Your Home Sold Guaranteed Realty - Barb Has the Buyers Team

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What is the Most Common Reason a Property Fails to Sell?

What is the most common reason a property fails to sell? Understanding the factors that lead to a home failing to sell can help you prepare for a successful selling experience.

In this post, Barb Schlinker and our Colorado Springs realtors at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss the most common reason a property fails to sell. We’ll also share several other reasons behind failed sales.

Key Takeaways:

  • The most common reason a property fails to sell is overpricing. If a home is overpriced, even buyers who can afford it may choose to bypass it if it’s not a good value compared to similar properties. 
  • According to a survey of realtors by HomeLight, 54.4% of realtors nationwide have directly experienced or known about a buyer backing out of a deal due to overpricing.
  • Failed sales are most likely to occur in a buyer’s market, where demand is low and supply is high.

What is the Most Common Reason a Property Fails to Sell?

The most common reason a property fails to sell is overpricing. If a home is overpriced, even buyers who can afford it may choose to bypass it if it’s not a good value compared to similar properties. 

A high price can come from two scenarios: you setting the price too high yourself, or the result of a bidding war. According to a survey of realtors by HomeLight, 54.4% of realtors nationwide have directly experienced or known about a buyer backing out of a deal due to overpricing.

To avoid this happening to you, it’s essential to make sure your home is priced accurately from the beginning. The best way to do this is by working with a realtor who understands the current market trends, knows what home buyers are looking for, and can analyze comparable sales.

What are Other Reasons a Property Fails to Sell?

If the asking price isn’t the problem, several other issues could be causing your property to linger on the market. Some of the most common reasons behind a failed sale include:

  • Tough Market: External market factors, like supply and demand levels and pricing trends, influence how long it takes for your property to sell. Failed sales are most likely to occur in a buyer’s market, where demand is low and supply is high. In this scenario, your asking price may have to be lower than you’d initially hoped in order to find a buyer.
  • Ineffective Marketing: If your marketing strategy isn’t effective, then your home simply isn’t getting in front of enough buyers. Make sure you’re combining multiple channels, including online and offline platforms. Think about your target buyer and the best way to reach them.
  • Low-Quality Photos: The photos that you use in your online listing are most buyers’ first impressions of the property. If they’re low-quality, don’t have proper lighting, or don’t show the home’s best angles, then many buyers could overlook your home in favor of other options. Remember you need your listing to stand out and capture buyers’ attention– and high-quality photos are the simplest way to do that.
  • Lack of Staging: The majority of realtors agree that staging a home results in more buyer interest and a faster, more profitable sale. You need the buyer to be able to imagine the home as their own– if it’s cluttered, filled with personal items, or completely empty, then buyers may fail to connect with the home or see its potential.
  • Bad Listing Description: Your listing description is an opportunity to make an impression on the buyer and capture their attention. Don’t just list the plain facts about your home– instead, tell a story about it and the lifestyle it offers. Make sure to describe the surrounding neighborhood and what it’s like to live there.

Avoid a Failed Sale When You Work with the Best Realtor in Colorado Springs

What is the Most Common Reason a Property Fails to Sell?
Barb Schlinker

If you want to ensure success for your home sale, be sure to work with a realtor who uses proven marketing strategies and understands the local housing market. At Your Home Sold Guaranteed Realty - Barb Has the Buyers Team, Barb Schlinker and our entire real estate team have been in the real estate business for 27+ years. 

We’ve helped thousands of clients in Colorado Springs and the surrounding area sell their homes. The data speaks for itself– on average, we sell 66% faster and for an average of $20,520 more compared to other realtors.

Plus, our Guaranteed Sale Program provides peace of mind during your sale. To learn more about working with us to sell a house in Colorado Springs, call 719-301-1802 or fill out the form on this page.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

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