5 OF THE TOP REASONS YOUR HOME IS JUST NOT SELLING
Your home is overpriced
Optimistic home sellers love to parrot the old adage, "There's a buyer for every home." But they often leave off the qualifier: "at the buyer's price." The fact is that buyers, not sellers, ultimately determine the market value of a home. Overpricing is the most common reason homes don't sell. When you ask an unrealistic price, it sets in motion a process that often works against you. Here's why: Most real estate agents, and hence most qualified buyers, will see your new listing within 30 days. If it is overpriced by as little as 5%, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart. You want to compete with what is available out there among homes similar to yours.
Your home doesn't 'show' well
Your home is competing against the many new houses in security developments with attractive prices, incentives and community amenities. Even the best old house needs a little makeover if it hopes to attract a qualified buyer. The good news is most of the work will be cosmetic and relatively inexpensive: a new coat of paint, a few attractive flowers in the garden, a thorough cleaning of floors and carpets. Voila! The place may look good enough to reconsider.
Nothing has a greater effect on your home's value than its location. If your home's location is less than desirable, there are again a few cosmetic tricks you can use, like planting foliage to screen off offensive adjoining properties or dampen traffic noise. A good real estate agent will do their best to help you accentuate the positive and eliminate the negative of your property.
You are battling competition
In a ‘seller's’ market, homes go fast. Inventory (homes on the market) may be low, meaning less competition for you. If you're selling in a ‘buyers’ market, you're competing against a large inventory of properties already on the market, new cluster home developments and a growing rental market as well. In this case, be prepared to settle for less, or wait to sell until the pendulum swings in your favor.
In real estate, market conditions are affected by any number of external forces, some of them predictable and others unpredictable like the local economy, interest rates, public optimism or pessimism. Be prepared to work with your agent to help you prepare and price your home correctly for the current ‘buyer’s’ market.