7 Reasons your Home Isn’t Selling
Why is it that some homes sell in a matter of day while others stay on the market for months – or years? Often, it comes down to the right price in the right area, but there are other factors that can make or break a sale. The longer a house sits on the market, the worse its reputation. Buyers begin to wonder what’s wrong with it and why it isn’t selling. If you don’t want yours to fall into this category, read on to learn seven reasons why a house fails to sell quickly, and what you can do to avoid them.
- The price tag – an outrageous price tag is usually the reason many homes fail to sell quickly. If you’re asking for more than the house is worth in an effort to pay the mortgage off or make a profit, buyers will not bite. To remedy this, you’ll need to lower the asking price. You’ll know you’re in the ballpark when you start getting interest and offers from multiple buyers.
- Outdated décor – everyone’s taste is different, but if your home’s décor is outdated or gaudy, it can be difficult for buyers to see past it. Less is more in this instance. Remove clutter and redecorate the inside of the home in neutral colors that make it appear bright and open.
- Poor condition – if your home appears to be in poor condition, chances are it’s going to take a while to sell it. Buyers these days are reluctant to take on a “project” home, especially if there are other homes in the area for sale in better shape. Fix what needs fixing or be prepared to take less for your home.
- Location, location, location – even the most spectacular home will remain on the market for extended periods of time if it’s in a bad location. Close proximity to power plants, waste-treatment plants, or busy freeways are a turn-off for most buyers. Sellers in this predicament often have to come down on their asking price in order to sell.
- Poor design – older homes often sit on the market longer because they contain obsolete features buyers just don’t want today. For instance, you may have to walk through one bedroom to get to another. These types of things could mean the difference between a quick sale and a stagnant listing.
- Too much of a good thing – if your home is the fanciest, biggest one on the block, and the others around it don’t mirror its size or polish, you could have a hard time getting what it’s actually worth. Buyers will compare your luxury home to the ones around it and may not be willing to shell out a luxury price.
- A picture is worth a thousand words – when you market your home for sale, your first impression with the buyer is probably going to be a picture. If that picture contains clutter and other visually unappealing sights, buyers will wonder about the upkeep of your home and move on. Clean your home well before taking pictures, remove all clutter, and spring for a professional photographer if you can. Another option is to have your real estate agent “stage” the home for perfect photos and showings.
Hopefully you’ve gained insight into what can cause a home to sit stagnant on the housing market. Although there are some easy fixes for some of these issues, unfortunately for others, asking a lower price for your home is the only way to remedy a poor situation.