Home prices continue to rise along with a shortage of inventory. It’s not hard to see why some homeowners these days would be tempted to sell their property on their own.In the real estate
5 Reasons Your Home Remains Unsold In a Strong Market
The year is almost gone, but lots of homeowners are left wondering what exactly has prevented their home from selling despite being in a strong seller’s market.
If your home seems to be spending forever on the market, you probably are guilty of one or more of the five common reasons below;
1. Unrealistic pricing
You feel like the market is hot so you’ve set your price higher than you should have done.
You’re patiently hoping you’ll find that motivated buyer who would meet this seemingly unrealistic price but the real estate market today is different from what it used to be.
Today, you’re selling your house twice; the first sale is to the buyer, and then, the bank also has to be sold on this as well.
It’s one thing for the buyer to agree to pay your price. However, the bank or lender would still appraise the property.
You have to hope the price won’t need further adjustments because the bank won’t issue out the mortgage if the price does not match the estimated value in the appraisal.
Additionally, today’s buyers are well informed and have probably seen a lot of other homes online before they feel like finally settling for your own.
They probably already know about the neighborhoods, schools, parks, hospitals, and every other relevant information about the area.
If your home is priced too far from market reality, they may not bother themselves haggling over it with you. If anything is important, it is getting your price right even before listing your property on the market.
2. Staging the home in a poor condition
Lack of inventory of homes for sale in strong sellers’ markets usually prompts builders and developers to build new homes. For older homes, the competition gets tougher with new additions.
This is why many agents usually advise sellers to declutter their properties and get them in good condition before putting them up for sale.
Doing this means the buyer will be able to picture themselves living in the home rather than have their attention and focus divided between different components of the interior decor.
Buyers also have to pay attention to the little details. Torn screens, dripping faucets, and other things that need attention should be duly attended to.
Posters hanging around the home should also be removed among other things.
You have to make your property as appealing and inviting as possible if you will sell. Once you’re able to make your home attractive to potential buyers, it will be a lot easier to sell your home faster and at a reasonable price.
3. Your motivation
Ask yourself, why did I put the property up for sale?
Are you still motivated in the same way you were when you first listed the property?
Your motivation will influence many things such as pricing and getting the property in good condition for showings.
Your motivation will also influence how you consider offers so you can make the most suitable decision for your next move and the future of your family.
4. Ineffective communication between seller and agent
You want to sell on time at the right time and without much stress. It is therefore essential that you maintain proper communication with your agent.
This should start right from the initial stage. Ensure there’s a free flow of information and seamless communication between both parties.
Review your agreement to check if you would like to change anything.
You can even adjust your asking price for instance. Whatever questions you may have, speak with your agents without reservation.
5. Lack of a solid marketing plan
If you’ll sell your house in today’s markets, having a solid marketing strategy is not something you can negotiate.
As much as 95% of home buyers searched online for a home according to 2018 Profile of Home Buyers and Sellers as released by the National Association of Realtors.
Gone are the days when all you needed was a yard sign and a newspaper ad to market your home.
Today, you’ll need to work with a real estate professional that is not just experienced in your local markets but also with a series of proven marketing strategies in place.
In today’s digital markets, a high-quality image of your home taken by a professional photographer, as insignificant as it may seem, can make so much difference on your home’s marketing campaign.
Houses are sold every moment because they get the most important things right. You’ll want to price right, market right, stage the property the right way, and tick the boxes at all of the right places.
If your home is still unsold and you’re still very much willing to cash out, please contact us at (954) 980-0006 to assess the situation and discuss your best options going forward.
Delivering an Exceptional Real Estate Experience Damion Johnson is a residential real estate professional who works with his clients as a trusted advisor. You can count on him for his honesty, integr....
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The year is almost gone, but lots of homeowners are left wondering what exactly has prevented their home from selling despite being in a strong seller’s market.If your home seems to be