Has Your Home Still Not Sold, and You’re Confused, and Wondering Why? Here Are The Non-Sugarcoated Answers
The fact that your house is still on the market is especially frustrating when you feel like you’ve done everything you’re “supposed” to do to get it sold. So, why hasn’t it sold? Well…here are some of the most likely reasons that your home still has the “For Sale” sign on the front lawn.
You’re really reaching
To put it bluntly…you’ve listed the house too high. It has been said (and proven) by real estate experts that every house can sell if the house is priced correctly based on the market, value, and the neighborhood. If you want to sell the house quickly, the best strategy is to keep the price lower early on, wait a few months, and lower it again. Compare your home to others in your area that have been sold recently. This is because what homes in your area sold for in 2009 are not going to sell for the same today. Whether the numbers were higher or lower than they are now, they still won’t be the same. Your realtor and appraiser will be able to determine the correct number, as many factors go into the price of a home besides what it looks like aesthetically, and how “nice” it is.
Poor judgement when selecting your agent
Another reason your home hasn’t sold is that you didn’t do a great job in choosing a real estate agent. When looking for an agent, watch out for signs like poor communication, dishonesty, or lack of knowledge. Some agents have more listings than they can handle, and either ignore yours, or pay it very little attention. This is especially true if the other listings they have are of higher value than yours. If they have several high listings along with yours, know that yours probably will not be priority. This is why it is so important to ask your prospective agent what and how many other properties they currently have listed. This way, you’ll get a very good indication about how much time they’ll be spending on yours.
Open communication with your real estate agent is paramount to when, and if your home sells. This personality trait in a realtor should be non-negotiable. If you can tell that they are non-communicative, move on right away and get another agent.
Your home isn’t worth what you think it is
Understand that your clients do not see your home the way you do. You may think its the best house in the neighborhood, but buyers look at facts and numbers; they leave their emotion out of it. At some point, you’ve got to do the same. Sellers often have an emotional attachment to the house, leading them to believe their home is worth more than it is. Unfortunately, they don’t even realize that they are doing it.
Do not misrepresent, or tell “little white lies” about your home. The truth always comes out. You will run a buyer off when they find out you’ve lied about anything from the refrigerator to the mold issues in the basement. If you are honest from the beginning, some of the problems you would have hidden can be negotiated. A bad realtor may do this too; you must find an honest realtor who possesses a strong sense of ethics. Do not exaggerate anything in your listing; tell it like it is.
Do not try to sell your home when you are currently doing any major or minor work on your property. Buyers are looking to purchase houses that are already completed. Curb appeal is essential to selling a home, and not every buyer possesses the creativity to envision the home without a dumpster or a tractor outside.
Little, or absent advertising
This is almost inexcusable. It should be obvious that buyers now look for homes online these days. Most people at this point are very familiar with sites like Trulia and Zillow. Your home should be listed on all of these big sites. Equally, if not most important, make sure your listing has photos. If you don’t plan to have photos, don’t bother listing it until you do.
Wrong Time of Year
You need to know what season to list your house. All categories of people such as retirees, families, young couples, singles, and newlyweds all purchase homes at different times. You must determine which demographic your house falls in to, and list it at the times that those groups typically buy. Of course, anyone in any demographic may want to buy your home at any time, so that is impossible to predict. But sometimes, you can gather a decent idea. All the same, timing and price are just as crucial.