A home hanging out on the real estate market forever is one of life’s more frustrating ordeals. Especially if you’ve owned the home for some time, there’s that emotional attachment that tells you, “Hey, this is an incredible house. It should sell really fast!”
Today we’re going to talk about three reasons why your home might not be selling.
1. Your home is overpriced
The most common reason a home sits on the market is because it’s overpriced. Whether you didn’t want to listen to your REALTOR’s pricing advice, or maybe your REALTOR didn’t pull all of the comps, overpricing is easily corrected with a drop in price to renew interest and get it sold. In a nutshell, homes sell for what buyers are willing to pay, not what sellers hope to get. The only way to know what a buyer is willing to pay for a home like yours is to have your REALTOR check your comps – if you’re not familiar with this term, check out my video called “What are Comps?” A reasonable price reduction may just be the key to getting more buyers through the front door to get your home sold.
2. Your home needs work
Homes that sell the fastest are priced right and they’re in good condition. So, what do I mean by “good?” They have curb appeal – the exterior reflects pride of ownership, not necessarily opulence. The trim is painted, the siding is in good condition and the landscaping is tidy.
Inside, the paint is fresh, the carpets clean and the house is neat. The buyer has the impression that he or she can move right in and not have to do a lot of work to make the home livable.
Sometimes we don’t notice our own home’s flaws, so an ideal way to get feedback on its condition is for your agent to solicit feedback from other REALTORs who have brought their clients to the home.
If your REALTOR isn’t doing this for you, he or she is doing you a disservice. Ask your agent to do the follow-up – you are, after all, paying him or her. Which leads us to reason number 3 that your home isn’t selling.
3. You have a lousy real estate agent
Your REALTOR’s primary job is to market your home. If it’s priced right and in good condition, the next biggest reason it’s not selling is because you have an agent who is failing at the marketing game.
Get together with your agent and find out what is being done to market your home. If the only marketing that’s been done is a sign in the front yard and an MLS listing, you may want to think twice. I believe your REALTOR should be supporting you with professional photos and a powerful marketing plan. Again, this is something you’re paying for.
Lastly, as a bonus, accommodating last-minute requests to see the home can be inconvenient but are absolutely worth the hassle. Try not to take inconveniences personally and remember that every chance to get a potential buyer in your door is worth the accommodation. Even in the hottest sellers’ markets there are slow periods, so if you’ve done all you can to ensure that your home is competitive, relax and give it more time.
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