Why Can’t You Sell Your New Orleans Real Estate?
This is a very difficult real estate market that we are currently facing. We all know that, but what are some of the specific reasons why your property in New Orleans is not selling? Your home is probably not selling for a number of reasons, but I am going to focus on my Top 5 in this blog post. Stay tuned for future New Orleans Real Estate lists.
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1. Price – I really could have put price as the answer to all of the spaces in the Top 5. Price is by far the most important reason as to why you cannot sell your New Orleans real estate. There is so much competition out there that if you price your property incorrectly you will rarely sell your home in a short period of time. Because people can choose from such a wide selection of houses they are less likely to put in a low-ball offer. The old-school real estate negotiation tactics are simply not used anymore. This means that you must get the price right from the start and not give it the “ole college try” for a few weeks to see if you can get top dollar.
2. Ineffective Marketing – Choosing your real estate agent is very important these days. It is a must that you select an agent that will create the very best marketing plan for your property. If they do not, you run the risk of not standing out. Your property has to stand out or it will get lost in the mix of the thousands of other properties in New Orleans for sale. I would suggest asking your real estate agent how they intend to use the Internet to market your property. If there answer is “Uhhhhhh,” you know that they are not prepared to compete in today’s real estate market! 
3. Condition – New Orleans has become a very interesting place to be in real estate. Since Hurricane Katrina ravaged the city, an unexpected “ray of light” is that our housing stock has been overhauled and our properties have been upgraded. There have been endless renovations and the choice right now is incredible. The homes on the market are in fabulous condition with many upgrades in each house. Is your house in excellent condition? If not, you are competing with thousands of properties that are and that makes selling your house very tricky. Make sure that your house is in the best possible condition that you are able to accomplish. Fresh paint, clean up the exterior, de-clutter, etc.
4. Location – Location rules when it comes to real estate. Pure and simple, your real estate may be in a bad location. There are many obvious reasons that makes a location bad, but we won’t go into them because you already probably know if your home is not in the easiest to sell location. Since you aren’t going to move your house what can you do? Your real estate agent has to be creative and produce a great marketing plan. Anything else, adjust the price accordingly. Your price has to reflect the area that the real estate is located.
5. Market Conditions – Are you trying to sell in a buyer’s market? For the most part, we are in a buyer’s market right now so most likely you are! Either way, trying to sell property in a slow market is tough. Sometimes you have no choice but to sell during a slow market…in that case you probably will have to sell for a much lower price than you were hoping for. If you are facing poor market conditions you must make sure that your real estate is in the best possible condition at the most attractive price possible with the best marketing plan in place. Otherwise, your property will languish on the market. 
Every piece of New Orleans real estate can sell at any time. If you read between the lines in my Top 5 list, you will see that selling real estate boils down to 2 things…Price and your real estate agent. Having a great price will help you overcome any location, condition, or market issues…Having a great real estate agent will help you set the right price, create an effective marketing plan, and SELL YOUR HOUSE!
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This New Orleans real estate Top5 blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
Click here to view Darryl Glade’s Real Estate Profile.
Filed under: General Real Estate, New Orleans, Sellers | Tagged: darryl glade, New Orleans, real estate
The most common reasons are Price, Location, Type of market there currently is.
Location is something that should be considered when buying the property for future resale and you should while living there take part in community meetings over additions to your area that may affect your homes value.
The price you can best be guided by a realtor and I strongly suggest that. The realtor will go by current market analysis and comparables in area.
The current market may be a buyers market and you may have to list lower than you want to stand out buy will make up for it when you buy with such large inventory available.
Great reasons which reinforces the need of a professional to get the job done.