5 Reasons Your Home Is Not Selling In a Hot Market
Some say it’s a seller’s market with homes being snapped up even before the “For Sale” sign goes into the ground. So why do some homes languish on the market without a serious buyer? Here are some of the biggest reasons why your listing may be stagnating on the market.
1. The home looks cluttered or disheveled.
First impressions are everything. Buyers like to imagine themselves living in their potential new, serene surroundings, and they can’t truly visualize themselves living somewhere if there are clutter and disarray everywhere. This means no wet towels littering in the bathroom, no unwashed dishes in the sink, and no toys, laundry or mountains of papers everywhere. Try to keep your home in showing condition with clean and staged rooms.
Not sure how to stage a room on a budget? Read our budget-friendly staging tips here.
2. The price is too high.
The initial listing price of a home is instrumental in how quickly it sells. Many sellers assume setting the price high and coming down later or being willing to accept a reasonable counter-offer is a safe way to ensure the highest price for their home. But even in a seller’s market if a home is listed above-established market value, prospective buyers may pass. It may be out of some buyer’s price range and others who are looking at that price point may compare your home with others in the same price range with more expensive upgrades.
3. Something smells bad.
If a home smells bad, it will not sell. There’s only so much you can do with scented candles as it cannot cover up all offending smells. In fact, the mixture of an offending smell with a scented candle can sometimes make things worse. You will need to eliminate the source of the odor whether it’s pet odors, cigarette smoke or mold and mildew.
4. Home needs some TLC.
If you want to sell at the full asking price, your home needs to be in peak condition. Take a look at your home’s overall condition. Most buyers are not willing to compromise on the condition of a home so if your home needs major repairs or updates, like a new roof or water heater, you may want to invest in them or set your listing price accordingly. Buyers want the most they can get for their money. Also, be sure to give a first good impression by keeping your lawn and entryway in good condition.
5. Take a look at the details.
If the price is right and your home is in great showing shape, take another glance at your listing details. For example, an extra zero can turn your $450,000 listing into a $4,500,000 listing where it will look outrageously overpriced. Double check that your information is correct, the description sounds interesting and informative, and you have a number of photographs showing your home at its best.
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