Why it’s not selling part 3
In the last two blogs, I covered the big reasons that a home may be languishing on the market and not selling. Price was covered in the first blog, and the quality of the listing was covered last week. Now for some more reasons that your home may not be selling.
One reason it may not be selling is that you are too attached to the house. Often, when a seller has made many improvements, they look at the value that they see in the house even if buyers cannot see it. Build quality, cost of improvements, and sweat equity all play a role here. If you think of your house as the best house in the world, and don’t care that others cannot see the improvements in the same fashion, you will have a problem moving it. Location of the property plays a huge role in value on LBI, and sellers that have a great house, but in a less valuable location need to stand back and look at the big picture.
Another reason that can certainly stand in the way of a sale is what the seller paid for the house. There are many sellers that purchased their home at the top of the market (think 2004- 2006) and simply refuse to lose money on the sale. I think it was Warren Buffet that said “the best way to make money is to never lose money”, but that does not always pertain to real estate that was purchased during the high part of a market cycle. Pay attention to the sold comparatives and not what you paid for the house.
Another problem, especially in the vacation home/investment market, is that the house is too personalized. Lots of family pictures do not help. The signed album covers by the Boss may be a great thing to have, but they simply may look like bad décor to others. The cardinal rule of getting a house set to sell is that less is more. Empty walls often make a house look bigger. Lots of personal pictures, tons of tchotchkes, and crowded kitchen counters can often turn off buyers.
The last item I will cover is that the house simply needs too many repairs. While this factor may have gone into the pricing of the house, most folks purchasing a second home do not want to take over a project far from the main home. It is not so much the cost as it is the process when the home is two-plus hours away.