There are many reasons why some homes don’t sell. These reasons may differ from market to market. In a hot seller’s market a home may sell quickly but in a buyer’s market that same home may languish on the market. If your home isn’t selling there are some key reasons that hold true regardless of the market.
Look at the other homes for sale in your neighborhood. If most of the homes in your neighborhood are languishing on the market, then you have to do something to ensure your property stands out from the rest. You should look at the current listings in your area and see what the average days on market it for your area. You can find up-to-date market data HERE. If you find that your home is well above the majority of the homes then you need to dig a little deeper. All things being equal you should near the average for your area.
When preparing your home for sale you need to consider your home’s condition. In order to maximize your selling price you should consider some basic items that can make your home more appealing. There are some basic things like paint, flooring and landscaping that can make a big difference in how your home shows. Here are some examples of small things that make a big difference:
- Clear the clutter
- Clean up after the pets
- Put away the kids’ stuff
- Clean the yard and porch
- Fix walkways
- Paint interior and exterior
- Update fixtures
- Update faucets and spouts
- Carpet cleaning
Not Enough Photographs or Badly Shot Photographs
If your home has only a few photos and/or they are of substandard quality they will not get a second look. The more quality photos you can provide the more likely you are to generate interest. You might consider hiring a professional photographer or even shooting a video virtual tour to really make your listing stand out. With the drone technology of today you might even consider creating a video shot from a drone. This is especially helpful if you have a large well-manicured yard. Quality and quantity is the order of the day here!
Make sure you shoot with wide angles so buyers can get a perspective of the size and layout of the room. Consider the helpful hints:
- Provide photos of every bedroom with specific emphasis on the master or rooms that show especially well.
- Make sure you’re not in the photo! Pay special attention to reflective surfaces like mirrors and glass.
- Avoid photos of areas the might detract the attractiveness of your home like small or narrow spaces.
- Highlight features like fireplaces, grand staircases, accent walls etc.
- Take several photos of the kitchen. This is an area that is of great importance to most buyers. Kitchens and bathrooms make are a big selling point.
- When photographing the dining room be sure to set a formal table to really showcase it.
- Declutter the living room and make it appear as large as possible. Arrange it nicely and take wide-angle photos to make it appear bigger.
- Be sure to include photos of the yard and landscaping.
- Add descriptive text to each photo to help the buyer understand what they’re looking at.
- Bottom line is you want to entice the internet cruiser to make the effort to come and see your home!
You Haven’t Executed a Proper Marketing Campaign
Marketing is never a single-pronged approach. It takes a multi-faceted strategy to sell your home. Below is a list of just some of the options in today’s marketing arsenal.
- Have postcards printed and mail them to all the addresses in your neighborhood.
- Create flyers and distribute them to prospects and those who may want a tour of your home. Consider a flyer box on the yard sign and keep it full of flyers for those who may pass by.
- Run ads on social media like Facebook and Twitter.
- Hold open houses that coincide with other open houses in your area. Buyers will likely stop by to see your home since they are in the neighborhood. While only a small fraction of homes sell from an open houses it can and does happen. It’s also a great way to get the word out.
- Be sure to get feedback from any potential buyers that tour you home. This is a good way for you to gauge what buyers find attractive and also identify areas you may want to improve.
You Hired the Wrong Listing Agent
You want to make sure your agent is competent and honest. There are many ways to find an agent but dealing with an agent with whom family or friends refer is always a pretty good method of choosing a good agent. You’ll want to ensure the agent’s approach is one of working with you as a partner in your real estate transaction. In today’s world with so much access to information buyers and sellers are far more informed than they were years ago. Partnering with your agent to ensure you get the best value for your money is the best approach.
Make sure you discuss not only pricing details and options but also overall marketing strategy. Your agent should be willing to listen to you and on the flip side be sure to listen to your agent. They are there to guide you through the intricate details involved in today’s real estate transaction.
You Haven’t Priced Your Home to Sell
One of the challenges homeowners have is realizing that their home is not viewed the same by buyers as it is to them. A buyer views your home as a commodity. It is not yet a home to them. Sellers often let that elevated value creep into their pricing strategy and this leads to an overpriced home. If you don’t want your home to sit on the market for months and months then you have to price it right. The longer your home sits on the market the less interest there will be. You will be forced to lower your price in order to sell it so you may as well price it right from the beginning. You will be glad you did.
When pricing a home many factors come into play. Comparable properties are a good way to judge a home’s value. Remember a home valuation is not the same as an appraisal. In really hot seller’s markets it is easy to sell a house for more than what it will appraise for. Location is important. Is it near a high traffic area or a commercially-zoned are or a park or school? All of these things play into the pricing of a home.
In a seller’s market you can price your home on the higher side as typically there are more buyers than homes to sell. The reverse is also true. In a buyer’s market you have to price your home more competitively. A good agent will know the market and help you price your home accordingly. At Treat Realty Group one of our Certified Pricing Strategy Advisors would do a thorough market analysis and working with you will set a price that will achieve your goals and maximize the return on your investment.
If you’ve tried and failed to sell your home or your home has been sitting on the market for months contact us today and let us help you sell your home. We’ll work with you to ensure your home is priced right for your market. We’ll develop a custom marketing plan that includes the most effective avenues yielding the best results. Ask us about our commission rebate plan too!