If your house has been on the market for any length of time and is not selling, you are probably wondering what you have done wrong. What's wrong with your house. Why is it not selling. Don't worry, this happens sometimes but with the help of your realtor it can be done.
Here are a few things to consider if your house is not selling and what you can do about it.
1. Price. Yep, that is usually the first thing people think and they very well might be right. Remember your house is only worth what a buyer is willing to pay for it no matter what you think your house is worth or how many upgrades you have made. You will need to work with your realtor in researching the current market in your area. Then and only then will you be able to determine the fair market value of your home even if it is not what you think it should be. A big mistake many people make when choosing a realtor is picking the one that "says" they can get you a higher price for your home than the market commands. Do your homework and be prepared to make an educated decision when choosing your realtor.
2. Don't base your selling price on your needs. What you "need" to make on your house does not mean anything to a potential buyer. So set your price based on the facts - the fair market value for your area.
3. Keep your emotions out of it. If you are basing your price according to what your neighbor sold theirs for a few years ago because you "think" your house is better. Then stop right there. This is going to get you nowhere. Markets change and many sellers view their homes in a whole different light than someone that is impartial. So don't base your price on your emotional attachment to your house.
4. Don't be greedy. If the fair market value of your home is $300,000 and you want to try to get $350,000 for it, this will come back to haunt you later when your house sits on the market for a year with no takers. Now potential buyers will think there is something wrong with your house because it is not selling.
5. Price is not always the issue. If a buyer see's imperfections such as an unkempt lawn or a broken fence etc., you will continually receive low ball offers. So if you have any obvious imperfections, go ahead and fix them before you put your house on the market.
6. If location or noise issues are the problem, then you and your realtor will need to come up with ways to overcome those buyer objections before they occur. Maybe the price justifies the issue or perhaps you can "throw in" something to sweeten the deal such as paying closing costs etc.
7. Is your house clean? Make sure your house is clean inside and out otherwise you may find yourself sitting on your house for a very long time.
8. Are you making it difficult for your buyers to see your property? It is in your best interest to allow a lockbox to be put on your house. If you only allow buyers to come by on an appointment only basis this will also reduce your chances of a quick sale. Talk to your realtor about these things. Most agents are more than willing to give you a courtesy call before showing your home to allow you just enough time to pick up and make arrangements to be out of the house.
9. Make sure you are not present during a showing. Most buyers are very uncomfortable touring your home while you are there. Furthermore, it makes it more difficult for them to picture themselves living there while you are in the home.
10. Sometimes the reasons are beyond your control. Such as a new home development being built in your area or maybe you received some bad advice from your agent. This is the time you will need to step back and reassess the situation. What can you do to overcome the obstacle. Do you need to sweeten the deal or perhaps you should postpone moving. Or perhaps you need to replace your current agent with someone that has a little more experience.
There are many reasons that your house may not be selling. Talk with your realtor about reassessing your current market strategies and together you can come up with some viable options. Just remember, eventually your house will sell. Follow your realtors advice and they will do everything in their power to get you the best possible offer.
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