You’ve heard the news: it’s a seller’s market and homes are flying off the shelves. You decided to list your house, but its been on the market for a few weeks now with no offers and only a handful of showings. Why is that? Here are some reasons your house might not be selling as quickly as you thought it would.
This is the number one reason a house sits on the market for longer that it should. Homes sell when they are priced correctly and a house is only worth what a buyer is willing to pay for it. It doesn’t matter what price tag you slap on it. When you list your house for $10,000 dollars above what it should be listed at, you’re not going to get any offers. Just because it’s a seller’s market, the sky is not the limit, and it can be a costly mistake to assume so. Say for example your agent says your house could sell for $225k-235k. So you decide to push the envelope to $250k. Well, you’re going to miss out on your key market: buyers looking to spend about $230,000, which is where your house really should be priced at. They won’t even look at a $250k house because it’s too expensive for them. Buyers who ARE looking for a home at $250k are going to compare your should-be-$230k house to other homes at $250k and dismiss your house because it isn’t up to par to the others. So it sits there. By the time you reduce your price to where you should be, buyers assume there’s a reason it’s been on the market for so long, and they won’t pursue it. I can’t stress the importance of pricing right enough. It is impossible to list too low right now in this market. There are so many buyers competing for each listing, meaning if it is low? It will get in a pricing war and get bid up to where it should be. However, it is VERY possible to list too high.
Your house could need a little (or a lot) of TLC. I know it’s hard to pay for home improvements that you may not enjoy for long, but if you want to sell for full price your house need to be in a condition that warrants it. If the bathtub is dripping or there’s a hole in a wall you’ve always been meaning to patch? Fix it. Buyers will see any repairs as time and money they don’t want to spend. You also need to clean your house from top to bottom. Every window sill, wall and cabinet needs to be wiped down. Dust the blinds and the fan. Touch up any paint chips. Scrub that tub. Don’t allow a buyer to turn up their nose and pass on your house just because it isn’t clean. Oh, last thing… if you have a perpetual smell in your house – you HAVE to address. Whether it’s smoke or pets or mold…you need to get rid of the smell before opening it up to buyers. That is one guaranteed way for a buyer to leave just as soon as they walked in.
When 95% of buyers start their search online and decide whether or not to come see your house based on a quick skim – your pictures need to be top notch. If there aren’t many of them or they weren’t taken by a professional, chances are most buyers will say “pass.” Make sure your house is listed on all the major website: realtor dot com, zillow, trulia, brokerage sites. Have your agent hold an open house. Each agent has their own marketing plan: ask yours what he/she is doing to actively market your home.
If you’re getting frustrated with the time you’ve been on the market, make sure to chat with your agent about it. Maybe your agent has an answer, or they can suggest a new way to market it or recommend a price adjustment. It’s something to have a serious conversation with them about and make sure your concerns are heard.