Why is my home not selling?
After a certain amount of time attempting to sell a home without any luck, one of the questions a seller will often ask themselves is “why is my home not selling”? It is human nature to have this thought running through your head and often times the answer is right in front of you!
The longer your home sits on the market, the more nervous you may become. The last thing you want is for your house to get the dreaded stigma of being un-sellable, undesirable or just seen as a bad deal. You may feel like you have done everything you were supposed to do to move your house effectively yet it still sits there, unsold. While your Realtor (if he or she is experienced) should be able to help you troubleshoot your home and your listing, it can still be helpful to do your own homework about what keeps homes from selling.
Here are seven major reasons why seller’s homes tend to stagnate. You may find a clue here on what is the matter with your home which is the first step to remedying the problem. Some answers are obvious but others may be more subtle. Have a read through and if you need more advice on selling your Kamloops home then call Danielle (250).319.5896
1. Too Pricey For Your Neighborhood
It may have taken you years to get your home where it is and looking as good as it does, and you may have multiple things about your place that cause it to stand out from the surrounding neighborhood. Unfortunately, this could be working against you.
Because your home is so fantastic you are pricing it above what other homes in the area are going for. While it is natural to want what your house is worth your current price could be keeping buyers away. They are looking in your area because of the overall price of homes there and your steep price tag causes them to avoid even taking a glance.
If you can get your price a little closer to the surrounding area, it may draw more buyers in.
2. Priced Too High, Period
When a home is not selling it almost always boils down to the price! Your home has been on the market for 273 days. You have had 67 showings and every time have had to drag your kids out of the house with you. They are starting to look at you like you have three heads. Selling a home is certainly NOT fun to them. They want you to do what it takes so they don’t have to leave their home every time someone calls to see it.
Whether your home is the most amazing on the block or the most amazing in the city, too high a price tag can keep buyers from considering your home as an option. The Internet age lets buyers enter in a price they are comfortable with and returns results that fall within that range.
If yours is outside of this range, only those searching for pricier properties will even know yours is there. This considerably limits your pool of potential buyers and may be keeping your house on the market long after all the others are gone. Every time a buyer looks at your property they are comparing it against other homes they have already seen.
When your home is on the market for an extended period of time there is always one common denominator and that is price! Once you realize this is the case and make adjustments you will find yourself at a closing table.
3. Too Much Clutter
Imagine going to a car dealership to buy the most expensive car you have ever purchase. You are naturally excited, but when the sales person shows you the car, you discover it is covered in bumper stickers and filled with stuffed animals and clothes from the 70s. How would you feel?
While this would never happen at a car dealership, it is something that happens far too frequently in the real estate market. Sellers do not realize how off-putting clutter can be to potential buyers. They are spending a large amount of money to start a new life in your home and need to make sure they can envision themselves there – without all of your memorabilia getting in the way.
Pay attention to what is necessary to getting your home ready for the market. If your Realtor has not given you any guidance in this department take a moment to see what you should do to get a home ready for sale.
4. Undesirable Market
This is a tough thing to discover, but your home may be in a bad market. There are times when a home is not selling just for the fact that the market stinks! The real estate issues that plagued the nation a few years ago left some neighborhoods a shell of what they once were and did serious damage to surrounding home values. If you are unlucky enough to be selling in such a neighborhood, you may have to drop your price significantly to move the home. If you cannot manage to sell at even a lower price, renting may be your only option until the situation improves.
5. Past Its Prime
Another top reason why a home does not sell is it’s outward appearance. Your home may look exactly how you want it to look, including green shag carpet, yellow linoleum and Victorian wallpaper. Your fascination with retro, though, is not necessarily a selling point with the majority of buyers. People are in the market for modern looks and your wood paneling may not meet these standards.
If you want to move the house, you will probably need to transition its look to something a little more desirable. Paint is relatively cheap, and a facelift for your kitchen or bathroom might be just what you need to sell the home. The least expensive home improvements that you can make that will carry the biggest bang for your buck are painting and new carpets.
These two items can totally change a home appearance for short money. Make sure you choose neutral colors for both. Light earth tones are very popular. Remember when selecting these things it is not about what you like but what will have universal appeal to the most buyers.
6. The Market Has Shifted
The real estate market can be extremely volatile. Depending on when you are reading this, you may just be suffering under the same misfortunes that thousands of other sellers in your area are also experiencing. When the market goes against you there is little you can do but go along with it – either by lowering your price to be competitive, or waiting until the situation becomes more favorable.
As millions of homeowners discovered in the last decade, just because you purchased a house at a certain price does not mean you will be able to sell it at that price. Wait long enough and the odds may move into your favor, but if your area is experiencing a slump, do not expect to sell for a price that is higher or even the same as that which you paid for the home.
7. You Didn’t Think The Realtor Was Important
You would not believe how many people fall into the trap of thinking all Realtors are cut from the same cloth. Like any other business you will find aces and those that might as well get out of the business. In fact Real Estate agents are a dime a dozen and come and go like the wind. The trick is not being one of their last horror shows.
Keep in mind that becoming a Real Estate agent is easy. Take a test and you are in like Flynn. Frankly it shouldn’t be this way but such is life. This is way so many people have bad Real Estate experiences. If you don’t want to become part of the statistics of satisfaction make sure you put in the necessary time to find out exactly what your Realtor will be doing for you. A terrible real estate agent selection is one of the biggest home seller mistakes.
When someone is unfortunate enough to be diagnosed with cancer they will research the best doctors. If someone gets sued they will almost always try to find the best lawyer to represent them. When people are selling their largest asset do they put the time in to find one of the best agents? Sadly most of the time the answer is NO!
For many choosing a Realtor will be as simple as getting a post card in the mail, seeing a sign on a neighbors lawn or visiting an open house. Of course if this was your chosen method of finding the best Real Estate agent then the odds are stacked against you that your experience will be a pleasant one. In fact the number one reason why homes don’t sell is the price which may have been set by the Realtor you hired who has very little skill in doing so. Remember the #1 reason a home does not sell is price!
Seek Help And Apply What You Learn
If you are having real trouble selling your house you probably need to talk to an experienced realtor or two for some insights on your problem. If you have not already figured it out consulting with the one you originally chose is probably not the answer but part of the solution!
Your realtor should know how to sell your home, even if what he or she tells you is not what you want to hear. Seek knowledgeable advice and apply it, and you may be able to sell your home in a timely manner. This time around when seeking advice and selecting a Realtor make sure you have a list of great questions put together!