No doubt that we have been in a hot seller’s market for more than 18 months. Things are cooling down now, but it wasn’t too long ago that listing a home for sale meant getting multiple competing offers within days. And still, there are plenty of homes that have seen very little action despite the hot market. Why?
Listing a home for sale in the midst of a sellers’ market certainly increases the chances of making a fairly quick sale at a good price. But there are never any guarantees in real estate. In fact, there are some very valid reasons explaining why some homes cannot seem to elicit offers. Here are five of them:
1. The Asking Price Is Too High
A seller’s market does give sellers the advantage on pricing. Yet there is one undeniable truth about real estate: it is subject to supply and demand. Simply put, your home is only worth what people are willing to pay for it.
If most of the other homes in your general area are selling quickly while yours doesn’t seem to get any offers, have your real estate agent investigate what some of those other houses have sold for. A 10-20% higher price on your home could be what’s holding you back.
2. Your Expectations Are Too High
In addition to the possibility that you set your price too high, your overall expectations might be too high as well. Consider being flexible on price. Consider being flexible about what stays with the house when you sell. You should even plan on being flexible about contingencies. You may have to compromise with buyers to get an offer.
3. Your Home Lacks Curb Appeal
Real estate agents who know how to sell encourage their clients to improve curb appeal as much as possible. They know that the first view a buyer has of a home is the front view. What a buyer sees from the street forms their first impressions. Those first impressions ultimately contribute to whether an offer is made.
A lack of offers could mean that your home lacks curb appeal. As for how to improve it, your agent should have plenty of ideas. They usually involve things like landscaping, improving the entryway, etc.
4. The Marketing Photos Are Good
Believe it or not, the marketing photos that accompany your home’s listing play a crucial role in generating interest. Modern buyers are more likely to do their own online research before contacting the real estate agent to set up viewings. They rely on pictures to tell the story. So if your marketing pictures aren’t that good, they could be hindering your ability to sell.
These days, the best real estate agencies utilize professional photographers who specialize in real estate. Pros take the types of pictures that get buyer attention.
5. Your House Isn’t Well Staged
Finally, buyers try to imagine themselves living in your home as they walk through it. Staging is all about giving them the opportunity to do so. If your home isn’t well staged, it can squelch the buyer’s imagination. In turn, this could limit the offers you get. The solution is easy: work with your agent to stage your home properly. You might even bring in a professional staging expert.
Even in a hot market, houses are never guaranteed to sell quickly and for top dollar. If you have been struggling to sell your home recently, consider what you read in this post. One or more of these issues could be making it more difficult to sell.
Do you need help selling your home? Contact us now and let us handle that.