6 Reasons Why Your House Has Not Sold
August 14th, 2013
August 14th, 2013
Has your home been on the market for several months, and you can’t figure out why it hasn’t sold? Then it’s time for you to take a long hard look at some of factors that may be preventing you from selling your home.
1. Your home’s selling price is too high.
Price is often the No. 1 reason why a home has not sold. When a house is overpriced, buyers often will not even look at it. Therefore, if your home hasn’t sold in 30 days, it’s time for a price adjustment. Have your real estate agent do a new market analysis on the prices of active listings and recent sales in your area. Then price your home accordingly.
2. Your home needs repairs or updates.
The physical condition of the house is the second reason why homes don’t sell. Does the house need a new roof, flooring, or HVAC system? Are their stains from water issues? Or does the decor generally look like it’s stuck in previous decades? Remember, most buyers just don’t want to take on fixer-uppers. While that doesn’t mean you need to spend thousands of dollars on renovations, you do need to fix problem areas (like roofing or water issues) and generally freshen up your home’s appearance. This may mean a new coat of paint, the addition of landscaping and/or an overall good scrubbing to make your home look appealing to buyers.
3. Your home is in an unfavorable location.
Unfortunately, there’s not a lot you can do to fix a home that’s located in an area with a high crime rate, a poor school system, a lot of traffic, no public transportation or a poorly maintained neighborhood. Another issue can be the lot the home is located on. Maybe the yard is too small. Or, the house is situated on a hill that makes mowing difficult. About the only way to overcome location issues is to reduce the asking price.
4. Your real estate agent isn’t marketing your house well enough.
Selling your home takes more than just listing the house with the local multiple listing service (MLS) to find potential buyers. Therefore, when you choose a real estate agent, find out how they plan to market your house. A good marketing plan can include an enticing description of your home, great home photos, “just listed” announcements, open house events, broker tours and active networking with other agents to help get your home sold.
5. You’re not making your home easy to show.
If you want to sell your home, you have to make it easy for agents to show it. Install a lock box for easier access. Keep your home clean and ready to show at a moment’s notice. Also keep your pets in pens. If you only allow people to see your home by appointment or during certain times, you’re limiting the number of potential buyers through it. This can make it harder for your home to sell.
6. There’s too much of your personality in the home.
You want potential buyers to imagine they’re living in your house. But if all they can see is your family photos, your collection of vacation souvenirs, or your homage to your favorite sports team, they’ll have a hard time seeing themselves living there. So, pack up your personal items. Store some of your furniture to make your home appear larger. And paint your home in neutral colors, since not everyone may love your color combinations as much as you do.
Remember, if your home is not selling, talk to your agent to determine if it’s because of one of these factors. Then make the appropriate changes. Hopefully, in no time, your agent will be putting the sold sign out on your property.
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