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Why Won’t Our Home Sell?

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Posted On: 06/26/2013

Question:

Our home is for sale through a local broker. The newspaper reports that nearly 500 homes were sold in our community in a recent month – but not ours. Our property has only been shown four times. We think the market here is improving and we live in a desirable neighborhood, so how come our house has not sold?

Answer:

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Without exception, every piece of real estate is unique. There are no two homes that are exactly alike.

This reality greatly impacts the marketing process. Imagine that you have two homes. Each is from the same builder and each is the same model with the same features. They are on the same block. One will sell before the other, and the precise details of each sale will be different.

Why? Because they occupy different space.

Not only is there a unique quality to real estate, there is also a unique quality to buyers. Each is different. Each one has distinct personal preferences and a unique financial situation.

Combine the unique nature of each piece of real estate with the unique nature of every buyer and the result is that all transactions are different – when there is a transaction. You can see this with any block that has two homes for sale.

Because each home is somehow distinctive, sellers and their brokers will want to reach the largest possible pool of purchasers to find that one buyer needed to create a transaction. But even with great marketing, exposure cannot guarantee a faster home sale or more money. What marketing can do is improve the chances of success.

It can be hugely frustrating to have a home that does not sell while other properties move quickly. The best step is to sit down with the broker, review the marketing plan and see if anything should be changed. Also, ask if there’s any way your property can be made more competitive with a different price or home alteration.

Peter G. Miller is the author of The Common-Sense Mortgage and a veteran real estate columnist. Have a question? Please write to peter@ctwfeatures.com.

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