Top Reasons Why Your Home Is Hard To Sell
Putting your house out in the market is probably one of the biggest steps you have made in your lifetime. It might even be in different real estate listings right now. Perhaps, it’s been there for days or even weeks; but the only problem is that it’s not selling at all.
If your house has been on the listing for more than a month now then it’s definitely the time to make changes on how you market your home. You should take note of the term “average days on market”.
It means that there are a set number of days before your property sells and it may differ for every area. On average, it takes about 78 days to sell a house in Portland and 164 days in New York.
According to a research conducted by Zillow, houses that were sold within 7 days were bought at a much higher price while those that were sold after 30 days on the listing were sold at a price that was 4% lower than listed. So, the longer that the house doesn’t sell, the lower its selling price will be.
Additionally, a pro tip from California’s top-selling realtor, Alisha Simpkins says that you will earn more if you are able to sell your home within 30 days.
In fact, most people would think that the longer the home is on the market the higher the probability that there might be something wrong with the house. So, the longer the house is on listing could set off warning bells for a potential buyer.
Being unable to sell your home is truly frustrating and expensive. Right down below might be some of the reasons why. But don’t worry! With the right changes, you can certainly sell your home in no time.
1. Is it a badly staged home?
Staging your home is an important step when selling it. The goal is to make it appealing by using art pieces, accessories, lighting, and furniture. Potential buyers would want to be able to picture themselves living there. In fact, staged homes sell faster than non-staged ones.
One of the reasons why your home might not be selling is that the house you’re selling might not be as attractive to the buyers. It may be too dark, cluttered, small, or even worse, not staged at all.
How to fix it?
Doing a little bit of upgrade goes a long way. Fixing broken molding, splashing new paint, and even cleaning up the yard can certainly help your home look appealing. You can consider hiring a professional to help you but if you don’t want to spend a lot of cash, doing it yourself is also okay.
However, keep in mind that spending money on fixing up your home will give you huge returns. If you don’t know who to call, then, go contact your agent, they have the resource to refer the best people to do it for you.
2. Does it have an ugly yard?
Have you heard of the term “curb appeal”? It is like home staging but rather than the interiors, it focuses on the outdoor look of your home. It is how attractive the exterior of your property is.
First impressions are important and having a dead tree at the front yard certainly dampens the excitement. If your home has a beautiful façade then, subconsciously, people would want to look inside. A run-down yard and façade will certainly turn potential buyers off.
How to fix it?
Get landscaping done on yard. Adding green grass and planting a few flowers will certainly make a huge difference. Don’t forget to fix everything that needs fixing as well. You can contact a professional landscaper or a stager to help you with that.
3. Are the photos professional?
Checking out the photos of the product online has become a must, and real estate properties are no exception to that. About 44% of people view the photos of the property first before deciding to visit the site. If your photos don’t look good, it is likely that they won’t buy it.
Poorly taken photos using your phone will certainly not make the cut. According to a survey conducted by Redfin, photos that are taken by professionals have 61% more page views. Plus, that professional looking photo will earn you a hundred to a thousand dollars more.
How to fix it?
Hire a professional photographer to take your listing photos. This is what your realtor should have done in the beginning. It is also one of the things that the commission covers. If they haven’t given you that, then it would still do you good to look for one yourself. You can even negotiate better fees for it.
4. Is it too unique?
Does your home have a lot of unique features? Just remember that the 30-day rule does not apply to every property. It may be hard for an ordinary buyer to picture living in the house. Although, having a property with unique features aren’t exactly hopeless. To sell a unique property, a marketing strategy is needed. Furthermore, you will need to find the right buyer to sell it. Maybe it can even appeal to those who are looking to convert a property to an Airbnb or even an inn.
How to fix it?
Practice patience, to sell the property, more time will be needed for the right buyer to see it. You should also make sure to know what type of buyer you are aiming for. A marketing agency should be able to create a marketing strategy around that.
You can also try to put your home in different listings or publications with specialty buyers. A printed publication is also a good means to reach local buyers. You can also try to think about what attracted you to your home and make that its selling feature.
5. Does it have any problems?
There might be problems in your house that need to be addressed. One key feature of most listing websites is feedback. Make full use of that feature and check it out. These are the questions that your agent should be asking to get the prospective buyers’ feedback for not considering your house:
- What is wrong with the house?
- What needs to be changed to attract more buyers?
How to fix it?
Once you have identified the problem, you can now try to solve it. If there’s a need to improve the lighting, declutter, or even change the staging of your home, do it. Although there are some things that can’t be fixed like location or a non-picturesque view, you can still cure this dilemma through price. Most people tend to overlook the downside when the price is great.
6. Is it too expensive?
It’s always about the price. More often than not, people look at the price first before anything else. Setting the right price for your house can get downright confusing. There’s certainly a lot of things to consider. Luckily, if you work with the right agent, they will consider the fairest price for both the sellers and the buyers.
In fact, setting the wrong price is one of the most common mistakes realtors make. Plus, overpricing your property is the worst thing that you can do.
How to fix it?
Maybe it is the right time to reduce your price. According to experts, your property should go no more than three weeks without a price drop. Just take note that dropping a few thousand dollars a week won’t sell your home.
A huge one-time price reduction will definitely make the buyers have a second look at your property. Additionally, according to the NAR or National Association of Realtors, twenty-two percent of the sellers in 2017 reduced their asking price at least once to get their property sold.
7. Are you getting bad advice?
Almost everything on this list could have been avoided if your agent is at the top of his game. Matters like home staging, curb appeal, and marketing strategy should have been addressed and feedback responded to immediately.
How to fix it?
Work with an agent who has the expertise in selling the type of property you have. Remember that choosing the wrong agent might cause you to wait for six months to a year before your property is sold.
Remember that it is never too late to get your home sold. Changing your home’s staging, lowering the price, or even doing minor repairs might be some of the factors that could get you to close that sale.
In worse cases, you can always take your home off the market and start fresh with a new agent. You will definitely get to sell your beautiful home in no time.
Want a Free Home Value Estimate?
Enter your name and property address below and Team Foy (Kevin + Nick) will respond back within 24-48 hours. This is a free quote, no obligation to work with Team Foy to sell your house, but your business would be much appreciated! We strive to service clients with a fast home sale and at the best price we can get you in the market.
Thanks for reading,
Kevin Foy & Nick Foy
Team Foy with RE/MAX Oak Crest Realty
Text or Call – 574-387-2501
Email – Nick@TeamFoy.com
If you are a news website, realtor blog, or other online media, please credit this article by linking to it if used for the data and research in your own publication!
Join the Team Foy Newsletter
Never miss the latest news on your local housing market. Subscribe to get updates and more from Team Foy with RE/MAX Oak Crest in Indiana.