This is the most obvious one. Sometimes properties are simply too expensive for potential buyers. There are several reasons why a property might be insurmountably pricy. Sometimes, it’s simply been overpriced, and you could sell it by negotiating the price down. Sometimes the work done on a property is unjustifiably expensive given the location. And sometimes, it’s in an expensive area that has lost whatever appeal once justified that expense. In Manhattan, so-called “Billionaire’s Row,” had once attracted the richest of the rich with luxury rooms in a prime location. Now, real estate analysts are pronouncing the area “dead,” as many apartments sit abandoned. The high-cost buildings were suddenly no longer worth it.
Some buyers may be willing to tolerate a fixer-upper in return for low prices. But more and more buyers are realizing that, once costly renovations and high maintenance bills are factored in, a property in poor condition might not be worth the headache. And even if the building is in good condition technically, poor design choices can be a turn-off. It’s not uncommon for once-popular designs to simply go out of style.
The location of a property has huge impact on its perceived worth. In cities, that means everything from what neighborhood it’s located in, to the noise levels of the surrounding area, to how close it is to public transportation. Outside of the city, it includes how drivable the area is, how close it is to nearby cities, noise levels (due to nearby highways, etc) and the proximity of gas stations and grocery stores. Everywhere, location comes down to perceived safety, convenience, and comfort. Many customers are much more likely to buy a smaller, less luxurious property in an area they like, than a nice, spacious property in an area they don’t.
Sometimes, you’re simply not promoting a property well enough. Make sure your agent is using all possible resources, from open houses to social media. Be sure to factor the location into your promotion. If your property is in a busy area, it will naturally generate interest. If it is hard to find, people are much less likely to look at it. Figure out what kinds of potential buyers you’re trying to appeal to, and then take steps to get the word out to those groups, and accommodate their needs.