If you have a property on the market that isn’t selling, you may be making a huge mistake without even realizing it. Here are the seven most common reasons that homes fail to sell:
1. You’ve overpriced the home. This is what usually happens. An agent takes a listing and the seller is insistent on a high price. The seller loves their home and they assume someone else will love it just as much. This rarely happens. Buyers tend to ignore the home altogether because they know it is overpriced. If the price is eventually dropped, the home will be off of most buyers’ radars. It is essential to hit the market with a competitive price from the start.
2. The photos don’t do the home justice. Camera phone photos don’t cut it these days. There should be at least 25 high-quality photos of your home online. If it’s a coastal property, there should be aerial photos as well. When shopping for a home, the majority of buyers start online and you need to put your best foot forward with pictures that will draw people in.
3. A weak agent is representing you. The agent you hire to sell your home should be a professional who is on top of their game. The old saying goes that the top 20% of agents are the ones who make 80% of the sales. In reality, the top 6% make 94% of the sales. Only the agents in that top 6% consistently sell properties for top dollar.
4. There is too much focus on the open house. Very few homes sell because of an open house. In a world with virtual tours and open houses at the click of a button, traditional open houses are no longer necessary.
“Overpricing is the most common obstacle.”
5. The home isn’t prepared properly. Great photographs won’t fix an ugly, smelly, or dirty home. The home should look just as good in person as it does online. Any bad odors should be neutralized as well. Getting your home professionally cleaned will ensure that you aren’t missing problem areas.
6. The home is too personalized. Clearing out as much clutter as possible is key. Getting rid of personal items and photos is a good start. Buyers like to be able to picture their things in the home, not the previous buyers’.
7. Not being flexible with showings. The home should be ready for a showing at the drop of a hat. Being as flexible as possible when it comes to these showings greatly increases the likelihood of your home selling for top dollar.
If a home is on the market and not selling, it’s probably because of one (or several) of these reasons. If you have any questions about how to prepare your home for sale in the meantime, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.