If you’ve paid attention to real estate lately, it’s no secret that most of the country has been experiencing a strong seller’s market. With more homebuyers than inventory, many sellers have been pleased to experience multiple offers, and buyers motivated to close quickly. Despite these exception selling conditions, some homes have ended up on the market, and languished there with little to no interest.
Here are 8 reasons why your home may not be selling:
- Overconfidence – A hot seller’s market does not excuse you from observing the basics of good marketing. Your marketing plan should be no different today than it would be in a much cooler market. Focus on presenting your home honestly and openly, providing good information to potential buyers.
- Provide photos and videos – While photography is no substitute for visiting a home in person, photos and videos are the first impression you’re going to make on buyers. Having professional quality photos and videos can give buyers a good idea of what your home is like, even if they’re shopping from the other side of the country.
- Appearance – Your photos and videos should showcase a home that is in good condition inside and out. Cosmetic blemishes and damage can turn away buyers FAST! Don’t let buyers think your entire home is in bad shape just because you have some chipped tiles, unkempt siding, or worn decking.
- Staging – If you have the opportunity, staging your home can be an excellent way to help attract some attention. Proper staging is important, as it gives buyers the opportunity to imagine their life living in your home, without the distraction of your personal effects being spread throughout the house.
- Overpriced – Don’t let the concept of a seller’s market lead you to believe your home is now magically worth double or triple what it was a year ago. As home prices increase, your price should stay in line with similar homes in the area. A dramatically overpriced home will often sit unnoticed, or could even fail to be approved for a mortgage, if an appraisal comes in much lower than your asking price.
- Open Houses and Showings – While the nature of buying and selling has changed, many buyers simply won’t pull the trigger on a purchase until they’ve seen a home in person. Make accommodations to allow buyers to inspect the home themselves. Make sure pets and other household members can be somewhere else while the home is being shown, and that the house is clean and organized before anyone arrives
- A Nose Knows– Once a buyer is standing in your home, smell is just as important as looks! A home with an unpleasant odor simply will not sell. Whether you’re struggling to deal with pet odors or another menace, there are many ways to tackle odors. Even if you have to call out the professionals to eliminate the smells, it’s an important investment to make.
- Hiring the Wrong Agent– The hard truth is that some agents may fall into the same trap of thinking a seller’s market is an excuse to avoid putting in the effort. A house will not sell if it’s not given good visibility and presented well to buyers! Your agent should be motivated to help you sell. Open houses, listing photos, follow-up, and personal showings are all something your agent should be helping you handle.
A seller’s market is exciting for homeowners ready to move. If your listing is just sitting without much activity, it is time to take a hard look at what you’re doing wrong and make changes.