The number one reason: "You overvalued your property". I would word it a bit differently: "Your property is overpriced given it's current condition" which takes into account reasons 5-10:
- You haven't had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.
- You haven't staged your home. If you've already moved out, then don't show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.
- You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.
- Your home improvements are too personalized. You might think that the comic book mural you painted for your child's room is absolutely incredible, but that doesn't mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don't want to pay for features they don't want.
- Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.
- Your home is in need of too many repairs.
It may seem counter intuitive that in a seller's market such as we have in San Francisco right now, but 5-10 matter. In our market where the majority of listings sell for over asking, many buyers and agents who perceive your property is over priced won't even consider offering something less. Better to slightly under price your property and let the market and competitive offers decide.
After all, there is truth to the old adage: a property is only worth what a buyer is willing to pay for it.