One of the most common questions in real estate is “why is that home on the market for so long?” We hear it from buyers who assume there is something wrong with the property and we hear it from sellers who are concerned it might not be the right time to sell. The good news is that there are steps that can be taken ahead of time, or to correct the situation and get that home sold. There are definitely reasons why some homes don’t sell.
Condition
The condition of the home is critical. Everyone has heard about curb appeal and that’s because it does matter. From the moment the buyer drives up to the home it needs to be in tip top condition. This is more than just pretty flowers, however. A home ready for sale should not show any wear and tear if at all possible; clean the home inside and out, touch up paint that needs help, declutter and depersonalise, open rooms and eliminate dirt and unpleasant smells.
Photographs
Most buyers start their home search now on the Internet. It’s more important than ever that the pictures on the listing are high quality and show off the best features of the home. Dark, small pictures taken from a cell phone are not going to stand out among the hundreds of listings available online. A professional real estate photographer knows how to present each room to appear spacious and bright. Use as many pictures as possible and use multiple shots of the important rooms such as the kitchen and master suite.
Exposure
Homes do not sell themselves. Even with the best presentation, if the home is difficult to see, it will not sell. Many agents will immediately pass on a listing appointment which is hard to schedule. Showing instructions which require a lot of notice, appointment only, or very small windows of time to view, are more likely to be avoided. Make it easy for the buyers to see your home. Consider open houses on weekends to attract more attention and traffic as well. The goal is to get people into your home.
Wrong Agent
There are many ways an agent can affect the sale of a home. Your agent must be experienced and competent. Check references and ask questions. A listing agent needs to be involved in your home, rather than just put a sign in your yard. Talk about their marketing plan for your home and that they are using their time to sell your home.
Price
You can do everything right and if the home is not priced appropriately, it will not sell. Buyers are more informed than ever and often are able to know themselves if a listing is over-priced. Buyer’s agents will also suggest they avoid an over-priced home. There is no point having their clients get excited about a home that is priced unrealistically. It’s a myth that buyers will pay over market for a home they love and even if they are willing to pay over value, their lender will order an appraisal and if the value is not there, they will not get a loan at that price.
Over-priced homes sit on the market and then get stale. Even when the price is eventually lowered, the excitement of the new listing has passed. This is not to say you should price your home at a low price, but understand your market by talking with your agent and discuss your pricing strategy and goals thoroughly so you do not linger on the market.
Avoid having your home sit on the market by understanding the components of a lingering listing. Knowing the reasons which reduce the chance of a home sale, you can avoid the problems in the first place and get the home sold.