Why Isn’t My Home Selling?
A home that spends ages on the market is no seller’s ideal, but it is often difficult to put a finger on just what is hindering the sale. There are a range of factors that can have an influence on the traction a property gets – here are a few guidelines for homeowners that are struggling to sell.
1. The Price Is Not Right
The price at which a home is advertised for is key to garnering interest in the property, and can have a significant hand in whether it sells at all. The focus for home sellers should be on aiming for a price that falls in the “Goldilocks zone” – in accordance with the popular fairy tale, the price shouldn’t be too high (or the home will sit coldly on the shelf, untouched by uninterested buyers who aren’t willing to pay the price) or too low (in which case interest in the property will be white-hot, but the seller misses out on making a good profit), but should, instead be just right.
But what is the right price? You real estate agent’s comparative market analysis is invaluable here. This analysis considers the property and its features, as well as the suburb and comparable properties in the area (also referred to as “comps”, for short).
If you aren’t sure what price to set prior to putting your home on the market, let your real estate agent lead you – they are experienced in this game, after all.
2. Updates Need to Be Made
Homes in need of extensive repairs typically spend far longer on the market than properties that buyers can move into without having to worry about maintenance work.
Most buyers prefer acquiring a property that is without faults, and it makes sense – you wouldn’t want to spend a large chunk of cash on a house that will need another large chunk of cash to fix, would you?
Of course, not all repairs and renovations are essential. Some smaller issues might not be as bothersome to prospective buyers than bigger problems like roof or plumbing overhauls.
However, your real estate agent will probably advise that you inspect the entire property with a fine-toothed comb and rather fix up tiny quirks that could negatively impact your ability to sell. Especially if you are living in an older home, be careful of thinking that the old school charm is enough to win buyers over.
3. Your Listing Photos Were Not Professionally Taken or Edited
The photos that appear in your online listing are extremely important to securing a sale, not least because they are the first impression buyers get of your home. If you don’t make your property one to remember, you can forget about receiving scores of interested buyers by the time the open house is held.
Professional property photographers have the know-how and gear to make your house shine and stand out among the rest. They know how to highlight the best features of the property, and can make even the humblest of abodes seem like something buyers really need to see in person.
Ask your real estate agent what photographer their agency uses to capture the essence of the homes they sell. This service may be included as a part of the agency’s service offering, but could also be an additional expense.
If you’re wondering whether this expense is really necessary, the answer is a resounding “yes”. Even if smartphone technology has improved to such a degree that the pictures are of a very high quality, this isn’t a meal you’re photographing for Instagram. Let the professionals use their craft to your advantage – you won’t be sorry once your agent starts receiving calls from excited potential buyers.
4. It Looks Too Lived-in
Sellers want their homes to appeal to the largest group of potential buyers. One great way of doing this is to stage the home in a way that speaks to the widest possible scope of tastes, but also makes the property as a whole seem inviting.
If the aim is to create a cosy atmosphere that seems inviting, is it even possible that a home might look too lived-in? Unfortunately, a property that lets buyers wonder about the current owners and their habits doesn’t exactly bode well for sellers. There’s a big difference between homeliness, and a neutral backdrop that attracts a variety of different types of people.
To stage the home efficiently, rather put away sentimental items, heirlooms and things like that urn with your grandmother’s ashes. It is also better to pack up political or religious regalia that can draw the attention away from the other features of the home. If your walls are in need of a fresh coat of paint, opt for neutral colours, and adapt furnishing and décor accordingly. Bold colours may be part and parcel of your personality, but individuality isn’t the end goal when selling property.
Let your agent give advice and suggest décor elements and tricks that they have tried and tested with previous sales.
How Can I Sell My Home Faster?
1. List During Peak Season
Peak selling season is usually in spring time each year, while sales tend to slump when the weather turns colder. Even if seasonal changes in the property market give us a good idea of when the right time is to sell, the property market is sometimes just as hard to predict as the weather is.
For this reason, it is always advisable to ask a real estate agent about when the right time would be for you to sell. Numerous factors can influence a property’s popularity at a given time, and there are also personal circumstances that can lead to having to sell, even if it isn’t peak selling season.
Take note, though: listing a property during peak season will mean that it will be competing with more properties than it would be otherwise. While competition is great and can help to drive up the price of a property, selling outside of peak season certainly doesn’t dispel the possibility of a sale altogether.
2. Lower Your Price
No seller wants to hear that lowering their asking price is a good way to help a home sell, but the fact of the matter is that exorbitantly-priced homes don’t appeal to as many buyers – especially if there are comparable properties at better prices right around the corner.
3. Remove Yourself from the Home
If there’s one bit of information sellers should remember from this article, it is to let your real estate agent take the reigns when it comes to the open house. Sure, you’re also interested in seeing who the new potential owner of your home might be, but sticking around while prospective buyers peruse the property won’t do you any favours.
Having the homeowners around whilst touring and inspecting the property makes buyers uncomfortable. They might want to ask questions that they know could upset the current owner of the house, or make comments on features that the seller has grown to love. If they feel unwilling to ask questions like these, there’s a good chance they might not bother asking later, and might even forget about the property as a result.
All in all, it’s always better to let your real estate agent handle negotiations on your behalf. They are objective about the property and can handle any queries without becoming overly emotional or putting buyers off.
4. Work with an Experienced Agent
As you might have noticed, a real estate agent that knows what they are talking about is absolutely crucial for home sellers – perhaps even more so if the property is spending too many days on the market.
When you pay agent’s commission, you aren’t only paying for an agent’s marketing capabilities. Because they work in this realm every day, real estate gents understand the undercurrents at play in the local property market. They understand the legal requirements involved in selling a home and have a myriad of marketing opportunities at their fingertips at all times. Just the fact that they don’t just help people to sell, but also help prospective buyers to find a home they’ll love, should be enough reason to consider making this a team effort.
Rest assured: agents want to earn good commission on every sale they make, and they definitely won’t do anything to hamper a possible sale. Agents can also advise sellers on maintenance and other issues.
If you’re having difficulty selling, ask yourself if this is really a venture you want to tackle on your own. In short, real estate agents take a lot of the stress out of selling a home and are essential sidekicks for sellers looking to make a profit in the shortest possible amount of time.
A home that is not selling easily can cause a lot of hassle for homeowners, but there is usually a good reason that a home spends more time on the market than is reasonable.
The price of the home, its state at the time of listing and the way it is perceived by potential buyers – both online and at the open house – can all have an influence on the popularity of the property in the buyer’s pool.
Luckily, these issues can easily be remedied when sellers have an agent they can trust by their side. Are you struggling to sell? Struggle no more, and let a real estate agent recommended by Perfect Agent take the reigns.