Being a home-seller, you ought to be aware of the top reasons why a home might not sell. In case it is happening with you, you can overcome your issues when you know the actual reasons.
Here are the top 10 reasons why your home isn’t selling:
High price
Price is a major factor when it comes to buying a home. Being a home-seller, you must be aware of this fact! You must ask yourself is if your home is priced too high. Keep in mind that overpricing a home can be a huge fault. You can actually end up making many mistakes at the time of pricing a home for sale. You might just lose some potential buyers!
Prior to pricing your home, you must understand how the market value of a home is determined. Keep in mind that an experienced real estate professional does not recommend a listing price by pulling a random number!
A good real estate professional does detailed comparative market analysis. Only then, he/she determines what the current market value is.
Little marketing exposure
A home should receive a good amount of exposure. This makes a heavy impact on whether it sells. Its selling price is also dependent on this. In case your home isn’t selling, it might just be lacking marketing exposure.
You can avail various real estate marketing strategies at the time of marketing listings. Your home should be available everywhere online. Thus, you will have the harness the power of the Internet! Your home will have to draw the attention of potential buyers and stand out from its counterparts.
Bad condition
No one will even bother to look at home in poor condition. In case your home is in poor condition, it will not sell. Period.
You need to be aware of the probable signs that a home is in poor condition. Some of the common signs include water stains on ceilings, damaged or missing roof shingles, dry rot, uneven flooring, and cracks in the foundation of the home are all common indicators of home, etc.
In order to be on the safe side, consider a pre-listing home inspection. Keep in mind that completing a pre-listing home inspection can help you address issues or problems at the right time.
Fails to impress
Your home should make a great first impression on potential home buyers. If it fails to show potential, it might just not sell! You need to prepare your home for showings. You must know how to prepare a home for showings. If you do not have knowledge regarding it, get educated!
There are certain easy ways to prepare a home for showings. The common ones include picking up clothing, making the beds, and cleaning the floors. However, keep in mind that there could be other reasons why your home isn’t showing well.
Bad Odors
Foul odors can be an immediate turn-off! It might just be the reason why your home isn’t selling.
Some of the most common odors that can have a buyer running away from a home include cigarette smoke odor, pet odor, food odor, and even odors resulting from moisture such as mold.
In case you are planning to sell a home with pets, kids, or just yourself, make sure that your house has no foul odors.
Location inappropriate
Keep in mind that the location of a home is vital for most of the buyers. If your home’s location is tough to work with, your home might not sell.
Lack of flexibility
You might not be that flexible while selling a home. It can be a major deterrent in this context! Some of the common examples are not accommodating showing requests, not being open to any offer less than asking price, etc.
Being a home seller, you must be flexible and realistic when selling a home. If you do not show this, there is a high likelihood that your home will not sell. At the time of selling your home, you must remember that most buyers are going to have an inspection. However, not all buyers can view your home at a time that would be convenient for you. Also, not every offer will be the full asking price.
You should know how to respond to low ball offers. In case you receive repair requests from a home inspection, try to look at them with an open mind. You must also consider addressing requests in certain cases.
Inappropriate timing
You must understand that homes are sold all year long. You need to be aware that there are certainly better times of the year to sell a home. If you pick the wrong time to sell, your home might not sell!
Before picking the time, you must discuss timing with a reliable local real estate professional. They are the right people who can give you the right advice on the best time to sell your home. Go for a top-notch agent who can look out for your best interests.
Market Conditions are bad
You need to look into the current state of the real estate market. When your home is located in a real estate market that is experiencing a buyers market, it is likely that your home isn’t selling. You might need to ask your local real estate agent about the market absorption rate.
The market absorption rate can be defined as the number of months it would take to sell the remaining homes for sale in a given area if no other homes were listed for sale. The market absorption rate can give you a clear picture related to the current status of your local market.
If the absorption rate in your market is 10 months of inventory, your market is in the midst of a buyers market. In case the absorption rate is 2 months of inventory, the market is a seller’s market.
Wrong Listing
This might happen if you hire the wrong real estate agent to sell your home. You must hire a top real estate agent to sell a home or you can sell your properties on house selling websites. This will surely help you.
