Why Hasn't My House Sold??

August 05, 2014

In real estate, the saying is “Location, location, location!”

 But location is just 1 of the 5 things that affect the speed of the sale of real estate. 

 1.  PRICE:  Generally speaking the higher the price of a property, the fewer the pool of potential buyers for the property.  And the opposite is true as well in that the lower the price of the property the wider the pool of potential buyers there are for it.  This is one reason why properties on the entry level of the market tend to move quicker than high end luxury properties.

 2.  TERMS:  Terms refers to the type of financing involved in the deal.  The wider the options for financing, the wider the potential pool of buyers.  Some properties may not be eligible for financing for various reasons and must be sold for cash only.  Any limit on the pool of potential buyers can slow the sale of the real estate.

 3.  CONDITION:  Condition encompasses all of the amenities, upkeep, wear and tear, and upgrades that have been done to the property.  If a property is in excellent condition with lots of amenities and is up-to-date it will show well compared to other similar properties in the area and will theoretically sell quicker and for a higher price.  And the reverse is also true:  if a property is in poor repair or has outdated features which a potential buyer will need to spend money upgrading to make the property more livable, theoretically that property will take longer to sell and will sell for less.  Keep in mind that condition can also refer to cleanliness and clutter!

 4.  LOCATION:  And then there is location.  Property in desirable areas tend to sell for higher price per square foot versus property in less desirable areas, but remember that what one person finds undesirable someone else may find necessary!  Theoretically a property on a busy street would be less desirable due to higher traffic, and prices tend to reflect that.  But what if you’re a buyer that needs to be close to public transportation?  Suddenly it’s desirable to buy on a busier street because that’s where the bus stop is located. 

 5:  AGENCY:  Agency is about the company you hire to market, negotiate, and close your real estate transaction.  CENTURY 21 APD Associates has served El Paso and surrounding areas for 40 years.  We are licensed in Texas and New Mexico.  We were nominated and awarded by El Paso’s Better Business Bureau’s TORCH Award in 2014 for 40 consecutive years of being an   A+ Accredited Business with the BBB.   We are a CENTURION Award Winning Office in the Century 21 System.  If you’d like more information about how we can help you with all of your real estate needs, feel free to call us at 915-779-5611 or use any of the contact forms here on our website. 

When you hire ONE of us, you hire ALL of us.  TEAMWORK: It’s the way we do business!