A house down the street next to yours just got sold, but your home is still sitting there on the market.
Why can’t your home attract a purchaser? It is a common question and responses are not as strange as you might think.
Below are some of the most common reasons why houses don’t sell:
🙆🏻 1. You Are Over Confident So Home is Not Sold
Everything will sell. Eventually. You can price it to the future or price it to today. You decide.
Overpricing is a common fault. To some, it’s a strategy.
However, that is not a strategy you should rely on. “Sometimes agents and homeowners get too confident while in the seller’s market.
Be very real from day one!
Although you might love your home, brace yourself properly for it. It may on the market for a long time if you are priced over market value.
If you want it to sell swiftly be accurate. Price matters. Even a head over heels buyer doesn’t want to get gouged on price.
Set the price right and they will come.
Set it high and get ready to make some more house payments. Your choice. You decide.
🏷 2. The House Price Is Too High
Classic demand and supply conditions come to play within the seller’s market:
There is high demand when supply is low. Therefore, you can always expect to receive more money for your house in a market like that. But that does not imply that the sky is the limit whenever it comes to pricing a listing. A seller will feel very comfortable lifting the price a little higher, within the seller’s market. However, this can be a huge mistake. Remember, the mortgage company still wants their payments. Utility companies, insurance companies, alarm monitoring companies, and house upkeep bills will keep on coming, I promise you that.
Determining the right asking price for any home is among the most relevant decisions you will make for selling your home. Failure to do this, could be a reason why your HOME IS NOT SOLD. If your house has a price which is far above the market value, then you will likely totally miss out on some prospective buyers. You can also read why people get stuck when selling their home; this might be helpful.
Ensure that your agent and yourself are certain of your home value. Make sure that your market value and list price are the same, or at least close to it. Get a good analysis of the market using a professional solid comparable analysis. Your agent will be able to do this for you. If they cannot or do not, then that’s a giant red flag.
📜 3. The Home Requires Some TLC
If you have to pay for home expensive improvements which you may end up not enjoying for long, it could be a bitter pill to swallow.
However, if you desire to sell for a top-of-the-market price, then you will have to make your home in a good condition or state that it warrants the advertised dollar amount rather than basing this number just only on the price per square foot. Most retail purchasers are understandably to still desire the best house for their money.
As a seller, you should have upgraded amenities which are comparable to other related properties for sale in the same price range.
Ensure to include a modern ceiling fan, a handsome kitchen faucet, modern door handles, and up to date towel bars. They might sound quite simple, but they matter. A few little changes can create a big impact.
🗞 4. There Is a Problem with The Title
“Title” in this scenario does not mean a cute advertising name (such as “The Conner Cottage’’ the Corners” etc.). It is the document which shows ownership instead. One major reason why your HOME IS NOT SOLD can be because of a problem existing with the title that spooks purchasers. Below are some of those examples associated with title problems:
- Conveyance with no deed recorded (could sometimes occur in transfers between the family members).
- A mortgage that is paid off but still shows up as a lien (valid) on the house that is greater than the equity in the home.
- A mechanic’s lien which was filed for work carryout on the house by another subcontractor.
- Tax liens.
Most title problems do not need too much time to be resolved. In the case that your HOME IS NOT SOLD (or is delayed) because of a title issue, then contact its title company to discover what you have to do in order to prepare it for sale then do it. If the buyer is in love with your house they are going to wait as long as it is a reasonable amount of time.
📺 5. Advertising Pictures Are Subpar
This is an another major problem why your home is not sold. It is said, that you only have about seven seconds in creating a first impression, the same saying goes for your home: 90% of purchasers begin their search online and then make a decision about whether to come see your house relying on a very quick skim of all your home listing photos.
In case few or no photos exist, or in case the pictures look bad due to the fact that they were not taken professionally, or perhaps because the home is cluttered (which displays in the pictures), many purchasers will quickly move to the next listing. Whenever no pictures or few pictures exist, buyers usually have the worst assumption about your home. Photo mistakes are costly and should not be made when listing a home for sale.
this may be why your home is not sold. Go to your agent and insist on updated professional pics. Do it right away. Every day that you are on the market with bad or no professional pics is costing you money and is pushing buyers away.
Just remember, the smart seller knows that when your home is photographed and staged by professionals it will fetch more dollars and sell more quickly. You may assume it is an irrelevant expense. However, with reference to photography, photographs professional real estate photos possess the capability of generating about 118% or more online views and then sell listings about faster, at a rate closer to list price (presuming it is priced to market).
🤧 6. Your Home Has a Bad Smell
There is an existing saying in real estate that, “If I am able to smell it, then I won’t be able to sell it”. So you need to know how to get rid of the stink, FAST.
In case you are very much immune to the odor or the smell of the house you intend to sell, then you can get a honest opinion from a friend.
There’s no such thing as entering a home and perceive a refreshing smell or scent.
Sometimes the solution is to make use of a freshly baked or processed cookies or by simply using scented candles. Thus, in case your home odor is heavy and unwilling to leave then you might need to hire a professional to help eliminate the funky smells that are sure to turn off buyers faster than Jimmy cracked corn.
It’s smart to find out what is causing it and then have it addressed. Take good care of mildew buildup as well as mold. Take care of pet urine as well, or any set in smoke smell.
If you need someone to help you with this reach out and we will connect you with the right vendors.