Why is my property taking so long to sell, in this hot real estate market?
We are in one of the hottest seller’s market in recent memory. Under current market conditions, most properties sell in short order or within just days. In Miami Lakes, single family homes are averaging 20 days to contract, while townhouses, villas and condos 30 days. However, some properties linger in the marketplace for one hundred days or more and do not sell. Why?
Sometimes it’s the value of the property. A million dollar home, will normally take longer to sell, since there are less buyers who can afford such a pricy property.
How about when it’s a more affordable property and it still does not sell quickly?
In my experience, there are four primary reasons why properties do not sell quickly and typically sell for much less, once sold.
1. The most consequential reason is price! If you price a property too high, it will be compared to perhaps superior properties and look inferior for the money. Buyers who can afford your over-priced home, will pass immediately after seeing the property in photos or in person. Worse yet, buyers who could afford your home, if it was correctly priced-to-market, may never get to see it, since it was priced beyond what they can afford or priced beyond what they have been pre-qualified to borrow. Pricing your home correctly is key, in any market! Lately, well priced properties are generating multiple offers and, in many cases, cash offered above any low appraisal value. So, rest easy. The property value determined by an appraiser, does not always determine the selling price.
The value of your property will be determined by what a buyer is willing to pay and you as the seller are willing to accept in today's market.
It will not be determined by....
2. The second most common reason is the condition of the property as it relates to price. Deferred maintenance issues, if they are not addressed prior to the listing of the property, will keep most buyers away and only attract low-ball offers. Most buyers do not want to inherit all the cosmetic and sometimes serious issues with a property. Taking care of known issues with a property and a little paint or sod, can go a long way in helping you sell faster and for top dollar. A property does not have to have every upgrade known to man and be in perfect condition to sell quickly. However, it does need to be clean and kept in order, when selling.
3. Perhaps the third reason is the most surprising to most people; availability. If a property cannot be shown when buyers are available to view, it will take longer to sell. I’ve seen too many showing instructions which work completely against the seller’s best interest. The sample below, actually appeared in the local Multiple Listing Service or MLS. Needless to say, this property took a long time to sell and then, eventually sold for much less than the listed price. Making your property available, when buyers can see your property, especially in the first three weeks, will help you sell quicker and net more from the sale.
Accommodating showing requests, sells properties faster!
4. Lastly, you hired the wrong agent. Face it, it happens. It’s safe to say that hiring the wrong person has occurred to most of us at one time or the other. Whether it was the mechanic that failed to fix the car, or the plumber who did not fix the leak. Sometimes we just hired the wrong person for the job. It's not any different in real estate! Not all agents are cut from the same cloth, have the training, experience and market knowledge needed, to help sellers succeed and get them the most from their sale. Sadly, many agents fail to use language that delivers an effective sales message or one that speaks to a buyer’s wants and needs. Way too often, the photography used to showcase a property’s features, fall way short in visual quality and number of photos taken and used. The utilization of video, perhaps the most effective way to create interest and excitement about a property is rarely used, even when some agents are selling a million-dollar home. Many agents simply don’t understand the concept that first impressions matter! Why do first impressions matter? Because they mater to you!
Did your agent sell you bananas, like a good talker or did he/her share their marketing plan with you? If not, why not? Do you know how your property appears to the public? Have you seen the photos used to market your home?
Hiring the wrong agent for the job of selling what perhaps is one of your most valuable assets, is a very serious matter. Hiring the wrong agent can be very costly in time, money and can drive many sellers to go bananas, when their property fails to sell.
The good news is that you as the seller, are in control of the price, condition, when the property can be shown and who you hire to sell your home. You must be clear-eyed, and realistic. If your property has not sold, you need to explore the reason or possible reasons, your property is not selling in this very hot real estate market. It's likely one of these reasons or a combination of them are impeding your sale. Remember, you are in control or your sale. You have options and perhaps decisions to make!
iLoveMiamiLakes.com publishes a weekly Mystery Property page. Often one of the properties featured, is a home that has lingered on the market far too long and seems to be priced right. Occasionally, they are truly the best deal in town! It's really a mystery why some of these properties go unsold. Or is it a mystery any longer?
To help these Mystery Properties get sold, I offer buyers a BONUS, to help them purchase their Miami Lakes dream home. Everybody wins, and everyone is happy!
To learn more about my services and what I do to sell Miami Lakes real estate, visit www.ilovemiamilakes.com/our-seller-services
Are you interested in purchasing a home in Miami Lakes? Can you use expert advice?Then visit https://www.ilovemiamilakes.com/buyer-services
If you enjoyed reading this blog post, please leave a comment and share it with anyone you know, who is interested in Miami Lakes real estate, or real estate in general.
"When a family owns at least one home, wealth building begins and the future becomes full of promise. "
-Jesus M. Fernandez
Jesus M. Fernandez is a REALTOR® and the publisher of iLoveMiamiLakes.com and this blog. His primary area of service and market expertise is in the town of Miami Lakes, Florida. He is passionate about his profession and truly serving the needs of his South Florida clients. He has been a REALTOR® and licensed in the state of Florida, since 1995. He proudly works with Morris Williams Realty, a state-of-the-art real estate company with offices in California, Texas and Florida. The firm's national headquarters is located in Palm Coast, Florida. Jesus is a member of the National Association of REALTORS®, the Florida Association of REALTORS®, the Miami Board of REALTOR® and the REALTORS' COMMERCIAL ALLIANCE.
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