Premier Realty & Financial Services

Why My Home Isn't Selling?

You want to sell your home, but you can't! The birds are nesting in your For Sale sign! You can't imagine what is taking so long! Don't give up hope.

Following are some common mistakes that sellers make and what you can do about it.

The Price Is Too High

We would all love to believe that we should receive top price for our home – a home full of memories that are priceless – to us!

The fact is that the Buyers, not Sellers, determine the price of a home. You can always ask for any price you like, but at the end of the day the Seller will have to decide to accept what the Buyer thinks the home is worth.

Overpricing is the number one reason that homes don't sell. When you set an unrealistic price it can work against you. Real Estate Agents and buyers will most likely see your new listing within the first month your home is on the market. If you're priced even 5% over the average, they take note; especially if you won't budge off the price.

Some buyers may already be approved for financing at a lower price. Even if you find someone to accept your inflated price, you run the risk of the appraisal not coming in where you need it to be. Your agent may go along with your price to keep you as a client, but other agents will sometimes use overpriced properties to help sell their own, lower priced homes.

You need to be competitive with homes that are similar to yours. If your home stays on the market too long, especially in these times, buyers become aware of that and they may start to wonder what is wrong with your property. In the same vein, agents may stop showing your home altogether.

Too Much Clutter

When prospective buyers tour your home, they need to be able to imagine it as their own. It is wise to remove as much clutter as possible.

Clearing off counters, taking down pictures and removing unused furniture can all help to create the feeling of more space in your home. When you are competing with brand new houses, a little cosmetic work can go a long way. Have the carpet cleaned! Paint a few walls! Clean up the garage!

Bad Location

Location, location, location! Its true – this can be a huge factor in the sale of a home. A desirable city or great school district can add thousands to the price of a home.

On the flip side, an undesirable location can really limit your options. A good agent will do their best to highlight the positives of your home and play down the negatives. The bottom line is that the best way to compensate for a bad location is to lower your price or offer incentives to people, such as seller financing or a lease option with rent credit.

Marketing Conditions

When things are hot, they're hot. When they're not, they're really not! In a "Seller's Market", homes go fast and inventory is low. That means less competition and a better chance of getting your asking price, and in some cases even more!

On the other hand, in a "Buyer's Market", not only are you competing with other homes that need to sell, you are also up against new home developments. When things are "cold", sales slow to a trickle. Your only options are going to be to lower your price or wait it out until the market turns around.

At this point, many sellers consider renting out their homes until conditions improve.

No Marketing

With all of the technological advances in today's world, your Real Estate Agent needs to be able to compete to get your home out there.

The top performers today have multilevel marketing plans in place to help sell your home. With the internet so much a part of our lives, your agent needs to be computer savvy.

We hope this article has been helpful! If your home isn't selling, carefully check the list above and consult with your real estate agent to see what else you can do to sell your home as soon as possible. Happy Selling!