Do you want to know why your home didn’t sell? We’re talking Expireds.

The reasons a house did not sell are price, condition, and marketing. These variables are in order of importance. However, it can be and often is a combination of the three main variables that contribute to a house not selling.

Sometimes homeowners have an unrealistic idea about what their house is worth. If it is worth more to you than to anyone else, then it is going to be yours. Houses need to be priced at what the market will bear. You cannot always determine the price and neither can your agent. It’s the market that determines the price.

The condition of the house has a dramatic effect on how easy it is to sell. Most people are not looking for a major project house. Even those buying on the low end want a house they can move into and comfortably live in right away. On the low end there may not be enough money left over after a purchase to make major repairs. It may also be more difficult to get financing if major repairs are needed.

On the upper end of the market, condition is still important, but takes on a different degree of relevance. The buyer of a uniquely built luxury home is more likely to invest the resources needed to restore something of social and cultural significance.

There is also the fact that a dollar unit is more valuable to someone without a lot of them. Such as someone at the lower end of the market. The more units of wealth one has the less value each individual unit has. So a $150,000 needed home improvement is usually more difficult in a $550,000 home transaction than the $5,000,000 home transaction. The upper end transaction usually has more room for negotiation on both sides of the deal.

Unique Homes, Luxury Homes, and Art Homes.

There is another reason unique and luxury homes don’t sell, and that is not giving the sales process enough time. The reason these houses take longer to sell is there simply are not as many people who are looking to purchase houses in these categories. Unique art houses appeal to a very select type of buyer. One of the more impressive houses I have had the good fortune to visit on several occasions had a specially built climate controlled Japanese back house to display a world famous collection of historic Japanese artwork. It also happens to be in an exclusive neighborhood. This house is in two of the categories that take longer to sell, it is an art house and a luxury house. The house and art collection are world famous so it may sell quicker than a house that’s not as well known. However, it will take a special buyer to acquire such a prestigious house. Those special buyers are not nearly as plentiful as someone looking to buy a $700,000 house.

You need to expect selling your house will take more time when we need to find the right buyer for your above average property. Another type of property that needs the right kind of buyer and may take longer to sell are mixed use and legal nonconforming. These are properties that are zoned commercial with residents. They are not often in what would be considered the luxury category, but they can carry a price tag higher than a house on a residential lot. This type of property is ideal for those who want a location where they can both live and work. Some scenarios where a mixed use property may be desirable are for contractors, building custom or vintage cars, fortune tellers, chiropractors, sales, and animal businesses such as dog kennels and veterinarians.

You need to expect selling your house will take more time when we need to find the right buyer for your above average property.

Another type of property that needs the right kind of buyer and may take longer to sell are mixed use and legal nonconforming. These are properties that are zoned commercial with residents. They are not often in what would be considered the luxury category, but they can carry a price tag higher than a house on a residential lot. This type of property is ideal for those who want a location where they can both live and work. Some scenarios where a mixed use property may be desirable are for contractors, building custom or vintage cars, fortune tellers, chiropractors, sales, and animal businesses such as dog kennels and veterinarians.