Tuesday, September 6, 2016

When Your Home Hasn't Sold Yet

Whether your home has been on the market for six days or six months, the wait for an acceptable offer can seem interminable. After a month or two with no contract, here are a few possible reasons why your home has not sold:
  • Price - An overly ambitious listing price is one of the most common reasons for a property to linger on the market — and one of the hardest for sellers to accept. Many people have strong emotional attachments to their homes, which may cloud their ability to think objectively about value. It may be time to reconsider pricing strategy if your home has not sold after a month.  
  • Photos - Dark, blurry, unprofessional photos do not cast your home in its best light. In today's digital age, listing photos are typically the first impression that buyers have of your property. Many buyers skip touring a home if it looks unappealing in pictures. Prepare for the photos for it as you would for an open house, making sure that it is clean and free of clutter. If your home does not seem to be generating much interest, consider changing some of the photos. 

  • Spruce Up -  While it can be difficult to spot the imperfections in your own home, remember that prospective buyers will take a critical approach. As a result, damaging details like spots on the carpet, streaky windows, or unflattering decor are not likely to elude buyers. You may need to hire cleaners, stagers, landscapers or other professionals to boost its appeal.
  • Say Yes to Showings - Buyers often request a showing on short notice or at inconvenient times, and the process understandably feels like an invasion of privacy. It is important to agree to as many showings as possible. Buyers visiting from out of town end up buying elsewhere if they are denied access to your home.
  • Odors -  Every home has a unique scent to which its inhabitants become accustomed. Some odors can repelling buyers. This could be particularly true if you have pets, clutter, or a penchant for cooking strongly scented foods. Circulate the air in your home and deodorize with light scents, such as freshly cut flowers.
  • Timing -  In many parts of the country, the relatively busy spring and summer seasons give way to a slower fall and winter home buying season.  It can take much longer to sell a home during this time of year. 
  • Unique Setting, Features or Location  -  Sometimes a property takes longer to sell because it has  features that not all buyers want. Examples are: home too close to a major highway, overlooking the storm pond, unique architecture, too many upgrades needed, inconvenient floor  plan, too much or too little yard, proximity to commercial or industrial areas.
  • Competition -  Though your home might have many nice features, it may take longer to sell if there are other homes for sale on your block, neighborhood or nearby with similar features. This is where price can be an advantage. Your REALTOR can help you compare your home to others on the market to establish a more competitive price, concessions such as a home warranty or seller help.

There are many reasons why a house might take longer to sell.  Work with your REALTOR to get an honest assessment and see if there is anything that you can do to speed up the process. Sometimes you just have to wait for the right buyer!
Parts of this article come from wiseagent.com