If your home is on the market but it is not selling, there could be an easy explanation. In fact, there are six primary reasons a home does not sell. Knowing these six factors allows you the opportunity to make changes so you can move your house quicker but for the right price.
1. Overpriced – Although everyone wants the best price possible for their home, pricing too high will only scare potential buyers off. The truth is that it is better to under price a home. With this, you get more people interested, which can result in a bidding war. The result is that more money than what you asked for. Remember, the buyer ultimately determines the market value of a home, not the seller. As the number one reason homes do not sell, this problem is easy to fix.
2. Showing – You need to make sure your home shows well or buyers will not be interested. Your home is competing against other similar homes in your area so you need to do everything possible to help make yours stand out. In most cases, the things to make a home sell well are inexpensive. For instance, you might put a new coat of paint on the walls, plant a few new flowers, or have the carpets professionally cleaned.
3. Location – Unfortunately, if your home is in a less than desirable location, you cannot do much about it. However, you can spruce the home up, making it more inviting. For instance, if you live next to a busy street, you could put up a lattice wall and add an inexpensive fountain to the backyard to mask the noise. In addition, you want to work with a quality real estate agent, someone who knows how to sell any home, regardless of location.
4. Listing Agent – If you find your house is not selling, it could be the real estate agent. You want an agent that will promote the sell of your home, someone who will follow up with potential buyers, host an open house, advertise in the paper, put your home on their website, and do everything possible to make your home stand out from other homes.
5. Market Conditions – If your house is on the market during the time of year when homes are not selling, you will probably have to be patient. The best option is to make sure your home is being sold during the best time of the year when the market is hot. For instance, the summertime, prior to the start of the new school season is generally a good time of year.
6. Ineffective Marketing – For any home to sell, you have to have effective marketing. That means getting the word out in a number of ways so people know the house if for sale. Again, a good real estate agent will hit advertising hard.