In this episode of “The Russell Real Team Minute Podcast,” Evan Russell, owner of the Russell Realty Group, reveals the two reasons he thinks a home won’t sell. Listen to learn why your house is not selling.
“We can never say that price is not an issue, price is always the issue, price is always the problem, it’s always the solution.” – Evan Russell [03:07]
What You Will Learn:
[00:20] The two reasons that will cause a home not to sell
[02:07] Pricing to value
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Start: Welcome to another episode of Russell Realty Minute with your host Evan Russell. Where Evan shares his real-world real estate experience with you. If you like what you hear, please be sure to give them a quick review right here in iTunes. Thank you for listening.
There are only two reasons a home doesn’t sell. My name is Evan Russell Broker owner of the Russell Realty Group here I’m here in greater Boston. And over my 15 years real estate experience there’s only really two factors, that will cause a home not to sell. The first factor is of course price. People would say, ‘Oh, it’s price condition location.’ I disagree with that it’s a 100% price. If it’s a house in a crappy location, then you price it accordingly. So, it can’t be price location because that leads back to price. If it’s in terrible condition, someone at $100,000 or $50,000 is going to buy it, so that leads back to price. So, the most obvious reason why home doesn’t sell in today’s market is based on price.
The second reason why home won’t sell and this is one that’s controversial in my world but I think is very important is communication with your listing agent. If you don’t communicate with your listing agent and your listing agent or your realtor are on the same page, you don’t you know you’re not doing what the seller wants to do or the seller’s not allowing showings to come in. Or the communication between the realtor and the seller is just not very good. That’s going to cause a home not to sell for a variety of reasons. Miscommunication is one, lack of access to the house number two, lack of understanding what the message the seller is trying to deliver in their home.
Let’s say it needs a little bit of work, let’s say you know the showing instructions are a little bit tough it’s a little hard to get into you know things like that. That really is why a home won’t sell. The price is the number one thing, the communication with the listing agent is number two if the seller and the realtor just aren’t on the same page. Can’t agree makes it very tough to negotiate, makes it very tough to explain the seller’s position to a potential buyer or you know potential buyer agent who’s calling for a showing, that sort of thing. That really is the problem. What will never happen and what I say to all my sellers is there’s only two reasons home won’t sell.
But at the end of the day if you get three, four, five weeks, six weeks, eight weeks, ten weeks in and the home doesn’t sell. In my particular case, it’s not going to be the fault of the marketing, right. We’ve put it on the MLS, we’ve put it on Zillow, Truly, a Realtor Redfin, anywhere else that that syndicates an MLS feed. It’s going to be out there. The only reason why people won’t come is if they don’t understand the price to value. Which means they see the pictures, they see what the house is, they look at the price, they don’t think the price the value is there they don’t make the trip. It’s really as simple as that.
So, you can say, well Gee you know the realtor is not doing his job or the realtor’s not marking my home effectively or not doing that sort of thing. Well, if your home’s at 599 and you don’t have anybody come in. If you list it at 499, how long do you think it takes to sell? Well, it’s going to sell overnight, right. Why would someone not pay 499 for a house that’s perceived to be worth 599? That would be a good deal that would get it done very quickly, right. So, we can never say that price is not an issue, right.
Price is always the issue; price is always the problem. It’s always a solution, right. It’s the reason why people won’t come look at the house. It’s the reason why people will come look at the house. So, that in the communication with your listing agent are the two key factors that make a home sale process really go as smooth as possible. So, if you’re looking for that good review if you’re looking for that positive experience, if you’re looking for you know to maximize the most amount of equity in your home, you want to listen to your agent. Have a good relationship with them, respect their opinion, respect the comps, respect what the market’s saying, respect what the market and the comps are telling you.
And you know heat that advice price the home appropriately or price the home. You know obviously every seller wants the maximum amount of dollar and that’s cool. But you can’t grossly overprice your house or it will just sit there, all right. So, those are the quick two things on why I think a home doesn’t sell. Obviously, price is one of them communication your listing agent is the other. Those are the two biggest things. If you don’t have anybody come through your house over a period of time, you know I firmly believe it’s not the fault of the marketing. Unless the pictures are unprofessional, unless the marketing you know is just sub-standard, unless the write-up isn’t right there’s typos in it that sort of thing.
But even still if the write-up in the picture is no good and it’s priced aggressively it’ll still sell, right. So, we still fall back on the price. So, the most important thing that that determines whether a home will sell and for how quickly and for how much is certainly the price that we listed for. So, price condition, location maybe. I boil it down to the price and I boil it down to the communicational listing agent. So, he can correctly advocate for you and the product and what you’re selling, which is your home.
End: This has been another Russell Realty Minute brought to you by Evan Russell.