You’ve had your home on the market for weeks or even months with no offers. As a seller, this situation can become extremely frustrating and concerning. Understanding and pinpointing the reason can help turn things in your favor. In this article, let’s discuss some of the common factors affecting the sale of your home.
Table of Contents:
Reasons Your House Isn’t Selling
1. Overpricing
Overpricing is usually the main reason that causes homes to remain active for prolonged periods. Pricing your home perfectly is an art that is often underestimated. Overpricing your property not only deters potential buyers but can result in a lower sales price down the road. This is because the longer the property sits active on the market, the negotiating leverage begins to swing into the buyer’s corner. On the other hand, under-pricing your home could cost you thousands in potential earnings.
We always like to start by analyzing the prices of similar houses in the area and pricing the property slightly lower to be competitive. Depending on how many active properties are available in the area this method makes your home very attractive and can create the highest and best situation. We prefer this rather than losing buyers upfront by overpricing.
If your property is freshly renovated or has special features, you can price it higher.
If you don’t have experience in real estate, we recommend you work with an agent to sell your property at the right price. If you are looking to sell the home on your own, conducting an appraisal prior to selling could be a great strategy.
2. Neglecting Curb Appeal
First impressions matter, and your home’s exterior is the first thing potential buyers notice. An unappealing exterior can turn away potential buyers even before they view the interior.
Here are some tips to increase the curb appeal of your home:
- Mow the lawn
- Trim brushes
- Clear sidewalks
- Sweep entryways
- Place potted plants near the front
- Paint the front door
- Upgrade outdoor lighting
- Clean windows
- Pressure wash driveways and walkways
Also Read: Top Upgrades To Increase Home Value
3. Neglecting Maintenance
Will you buy a property with dirty walls, damaged floor, or unpleasant Odor? Of course, no. A poorly maintained property not only deters potential buyers but can create a negative first impression.
Here’s how you can make the interior of your home more appealing to buyers:
- Declutter: Pack up knickknacks and excess furniture to open up the space and showcase the size and flow of your house.
- Deep clean: Scrub tile grout, clean carpets, dust light fixtures, and wash kitchen countertops and bathrooms. We recommend hiring a professional cleaning company.
- Do minor upgrades and repairs: Fix any leaky faucets, chipped paint, cracked caulking, and sticking doors and cabinets. Fixing these small things can make your property more appealing.
- Highlight special features: If you have beautiful high ceilings, show it off by turning on the chandeliers. If you have custom kitchen countertops, showcase it to potential buyers and explain how it stands out.
- Stage key rooms. Rent furniture and decor to refresh outdated rooms. Focus on the living room, bedrooms, and kitchen.
4. Not Willing to Negotiate
Negotiation is crucial in real estate transactions. As a seller, you should be open to it. In an area with a lot of active properties, buyers have options. So, if you aren’t open to negotiation, buyers will move to the next property. It’s ok to hold firm in the first few weeks but after that, you want to become open to negotiating with potential buyers.
Remember that selling your property for a slightly lower price today, is better than having it sit on the market for months with no offers. This can end up costing you since you will still incur holding costs.
5. Setting Unrealistic Expectations
In many cases, unrealistic expectations could be why your property isn’t selling.
An average house in today’s market can take between 50 and 90 days to sell. It could sell faster if your house is in a prime location or priced competitively. Give your property time to sell, we recommend allowing a minimum of 30 days active before considering a price reduction.
FAQs
Does a strong online presence help in selling a house?
Yes. In this digital era, buyers start their search online. So, an appealing listing with maximum exposure can certainly help your property sell faster.
Should I offer incentives to attract buyers?
You can offer incentives. But do it only after waiting for at least 30 days. Closing cost assistance, transferring pest control contracts, and landscaping credits are some incentives you can offer.
Does my property’s location affect its sale?
Yes. Properties in low-crime areas, good school districts, with a good view and easy access to amenities tend to sell quicker and at full price.
If your property is near the airport or in a noisy place, you should consider pricing your property lower, since this can make the property less attractive to most buyers.
Why Sell Your Property to Us?
Selling a house isn’t easy. But since you’re here, we have good news for you.
At Golex Properties, we make selling properties easier than ever. We handle the entire selling process from start to finish. We make you a cash offer within minutes of your initial call, close in less than 30 days, and cover all the closing costs. Most importantly, we purchase your property as-is, so you don’t have to worry about making repairs or property cleaning. Simply take whatever you want, and we handle the rest.
How do we benefit? Acquiring properties, fixing them, and flipping them for a profit is a part of our investment strategy. We create a win-win-win situation for you, us, and the local community.
Golex Properties is a Better Business Bureau-accredited company with an A-Plus rating.