Your home is currently on the market and you keep hearing all these buzz words like ‘low inventory’, ‘seller’s market’ etc., so what gives?
There are a number of reasons why your home might not be selling as quickly as you would have hoped; here are a few of the most important:
1. It’s overpriced. Although people are knocking down doors (literally) with multiple offer situations, the listing price is usually the main culprit when your house isn’t flying off the shelf with the rest of them. But who wouldn’t want to pay a hefty price for your beautiful home, right? Well, for a simple answer: lenders. For a buyer that’s planning to finance a home (conventional loans, FHA, etc.), the home has to appraise at the price they are offering or the buyer might not qualify for the loan after all. To get a good idea of what your home may appraise for, the most recently sold homes in your area will be the best indicators. Sure a $500K price tag may seem promising in a market this hot, but an inevitable price reduction will give buyers the ‘something must be wrong with that house’ mindset.
2. It needs some minor adjustments. Is your lawn looking overgrown? Are there a few cracks on your front stairs? This may be a good time to take a good look at your house as if you were a potential buyer. Little things can make a big difference. This goes for the inside as well. It’s hard for homebuyers to envision their furniture in a home if it is cluttered and has too many personal affects around. Though you are still living there for the time being, it might be a good idea to at least start packing away some things you won’t need. Make it seem as though you are really motivated to start moving at any time. Many think of staging or a thorough cleaning/decluttering as an afterthought, do these things right away!
3. You have the wrong realtor. Or not one at all. If you (for sale by owner) or your realtor are not marketing your property properly this could be costing you. 92% of homebuyers are starting their home search online, and all are looking for photos. Some photos make your property look undesirable, but some photos also make your property look better than it actually is. You don’t want the photos to mislead people, bringing in buyers that aren’t going to love the non-photo version of your property is wasting everyone’s time, though if they don’t look appealing at first glance, they might not schedule a viewing at all. It’s important to find a balance. If you are selling you home yourself you are missing the opportunity for your property to get out on all the most popular sites buyers are using today (realtor.com, Zillow, Trulia), if you work with an agent, their MLS feed will stream right to these sites, keeping your home’s listing updated constantly.
It’s important to remember that these are not always stand along items. Just because you make your house immaculate, doesn’t mean it will sell at an unrealistic price. It’s sometimes easy to play the blame game on why your home isn’t selling, but sometimes all the home needs is a little TLC from you—trust us your agent wants your home to sell just as much as you do.