As we approach the 4th quarter of 2019, homes that have been on the market for over 60 days, sellers find themselves asking the question, “If we’re currently in a strong real estate market, why has my home not sold?”
Here are a few reasons why a home may not sell in a strong market:
Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in a desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to their bank.
A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal.
Sellers must also keep in mind that today’s home buyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the neighborhoods they are interested in.
This is why it’s so important to make sure that your home is priced right from day one on the market!
The Condition of the House
In many areas, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create competition for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace.
Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor.
It’s important to take care of the small problems like dripping faucets and torn screens prior to listing your home. Making sure your home is in tip top shape will make buyers fall in love with it faster and can ultimately help you get the right price for your house!
Having a marketing plan is important! According to stats in 2018 given by the National Association of Realtors, nearly 95% of buyers searched online for a home last year and 54% of buyers stated that searching online was the first step taken during the home buying process.
If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Something as simple as using pictures taken by a professional photographer can make a huge impact in advertising your home!
Lack of Communication with Your Agent
Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price. From the beginning, your agent should establish a continuous line of communication with you. Home buying and selling can come with its fair share of difficulties but open communication is always key to a smoother transaction!
The right price, condition, and marketing strategy allow for homes to be sold daily. If yours isn’t selling take a look at these four things. Changing one or two of these things can help get your home sold quickly and for the best price!