With some quick changes, these 6 reasons your home is not selling can be remedied. With the goal of selling your home in mind, it may be time to implement a better strategy to help your agent get it done.
Are you ready to sell your home? Maybe your home has been listed for a few weeks or months, and you cannot figure out why it just will not sell. You know your agent is working hard to market it. Is there a fix for this?
Listed below are the top 6 reasons your home may not make a good impression, and end up stagnant on the market.
1. YOUR HOME IS NOT SELLING BECAUSE IT’S OVERPRICED
An overpriced house is the #1 reason a home will not sell. It is natural to want your home to be worth a lot more than it actually is, because you know it and love it. A home must be priced according to the current market data, and not a price that you wish it would bring. Telling your agent that you “must have x amount” out of a home, when the price cannot be supported by the data, will lead to failure. The market “is what it is”, and you will have to adjust your thinking to reality.
You and your agent do not control the current real estate market, but how you react to it, can mean success or failure with your home sale. Adjust your thinking to the actual market value of your current home. Price it correctly, or your home will sit on the market for months, getting very few showings. If you price it to allow for too much “wiggle room”, statistics show that views of your property from buyers in your price range, can drop a whopping 90%. Discuss with your agent what the true market value of your home is. Price it competitively, and you may end up with a bidding frenzy, instead of low offers, or an expired listing.
Perhaps you have thought, I will “just take it off the market until the value comes up”. If your home value increases, so will the value of the next home you will want to purchase. Your home systems, roof, and decor trends will be older, so competing against new construction will become much tougher.
Moving forward, new construction is predicted to be a big factor in housing. Your competition may be the latest in design and desirability. Price it right now, and get it sold!
2. YOUR HOME IS NOT SELLING BECAUSE OF LOW SHOWING AVAILABILITY
Making sure the house is always clean, and leaving whenever buyers want to tour your home, may get a little overwhelming. It is crucial that you make your home available to show, as needed. If not, you could end up missing out on the perfect buyer. The longer it sits on the market, the less value buyers will see in it. Talk with your agent about having a 24 hour notice period, if the extra time is needed, but make sure your home is available to be shown as often as possible. Inconvenience is just part of the process. The reward will be a home sale.
3. YOUR HOME IS NOT SELLING BECAUSE YOU HAVE A CLUTTERED SPACE
Buyers want to walk into a house and envision their lives in that home. This is difficult to do if your home is cluttered with personal belongings. They are instantly given the feeling of invading your personal space, instead of the satisfaction of being able to see a future in your home. Make sure your property is clutter free before putting it on the market; and store away any family photos. Make every space available to view. Do not throw everything into a junk room that no one is allowed to view. I have seen sellers tape a picture of a room on a locked door, forbidding entrance. If buyers cannot see it all, they will not purchase.
4. YOUR HOME IS NOT SELLING BECAUSE OF UNPLEASANT ODORS
If you smoke or have pets, it is easy to get used to the smell and be unable to detect it anymore. It is important to understand that any new people visiting your home will be able to smell it, making it unlikely that you will get an offer. Before a showing, make sure to dispose of garbage, do not cook fish or other strong smelling food, and ensure there are no pet or smoke odors. Put away litter boxes, and please do not leave a gauntlet of “wee wee” pads for buyers to walk through.
5. YOUR HOME IS NOT SELLING BECAUSE YOU ARE UNWILLING TO MAKE REPAIRS
Selling your home “as-is” may sound appealing at first, but being unwilling to make repairs could cost you another mortgage payment. That payment could far exceed the cost of repairs you refused make in buyer requests, causing your home to be placed on the market again. Be open to repair requests. Discuss what you can afford to do with your agent, and make a reasonable counter offer during the repair negotiations.
6. YOUR HOME IS NOT SELLING BECAUSE YOU ARE UNWILLING TO NEGOTIATE WITH BUYERS
It is important to have an open mind about requests that will come from buyers when it comes to purchasing your home. These requests can come in the form of price negotiations, repair requests, or even requests to cover closing costs or home warranties. Have your trusted agent advise you of the best steps to take. Be open to working with the buyers on some of their requests to ensure a successful closing.
Bonus information related to this article:
Selling an Older Home Without an Open Floor Plan by Debbie Drummond
Anatomy of a Real Estate Offer by Paul Sian
Don’t Overlook These Rules of Engagement When Selling a Home by Xavier De Buck
Learn These 4 Secrets to Boosting Home Value by Lynn Pineda