Having your condo sit on the market week after week can be one of the more frustrating experiences. Like many seller’s, you put your life on hold while it is on the market. You have to be ready to show your condo every day because you never know when the right buyer will come through. Maybe you have to sell your current condo before you can make a move. And then you watch homes you really want come and go off the market. Or maybe you don’t live there but need the cash for other life events.
And then you see a similar condo sell the first week on the market. Uggghhhh! Why didn’t they buy mine you might be asking yourself.
I feel your pain! I’ve helped hundreds of condo sellers and know the frustration of not being able to get your condo sold. Below are some of the top reasons I have found for a condo not to sell. If you would like a free analysis of why your condo didn’t sell, click the button below.
The price is too high. But how do you know if it is too high? Well, first you have a proper Comparative Market Analysis (CMA) done by your agent. I could write a short book on how to do a proper CMA, but I’ll save that for another time. Another way to tell if you are priced too high is by the number of showings. If there are no showings in 2 weeks, agents are saying it is overpriced. If there are no offers after 20 showings, buyers are saying it is overpriced.
Price based on wrong factors
Set the price based on market conditions not on any of these factors that have no affect on price:
What you paid.
What you need.
What you want.
What your neighbor says.
What another agent says.
You might have your condo priced right and in mint condition, but if nobody knows about it, you will have a hard time getting it sold.
A good marketing plan will utilize multiple channels, appeal to buyer's emotions, increase exposure and have varied repetition.
Do you or your agent seek feedback from every showing? If not, you may be missing some valuable feedback about why your condo isn't selling. Maybe all the buyers have the same complaint about dirty carpeting or the paint color or a certain odor. Without feedback, you can only guess why it doesn’t sell.
Sometimes just the simple act of following up with a buyer is enough to elicit an offer. Maybe the buyer had some wrong information or a misconception or was just on the fence about making an offer. Maybe he or she saw too many in one day and they all blended together.
Let’s face it. Not all agents are the same. Most agents tend to focus on the single family market because of the higher price point. Few agents really focus on the condo market to know it inside and out. Having the right agent that knows condos and knows the market can make all the difference.
People often buy on emotion and then justify it with logic. Changing from a financial decision to an emotional decision will help you get the most money for your home. Is your condo cold & sterile or warm & inviting.
Your house is a mess!
This one shoudn't be too hard to understand. Some people are just so turned off by a messy place, the price doesn't matter. If it is too much for you to clean up, there are plenty of services that can help.
Is your condo a work in progress? You wanted to do some renovations and you couldn’t wait to get it on the market either. Big mistake. Slow down. Get the work finished and then put it on the market. Buyers are turned off by a job half done.
Poor photography is one of my biggest pet peeves. In today’s market where 99% of homebuyers start their search on the internet, professional photography is critical. Poor lighting, bad angles, over/under exposure, narrow lenses, and amateurs with iPhones just doesn’t cut it.
Are you holding out for a full price, cash offer and won’t listen to any other offers? Don’t be so inflexible ! Negotiation is part of the process and buyers expect a little give and take. Set your initial price with the expectation there will be some negotiating.
Do you make it hard to show your condo? Asking for 24 hour notice, limiting hours or days, and requiring you or your agent to be there makes your condo inaccessible. The easier you make it to show your condo the better because you never know when the right buyer is going to come along.
The reasons above are some of the more commons reasons for a condo not to sell, but there are more. Often times, it is not just one reason, but rather a combination of factors. For a free 15 point assessment of your condo where I score each reason above and more, click on the red button.