Why League City homes do not sell.

I re-list a lot of  homes in League City meaning I market properties that were previously listed with other League City Realtors.  Many years ago I worked for Prudential Relocation, my job was to develop marketing strategies for homes that employees of Fortune 500 companies could not sell.  I sold over 1000 homes and it gave me a lot of experience and skills to be able to quickly figure out why homes don’t sell. Below are the top 5 reason why League City homes do not sell.

1. Your property is overpriced – The number one reason homes don’t sell is price. I would say out of all of the League City homes I have analyzed that did not sell 70% or more were priced so high they were driving buyers away.  The scary part is, in most cases their agent never told them it was overpriced and never advised them that real estate around them was actually selling while their own property wasn’t getting viewed by buyers. Unfortunately many times agents do not preview competing homes to properly advise their home seller what they are competing with. Another issue is that now appraisers are  much more strict then they were 12 months ago.  Appraisers are required to look at comparable sales in the past 3 months not something that sold a year or two ago. Banks who are facing a record number of foreclosures do not want to have to foreclose on a home that a buyer paid too much for. You must know your market before listing.

2. You have a bad agent -Unfortunately it doesn’t take much to be a real estate agent. It’s possible to get a real estate license in Texas in 30 days, which is pretty scary. The industry right now in League City is flooded with agents who have less than 5 years of experience and only have the minimum level of education required by the state to maintain their licenses.  A common problem is agents will “buy listings” telling agents they can sell a home for an unrealistic price so you will list your home with them. Another issue is some are unresponsive because selling real estate is their 2nd job or they just do not follow up. Buyers today expect a quick reply to showing requests and questions about your property.  Also some agents are not “sales people” for some reason our business attracts people with a lot of free time but with little sales experience who really do not understand how to sell your home to buyers and agents.  Then there are those abrasive agents who have reputation among Realtors as being difficult to deal with and agents simply will not show their listings. You need an experienced Broker who has a proven track record and knows what it takes to sell a home.

3. Poor or no Marketing -  Marketing sells homes. How and where your property is marketed will impact your sales price and how long it takes to sell. The internet has impacted real estate marketing more then any other business. Buyers no longer get out the newspaper Sunday morning to plan which open house they are going to.  Instead of embracing technology many agents use the the “list and prayer” method, entering it in the MLS, praying it sells or agents market reactivity waiting for the seller to call and complain before doing any marketing activities .  Buyers today expect more, they want virtual tours, multiple professional properties photos and a helpful agent.   Quality marketing is a must.

4. Your property doesn’t show well – In League City most homes compete with new construction/home builders. New homes are decorated by professional interior decorators with top of the line furnishings. While home sellers don’t need to go that far they do need to make sure  their home is not turning buyers away.  Homes in move in condition always sell faster and for more money then homes that need cosmetic work.  An experienced agent can help stage a home and recommend cosmetic improvements. The good thing is that most cosmetic work is inexpensive and will help attract buyers.

5. Poor market conditions – Employment and interest rates have the largest impact on people buying homes. Without a job people can’t afford their mortgage.  With high interest rates it cost more to borrow money so buyers can not afford as much house.  A “buyers market” is created when there are more homes for sale then they are buyers to buy them. Poor market conditions makes marketing and pricing so much more critical because there are fewer buyers with more options.

Would you like a detailed analysis of why your home has not sold? Call me or e-mail me below.