Ask John

Q. "Why does a sound house in a sound neighborhood NOT sell?"

A. This is a great question and a huge point of frustration for sellers and listing agents. The fact is that their IS a buyer for every property in our market. In my experience, there are two reasons that listings "expire", or fail to sell.

The first reason is that sellers can't/won't do what it takes to sell the property, financially speaking. In many cases, market values have dropped and the mortgage balance hasn't. Reducing the price just isn't an option, despite the knowledge that the market price should be much lower. Another common scenario, in Webster, Kirkwood and Glendale in particular, occurs when sellers have limited cash reserves on hand to make improvements to a property that just doesn't look very good. In short, the MARKET is saying the price is too high and the seller just can't/won't respond.

The second reason homes fail to sell falls on us Realtors. Too many agents can't/won't/don't know how to express to a seller the aforementioned "what it takes to sell". We leave sellers blind to the realities of their property and the market of which it's a part. Does it look terrible? Do the buyers hate the kitchen? Is anything else selling around it? We, the experts, have to lead the way down the path of success.

Sometimes the truth hurts, but 200+ days on the market hurts every time.