“Why isn’t my Silicon Valley townhouse selling?” wonders the home owner. Even in a seller’s market some properties struggle. Real estate agents know why the home (or townhome, or condo) isn’t getting any offers, or worse yet, any traffic at all. In fact, local Realtors who’ve seen it might wonder if the owner of the property has seen the MLS printout at all!
Why isn’t it selling?
Whether your home has been on the market for a while or you’re just about to list it, here are some of the most common culprits to look out for:
- Terrible photos (or not enough of them): in our San Jose area MLS we are allowed 9 photos. How many are in your listing?
- More on photos: Would it be so hard to turn the lights on in the home when photographing the property? Real estate looks much better when well lit than when dark. Even beautifully remodeled kitchens can look so-so if the lights are not all on! A bright room will make you money…a dark room will cost you!
- Is there a video or virtual tour? **
- Is the listing syndicated so that buyers can find it on multiple websites?
- How is the pricing? Did you price a 2 bedroom townhouse as if it’s a 3 bedroom? That’s a very common but huge mistake! Compare apples to apples – the buyers are doing that, and when you bought your home, you did too! Did you price the home using comps from 6 months ago, or comps from 3 miles away, or a different school district? Huge mistake!
- What’s your competition? Luxury homes will almost always take longer than a mid-priced home nearby – they’re in entirely different markets with entirely different demands. You’ve got to know what market you’re in and what buyers will be comparing your home against! If you’re a short sale, you need to be competitive against other short sales. Don’t be satisfied that your home is less expensive than a “regular sale”. They are two entirely different things!
- MLS description and comments: Don’t waste this valuable space! What kind of comments are in the precious few words allowed to describe your home in the multiple listing service? I have seen inane things use up that space. It is imperative that the descriptions be strong. For example, not “nice kitchen” (that could mean almost anything), but instead “slab granite countertops” – specifics that buyers want to hear about!
- Commission rate: if your townhome is a “regular sale” and everything in your area is selling with a buyer’s agent commission rate offered at 2.5% or 3% but you’re offering 2%, guess what happens? Little or no traffic, that’s what! Remember that agents are selling homes as their livelihood, and while many will overlook a low commission, many others will not. (When I list homes I run the CR of similar homes so that my sellers can make an informed decision on this point.)
**This is more important than ever right now with restrictions on showings and open homes during the pandemic. Read more about how covid-19 is impacting the real estate market in Silicon Valley and how to sell a home during the quarantine in my articles on this blog.
There are many reasons why a Silicon Valley townhouse might not sell, but marketing correctly will give you the best odds for success and, in a sellers market as we are in, may bring you a higher sales price. If yours isn’t selling, have a look at the price, the photos, and the description and see if anything is amiss, and check what’s happening with comparable properties in the market. These are the most important areas to consider. Other issues may be at play, but if these are correct your home should sell despite other challenges.
My townhome did not sell and I am thinking of trying again with another real estate agent.
If your Santa Clara County home, townhome, or condo was for sale, is now “off market” and you’re thinking of relisting it with an agent who can get it sold, please talk with me. If you haven’t put your home on the market but are thinking of listing your property and want to get it right the first time, I’d love to meet with you!
Why talk with me as opposed to any other agent? My services, tools and experience are online and transparent. With me you’ll be hiring a realty veteran, someone who’s dedicated to the highest levels of excellence and communication, and someone who’s weathered more than a few market ups and downs.
Additionally, I have co-authored a book, “Get the Best Deal When Selling Your Home in Silicon Valley“. If you decide to meet with me to discuss your home, my book will be my gift to you! (I specialize in the west valley communities such as San Jose’s Almaden Valley, Cambrian Park, West San Jose, Los Gatos, Saratoga, Campbell and Monte Sereno, but work across all of Silicon Valley in multiple counties.) So if we meet, even if we decide not to work together, you will have the book to help you proceed in your home selling plans – it’s a win!
Wishing you every success!