Four Reasons Why Your Home Isn't Selling
An old, neglected "For Sale" sign at the front yard-- it's every home seller's nightmare. If your house has been on the market for months and there's no promising offer in sight, you simply can't help but worry. What if there IS something wrong with your house?
While some home sellers are simply paranoid with the length of time it takes to actually sell a home, there are certain factors that may be keeping you from selling your home that you should be aware of. This article will help you sort through mere paranoia and four actual reasons why your home isn't selling.
- Data gathering company Graphiq notes that a U.S. home stays in the market at an average of 73 days
- There is a wide range of average days on market (ADOM), depending on the state; the average in Birimingham is 144 days while it's a mere 54 days in San Franciso.
ANTI-PARANOIA TIP: John Steele of Steel San Diego Homes recommends looking at your local market and comparing the ADOM of your home to that of a similar listing. If you're home is at 70 days but the ADOM of a nearby home is 120, then there's no need to worry. However, a reversal of those numbers means you gotta read the next section of this article!
First Reason: Ugly Photos for Your Online Listing
Patti Michels, a Realtor in Illinois, reiterates the importance of professional photographs as they “drastically improve the online presence of a listing and can immediately create more attention.” Since most buyers start looking for homes online (just like modern-day dating), excellent photography is key in giving the right impression. Alweays take flattering pictures of your home; if the photos look dull, hire a photographer. The $250-$500 expense is nothing if you can close the deal quickly anyway.
Second Reason: Not in Your Home's "Best Foot Forward"
Selling a home is much like going on dates-- you gotta look stunning online, and you have to be all dressed up and neat & tidy when you meet up. The problem is, most home sellers don't "dress up" the home to impress their prospective buyers. What you have to do is clean up, address the minor imperfections (such as your untended garden or the cracks on the driveway), and most of all, get the home professionally staged. Professional home staging can cost about $700-- a miniscule amount if it could help you close the deal more quickly!
Third Reason: You are Dominating the Home
While it's true that you still own the home, the moment you decide on putting the house on the market, you have to come to terms with the fact that you are heading out the door, literally and figuratively! Ask your realtor to check out the house and give suggestions on how to make the house more neutral for the general buying populace. After all, your red bedroom or gothic-inspired furniture might be too much for the regular home buyer! "Neutralize" the home and get away from the house more often to allow for peaceful showings. Don't make home buyers feel uncomfortable when checking out your house, no matter how hospitable or good-looking you are!
Fourth Reason (should we have listed this first?): Your home is P-R-I-C-E-Y
If the first three items have been addressed and there's still no buyer in sight, then this is the most likely reason: your home is expensive. Alex Bracke, a Virginia-based realtor, explains that the realtor nor the home owner has the ability to set the value of a home. He says "the market sets it". Simply put, you gotta sell the home at the right time if you want to make the most out of the home. However, if times are tough and you need to sell up quick, the only option is for you to reduce the price by 5-10%.
Selling a home will ultimately be easier if you are going to work with the right professionals. Entrusting your home selling work to a professional would even mean worrying less about when the home gets to sell. If you need help selling your home, please reach out to us at (512) 522-4659 or email us today. We would be very happy to hear from you!
To access the original article, you may read Craig Donofrio's Realtor write-up here.