You listed your home several months ago, hoping for a quick sale and a good profit. During the time you have had it listed, you have watched other homes come on the market and sell already. But for some reason, your home still hasn’t sold. What do those other homes have that yours doesn’t?
There are many reasons why great homes don’t sell quickly. The bad news, if you are reading this you are obviously plagued with one or more of them. The good news, it’s not too late to change it. You can still breathe new life into the sale of your home. In order to do so, it’s important to understand the reasons why homes don’t sell quickly, and what you can do to move your home from the bottom of the market to the top of a buyer’s wish list.
Here are 7 reasons why homes don’t sell, along with tips to help keep you from falling victim to them.
1. Pricing
If offers are coming in way lower than your asking price, or just not coming in at all, it may be time to re-examine your pricing. There may have been a time, not too long ago, when homes could be overpriced and buyers would be in a bidding war over them, but that time has past. The market has changed, there are more homes on the market, and buyers have more choices. Pricing a home to sell in today’s market is a critical can easily be considered an art. Over pricing your home can discourage potential buyers and send them looking elsewhere. On the flip side, under pricing can make it appear as if something is wrong with your home and scare potential buyers away. It’s critical to ensure that you have just the right price for your home, and that any changes to your price are well marketed to other real estate agents and potential buyers.
2. Condition
You only have one opportunity to make a good first impression on realtors and their buyers. The condition in which a home is presented directly affects its marketability. Although there are buyers out looking for a project home, or fixer-upper, most buyers want a home that is move-in ready and requires little or no forethought when it comes to repairs or cleaning. To say that home is in poor condition doesn’t necessarily mean that it is in need of a major overhaul. Little things like a leaky faucet, unusual paint colors or a dirty carpet can be more than enough to scare buyers away. It’s important to make sure that your home is in tip-top condition inside and out before putting it on the market and for every showing.
- Make sure the yard is clean and well manicured. Hiring a professional landscaping company to come once a week and tidy up can really improve curb appeal.
- A fresh coat of neutral paint inside and out can brighten up the home and make it feel more inviting.
- Have carpets professionally cleaned or replaced. Doing so will make the home show better and can bring more money at the sale than simply offering a carpet allowance.
- Take care of any minor repairs before putting your home on the market.
- De-clutter and depersonalize allowing potential buyers to see the space and envision it as their own.
- Make sure the house is spotless and ready to show all the time. You never know when a Realtor may want to drop by with a potential client on a moments notice.
3. Location
Real estate is all about location, and some locations are clearly better than others. Moving your home isn’t necessarily an option, but there are things you can do to improve on what you have and down play what some buyers may view as a less than desirable location. For instance, if your home is on a busy street, you can use hedging around the yard to block unwanted views and reduce noise. By the same token, if you have a nice view from your yard, make sure that it is unobstructed and add a sitting area to capitalize on the views.
4. Access
It’s important to make sure that your home is easily accessible to agents and potential buyers. Using a lockbox allows agents and their buyers to view your home while you are away. It also keeps a record of who has visited your home so that your realtor can follow up. Owners should not be present for open houses and showings as it tends to intimidate buyers. Be prepared if an agent would like to show your home on a moments notice. If your not, they may skip your home and you may miss out on a sale.
5. Pets
Most people have some kind of pet, but when buyers are looking for a new home, pets can be a huge deterrent for many reasons. The first is odors, even with frequent grooming, pets can often cause unpleasant odors which fill the home, get trapped in flooring and are not easily remove. Make sure that your home is free from pet odors before every showing. Use a good air freshener, or pet odor remover that actually kills the odor instead of just covering it up. Make sure that your pets are not present for showings. Having them there while strangers are walking through your home can be very stressful on them. It is also very uncomfortable for most buyers and they will not be able to focus their attention highlights of your home.
6. Representation
Choosing the right real estate agent to help you sell your home can make all the difference in the world. Hiring an agent just because they are a friend or relative, or because they tell you they can get you more money for your home, could actually end up costing you thousands of dollars in the long run. Friends or family may feel uncomfortable about pointing out imperfections in your home that buyers may notice. Many agents also hesitate to provide you with realistic expectations about pricing, thinking they can get you to reduce the price later if necessary. The result is that you end up putting your home on the market in poor condition and over priced. It’s important to make sure that you hire a professional who will be open and honest with you about the sale of your home. They should provide you with a detailed market analysis and help you select appropriate pricing. They should also be willing to point out potential sale killers and provide you with tips and advice on how to overcome them.
7. Marketing
Make sure that the agent you hire has a solid marketing plan for your home. Nine out of ten homebuyers work with a real estate agent, so it is important that your agent is actively marketing your home to other agents as well as buyers. A good agent should provide you with periodic marketing reports to demonstrate what marketing activities they are using and how well each is working. They should also provide you with feedback from other agents and potential buyers to help improve the salability of your home.
About the Author:
Bonny Puckett is a successful REALTOR® and investor in Arizona. She has more than 13 years of experience in real estate, investing, development and mortgage lending. Bonny enjoys sharing her knowledge with others to help them understand the benefits of owning real estate. For more information on buying or selling a home, visit her website at http://www.bonnypuckett.com. Click here to learn more about investing in Arizona real estate.
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