If your home sits idle in a seller’s market, it’s time to get to the root of the problem.
It’s a seller’s market, If your home isn’t getting offers, something could be wrong. There could be many reasons your house isn’t selling, though.
Possible reasons your home isn’t selling fast:
1. You think it will be a breeze.
Being in a seller’s market could very well mean that your home will be bought for top dollar, no matter its condition. That’s not a winning strategy though.
Solution: Be realistic from day one. Look, you may love your house and the decor that you have put up but prepare yourself that it may take while if your house is suited for a few select buyers. No matter what market we happen to be in, it’s still important to stage and clean your home.
2. Over-Pricing your House
Everyone is keenly aware that when supply is low you may demand (or LIST) your home at a premium. It’s a seller’s market: There’s high demand, yet low supply. We all get that, but that doesn’t mean you should ask for the moon when it comes to your listing price. Pricing your home is the most crucial aspect of selling your home. If your home is listed above market value, you will miss out on a lot of prospective buyers.
Solution: In this market the best offense is a good defense. Defend yourself against having a stale listing by making sure you and your agent are certain of the value of your home in your market and price it right.
3. Deferred Maintenance.
Paying for home improvements can really be a mood killer for most people. Especially when you may not enjoy them for long. If you truly want to sell for full asking price or better yet net the most money possible, then you might need to get your house in a tip top shape.
Solution: Review what other homes in your area are offering with your realtor and then meet or better yet exceed them by just an inch.
4. Rookie/Subpar Photography
How long does it take to make a first impression? ……The same goes for your house: 80-90% of buyers start their home search online and this may shock you but start to make a decision about whether to come see your house based on a quick look through your listing photos. The only thing worse than bad photos that aren’t professionally taken is when there are few or no photos, or because the house is cluttered (which you can see clearly in the photos), many buyers will move on to the next home.
Solution: Get your home staged and photographed by professionals. Some realtors may even have this in their marketing plan. According to IMOTO photography, professional real estate photos have the ability to generate 118% more online views and sell listings 50% faster — at 39% closer to list price. They’re worth it.