Why isn't that home selling? 

Why doesn't a house sell? We all know of houses that have been sitting on the market for a long time. Maybe it’s the one you pass every day on the way to work, or the home in your neighborhood, or one you keep hearing about from a friend or family member. So why don't these homes sell?

First of all the real estate market place is not a controlled environment. Finding an exact reason why one particular home doesn't sell is not an exact science. Like every other real estate professional in town we have homes that sit on the market. Unlike every other agent we have homes that sell quickly . There is not always a logical reason for either. 

The following guidelines apply to most real estate situations and what we have found over 16 years in different markets - sellers that follow our advice get the best results in the shortest amount of time.

To start with, lets define the phrase "shortest amount of time. Six years ago a short time to sell a home was a week or less. A long time was 30 days. Currently, the statistical consensus is any home that sells in the first 60 days would be considered a short selling period. 

All of these time periods are in direct correlation to the number of buyers in the market and the homes available for sale. That is simply supply and demand. 

 In the next four months we will be unveiling and investigating the challenges of selling a home in this market.  

This month we explore timing the market a commonly misunderstood concept. This is where the economic theory of supply and demand arrives front and center. To time the market you would have to know when the most ready willing and able buyers in your price range were actually in the market. Impossible right?

We do know that there are seasonal cycles. More homes are on the market and more buyers are typically looking during the second and early third quarters of the year. However, as we have seen in recent years the economic climate can exert tremendous influence on cycles and trends.

You can take the approach that many do – there are more buyers in the spring that’s the best time to list. However, there are also more homes on the market – more competition.

Occasionally we see home owners and their agents throw a home on the market in the spring to catch the buyer wave and the result is the competition looks more attractive and it places a stigma on that home as it sits on the market and sits and sits.

So if you are thinking of selling and are wondering what’s the best time to sell? The best time is when both you and your home are ready.

When you are physically and emotional motivated and when your home is physically prepared, that is the best time to put your home on the market. There is just no way around it. Until we have a way to determine when the best buyer for your home is actually in the market, there is no true timing of the market. 

So the first answer to why that home isn’t selling – they tried to time the market without paying attention to the other factors and procedures that enable a home to sell within market time.

Next month – In any market, location is king!