What is the most common reason a NJ property fails to sell? If you’re planning to sell your house, it can help to know which factors can negatively affect its outcome.
In this post, our experts at Your Home Sold Guaranteed Realty - Nancy Kowalik Group will discuss the most common reason a New Jersey property fails to sell. Then, we’ll dive into some of the other causes of failed sales.
Key Takeaways
- The top reason a property fails to sell is an unrealistic asking price. Rather than serving as a point of negotiation, overpricing deters buyers from a home completely.
- To avoid overpricing, it’s essential to work with an experienced realtor who can perform a comparative market analysis to determine a price based on the data.
- Inexperienced or ineffective real estate agents can be the reason behind an ineffective marketing strategy, bad pricing, and an inability to negotiate offers.
What is the Most Common Reason a Property Fails to Sell?
The top reason a property fails to sell is an unrealistic asking price. Rather than serving as a point of negotiation, overpricing deters buyers from a home completely. Instead, they’ll turn to alternative options that are more in line with current market prices.
A lack of buyer interest hurts your sale because it causes your home to linger on the market for an extended period.
If a home spends a long time on the market, it sends a red flag to buyers that there’s an issue with the home. This creates a cycle of less interest, fewer inquiries, and ultimately, fewer offers.
Adjusting your price as soon as possible can potentially help you get buyers, but you may end up having to lower it more than you initially thought. As a result, you may get less than you could have gotten if you’d priced it properly in the first place.
To avoid overpricing, it’s essential to work with an experienced realtor who can perform a comparative market analysis to determine a price based on the data.
What Are Other Reasons Properties Fail to Sell?
- Not Move-In Ready Condition: Buyers prefer move-in ready homes, so make sure your home is in good condition and doesn’t have any costly structural problems or maintenance issues.
- Unattractive Image: Make sure your home stands out on the market and looks appealing to buyers. Focusing on curb appeal and investing in a professional home stager are essential.
- Bad Marketing Strategy: A comprehensive marketing strategy that uses both online and offline strategies can help you reach the largest number of buyers possible.
- Inexperienced Realtor: Inexperienced or ineffective real estate agents can be the reason behind an ineffective marketing strategy, bad pricing, and an inability to negotiate offers.
- Legal or Title Issues: Legal or title issues, such as liens, encroachments, or boundary disputes, can cause potential buyers to think the home isn’t worth the hassle.
- Lack of Negotiation: Sellers who are unwilling to negotiate on terms, make necessary repairs, or accommodate reasonable buyer requests may find it challenging to close a sale.
- Location Issues: Noise pollution, high crime rates, or a lack of services and amenities can make it hard to attract buyers. If your home is in an undesirable location, try to focus on the positive aspects of the home itself.
We Can Sell Your New Jersey House in a Slow Market
By addressing these potential issues and working with a knowledgeable real estate agent, you can ensure a successful sale. At Your Home Sold Guaranteed Realty - Nancy Kowalik Group, Nancy Kowalik and our team have years of experience helping homeowners just like you sell their homes fast and for top dollar.
In fact, we sell homes 70% faster and for 10.29% more compared to other New Jersey realtors. In addition, we offer a unique Guaranteed Sale Program that ensures your home sells fast and for top dollar, no matter what.
To learn more about why our award-winning team has been ranked as the top realtor in South Jersey, contact us at (856) 478-6562 today!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!