Located in more desirable parts of the subdivision
- Updated with modern features
- Most were built by better builders
- Typically wallpaper and clutter free
- Better presented using thoughtful staging
- More accurately represented in the MLS
- Photographed professionally to enhance the home’s best features and minimizing its short-comings
Honestly Answer…Does Your Home Compare?
All of this pointing to the obvious conclusion that the owner’s home was in fact not comparable to the homes that were selling…hence no offers! If they really want to sell their home they would either have to correct the deficiencies or lower the price reflect the home’s short-comings regarding location and condition.
Curious Why Your Home is Not Selling? Let Us Help You Figure Out Why
There are reasons why homes don’t sell and we can help you find them! Let us do an in depth audit and break down the reasons your home isn’t selling. Then, we’ll give you honest answers about what can be done to ensure your home gets sold the second time. Check out our Austin Home Seller Program to learn more about the most comprehensive home selling system in Austin. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation. Working together we can get your home sold once and for all!
How Much is My Austin Home Worth?
Online real estate portals give you an estimate for what your home is worth. Need a more detailed analysis? Try our Qualified Home Evaluation.