If you find yourself with a house that's lingering on the market, it's time to take a hard look at why this is happening and do everything you can to remedy the situation. A house that languishes on the market can cost you more in the long run because you need to keep dropping your price so that people will be willing to buy it. And that doesn't even include the fact that you might be already moved into your new home and are paying two mortgages. There's a better way.
Today we list some of the top reasons why your house may not be selling.
You Didn't Do Your Homework
Just slapping a For Sale sign in the front yard won't get you very far these days. You really need to work at selling your house. Check out your potential competition including what's currently for sale and homes that have sold recently. Select homes within a one mile radius of your house and that fit the general description of your home such as four bedrooms, three car garage, executive neighborhood, etc. View their online profiles. See what kinds of upgrades they have, how it's decorated, where it's located, etc. Then take note of the price. Your house needs to compete with these homes and you want to come out looking better and being a bigger bargain than the competition.
You Listed It Too High
The initial listing price of your home is very critical. Buyers are savvy and have done their homework. They not only know the value of homes in your area but are on the lookout for a bargain as well. Pricing your home too high initially will cause your property to languish on the market. At this point, you'll need to start dropping the price to get more interested buyers. If your house lingers too long, then people start to wonder what's wrong with the property. They'll assume other buyers passed on your house because of a major flaw like mold issues or a leaking foundation and will pass yours by without even looking at it.
The fastest way to sell a house is to determine it's fair market value then price it just barely under. Your house will look like a bargain and you may even get multiple offers that will drive the price over fair market value.
|Source: Zillow Digs|
Remodeling in and of itself isn't bad. But if you remodeled to suit your own tastes and didn't keep in mind resale value, then you may have just bit yourself in the behind. Maybe you added in a gourmet kitchen with high end appliances, granite, and top cabinetry in a small ranch home surrounded by working class families because you thought you were going to stay there forever. You will never be able to recoup the cost of that remodel in this neighborhood.
You Took Bad Photos
Your home's online presence is vitally important. Everyone looks at your listing online first before even considering heading out to physically look at it. Your photos need to give a good representation of the home, show how it flows from room to room, and show it in its very best light. If possible, hire a professional house photographer. It's a wise investment that you will likely get returned when your house sells quickly and at top dollar. If you can't swing a professional shoot, then find the best camera you can, and a friend who is good a taking photos. And please, don't take pictures of your couch or your grandma's beautiful antique dresser. People want to see the house, not your belongings.
You Didn't Ask For Feedback
Be persistent about asking for feedback after you've had a showing. Ask what they thought of your home and why they didn't put in an offer. If you consistently hear the same negative comments about your house after every showing, then you'll know what you need to work on.
You Didn't Listen To Your Realtor
|Eric & Sharla Stafford|
A good realtor will tell you everything you need to know to sell your house quickly and for top dollar. Your realtor should be able to tell you everything mentioned above and then some. They will have told you to remove personal items, clean it so it sparkles, remove much of your furniture, and even how to arrange your remaining furniture and what colors the walls should be. Remember, these people have been in hundreds of homes in your area and know what is selling and why. Listen to them!
Source: Michelle Schwake for Stafford Family Realtors