6 Reasons Your Home Isn't Selling
You think your home is incredible – but why isn’t it selling?
There are a number of possible reasons the “For Sale” sign on your property is gathering dust. Don’t panic – a series of small changes can help bring buyers back to a property. The following are 6 reasons why a home may not be selling – and what to do about it.
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The price is too high
Price is the most common reason a home doesn’t sell. According to a Homelight Top Agents Insights Report, 51% of real estate agents reported that pricing a home incorrectly was the top mistake sellers make.
What to do?
Listen to feedback from open houses and showings; if a large number of potential buyers say a property is priced too high, it probably is. Browse comparable properties in the area for an idea of what similar homes are being listed for.
General wisdom says a home should go no longer than three weeks without a price reduction. Sellers who drop their asking price aren’t alone; a survey by the National Association of Realtors found that 22% of sellers drop the asking price of a home at least once.
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The home needs repairs
Most potential buyers are prepared to make minor repairs, such as changing the paint or installing new flooring. Major repairs, however, can be a major turnoff. A broken HVAC system, damage from a flood, or a mold problem can prevent buyers from seeing the potential of a home.
What to do?
Make the repairs. While a big repair is a costly investment, most serious repairs have high return on investment; sellers should be able to recoup some of the costs when the home sells.
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The listing photos aren’t professional
The National Association of Realtors found that 44% of home buyers start their search online - and 89% of buyers found photos helpful in their home search. A few iPhone quality shots aren’t going to cut it; listing photos taken professionally get 61% more page views and can help increase the closing price on a property.
What to do?
Hire a professional to re-do the listing photos. A small investment in quality photos can bring big returns at closing.
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Staging hasn’t been done right
Many families find it difficult to stage a home while they’re still living there. However, stage homes typically sell faster – and for more money; a survey found that staged homes sold for 17% more than non-staged homes as well as sold 87% faster.
What to do?
Put a fresh coat of paint on the walls and do some serious decluttering. Consider placing a large part of your furnishings, clothes, or décor into storage before a home is listed; the fewer things in a room, the easier it is to stage. Top agents are often able to recommend a stager who can rearrange your current belongings to highlight the best features of a home.
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Curb appeal isn’t making a good first impression
First impressions, particularly in real estate, matter. Curb appeal is so important that many buyers will decide not to see a property after just seeing it from the outside. Overgrown bushes, wilting gardens, or cracked concrete may indicate a home is not well cared for – and that the interior will not be cared for as well.
What to do?
In 2016, the National Association of Realtors reported that good lawn care gets a seller an average of 303% ROI. Make a short-term investment in a lawn care service, plant colorful annuals in flower beds, and install new exterior lights; these fast and easy project can help a home look great from the curb.
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The house has a strong odor
Sellers are used to the odors inside their home – and may not even notice that there is a smell. Whether it’s from a strong cooking spice, pets, smoking, mold, or more, odors can be a major turn off to potential buyers.
What to do?
Ask a few unbiased or honest friends to walk through your home; this may help identify any unpleasant or off-putting odors that may be driving away potential buyers. Avoid using air fresheners directly before an open house or showing, which can be off-putting or cause an allergic reaction.
by Author, March. 26, 2020