FAQ - What are Common reasons why my home might not be selling?
by Rick Cox
on Saturday, August 1st, 2020 at 4:59pm.
Selling your home can be an exciting and stressful process. Everyone wishes that it would be as easy as putting your home up for sale, receiving a bunch of showings and getting the offer you wanted. The thing you dread the most is a slow sale process, especially when you are on a strict timeline and there is a hot market. It makes you begin to wonder, why isn't my home selling?
It is always important to get down to the root of the problem considering the following factors of why you are not getting an offer on your home.
1. Your Home is Priced Too High
To avoid overpricing your home, your realtor should sit down with you and examine comparable sales. Take into consideration flaws, schools, location to compare to similar homes that have sold like yours. Inflating your home price can also affect your DOM (Days on Market), as buyers might think there is an issue with the home or that the sellers aren't serious about selling their home if it has sat on the market for too long. This could potentially have you miss out on potential buyers who could potentially like the listing, but withdraw from pursuing a showing or offer based on the high price. It is important to work with your realtor on setting a price range, to get expert advice and make sure your home sells.
2. Become More Flexible with Showings
Sellers that are not flexible with showings are more common than not. Most of the time, it isn't about being picky, but life can get busy. Sellers are expected to have a spotless home and continue on with their normal lives, but be flexible to stop their day with one phone call for a showing. Unfortunately, the entire selling process is about being flexible. You have to keep in mind that a showing could lead to an offer and that you have to be open to a buyers schedule. If you are having trouble scheduling showings, work with your realtor. They can help alleviate the stress of the process and discuss the best ways to be flexible to showings. Not allowing showings can be a major downfall, and without showings it could prevent potential offers on the home.
3. The Marketing of Your Home Isn't Cutting It
Marketing plays a large role in selling your home. Preparing your home to sell and representing it online will attract the buyers you want. Your realtor should guide you in the steps you need to take to make your home marketable. Professional photography can go a long way when advertising your home. Professionals know how to maximize and highlight spaces in your home. They play to your home's strengths that helps differentiate your home on the market. The Rick Cox Realty Group always hires a professional photographer for all listings to provide top-notch marketing. Best practice is to ask your realtor their marketing practices when listing a home, to help you find the best realtor.
4. Your Home Needs Staging & Depersonalization
If your home is still furnished, take down any personalized photos. Depersonalizing the home is important because it allows buyers to see themselves in the home. If your home is going to be empty, staging will allow buyers to really visualize the space. A downfall for many sellers is they can sometimes spend too much time on the interior that they forget about curb appeal. Your home's first impression on buyers will always come from its curb appeal. Make sure your yard is polished and cut, especially before showings and open houses.
5. Market Timing
Before you list your home for sale, get insight on what the current market looks like and what time frame you can expect to sell your home. The housing market can be seasonal with early spring being the busiest time for buyers/sellers. According to Realtor.com , from the end of March through April, homes on the market have 5% less competition and sell six days faster. The market will continue to stay busy throughout the summer and will slow down as we move into the colder months, when there are fewer buyers looking for homes. Whatever your timeline to sell your home, speak to your realtor to help you navigate the market, and sell your home.
6. Your Home Needs Improvements
If the home is older and outdated, unfortunately, it will show to buyers. If you want to get an offer at full asking price, you need to invest in your home to showcase its potential. This goes along with listing your home to high, when your home's features and amenities do not compare to others sold at that price. For example, if a similar home in your neighborhood sold for $400,000 with an updated kitchen (granite countertops, stainless steel appliances, etc.), fresh coat of paint and new carpet and you list your home at $400,000 without any of those updates (making your home look outdated compared to that other listing), then buyers are going to look at your home and think about the work that needs to be done comparable to the price. Don't think you have to spend lots of money and completely give your home a total makeover. Sometimes a new coat of paint and carpet can go a long way.
7. Your Agent Isn't Putting in their full effort
A question to ask yourself - is your realtor involved? Are they providing you with data, being a partner in the process, fully marketing your home both offline and online and giving you input. If your home still hasn't sold, a good realtor would be giving you feedback after every showing and open house. Feedback is everything and sometimes can turn into an easy fix. Your agent is your front-line representative and need to be working on your behalf to sell the home. Hire an expert in the industry and make sure to interview your realtor before making a decision on who to pick for your listing agent.
It is never too late to get your home sold. The Rick Cox Realty Group has a plethora of experience in providing service that exceeds expectations. If you are interested in listing your home, contact us today for a free consultation!