In economics, according to a definition by Investopedia.com, the law of supply and demand is the theory explaining the interaction between the supply of a resource and the demand for that resource. The real estate market is slowly transitioning to a buyer’s market with more people looking for a home to buy or for investment. Noticeable also is an increase in the number of homes left unsold exceeding their listing time frame.
Just putting up a For Sale sign on your front lawn does not guarantee the sale of your home. It takes time, patience, and effort to successfully sell your home and there are a number of reasons why your home may not be selling and we have compiled our Top 10 reasons why and what you can do to increase your opportunities to get your home sold and off the market.
Incorrectly pricing the home could be one of the major reasons why your home isn’t selling. It could be that the property is priced too high compared to the current market in your neighborhood. Price band errors are also a common mistake made by sellers and agents; by placing too many 9’s at the end of the price instead of a whole number. Most websites and real estate mobile apps use whole numbers for their price band in a home search application. If you are priced at $349,900, the buyers searching for homes with a starting price of $350,000 to the maximum price of $400,000 will not be able to see your listing unless they lower their price range.
Solution: Run a comparative market analysis of the current pricing in your neighborhood. It is essential. It is also ideal that the home is priced within your targeted price band to increase the chances of more buyers seeing your home.
2. NOT THE “RIGHT” AGENT
Many people hire a real estate agent just because he/she is a friend of a friend or an acquaintance; or a relative. But are they the "right" agent? Agents all have the same goal – to help you sell your home. But having the right agent for the job will help you sell your home FASTER.
Solution: Doing research and conducting interviews, instead of just relying on someone's referral, will help you get to know the realtor that you may choose to work with. It will be, after all, a team effort. Be sure to ask questions about his/her marketing plan, check their track record and review their past client's feedback.
3. NOT USING PROFESSIONAL PHOTOGRAPHERS
In a world where almost everyone is connected online, visual presentation of any commodity being sold is crucial. Most of the time, realtors or For Sale by Owners (FSBOs), try to limit the budget for marketing and use sub-par photos in their listings and not fully taking into consideration that home buyers are more attuned to checking professionally done photos and videos of houses. Photos taken using mobile phones and DSLR cameras will not have the same effect on would-be buyers to entice them in checking your house further.
Solution: Spend enough money for professional photographers to take photos and create a video presentation of your home, it will cost you money but will definitely yield positive results by getting your house sold faster. We absorb this expense as part of our service and marketing.
image source: styledstagedsold.blogs.realtor.org
4. NOT PROPERLY STAGING THE HOUSE
Professional home staging has also become a necessity much like professional photography. Most of the time, professional photographers can help you stage your home to make it look like something from a Home Design magazine. Using a home staging service will induce people to linger and help visitors envision there furniture and possessions in the space that's created. They will help highlight the best parts of your home.
Solution: If you have the extra budget, spend money on professional home stagers to help make your house more visually appealing to potential home buyers.
5. NO ONLINE PRESENCE
Social Media marketing has become vital in the real estate market. Most realtors are connected through various platforms of social media. But effective social media marketing cannot be overemphasized in marketing your home. Making sure that you are reaching your target market when advertising your home will help you get your home sold in no time at all.
Solution: Know your market. If you are looking to sell your home to young professionals trying to start a family, it might be best to time your marketing efforts during early evenings between the times when they are winding down from work and just before they go to bed.
image source: www.haravi.com
6. MAKE REPAIRS
Getting ready to sell your house also means that your house is move-in ready for the new home buyers. Most buyers are looking for houses that they can readily move into without additional work needed. Even minor repairs could easily turn off potential buyers as it would imply additional costs or might delay the closing date.
Solution: Before deciding to sell your house, be sure to do all major and minor repairs around the house. Update the kitchen if need be. Applying a fresh coat of paint can go a long way, it can give your house an updated look and will make it look new to buyers.
image source: www.villascotedazur-for-sale.com
7. VIEWING AVAILABILITY
Most buyers’ realtors often schedule four to five simultaneous showings for a client and your house’s availability for an open house will be an important aspect of selling your home. Buyers would often request for showings during times that are convenient for them but not necessarily limited to weekend schedules. Being flexible with the schedule and having your home always ready for a showing will increase open house visitors and will get more people inside.
Solution: Make the home available to show as often as possible.
image source: www.myrusticview.com
8. PERSONAL BELONGINGS
Too many personal items that are on display might subtly turn off potential buyers. Home buyers would like to envision their own belongings in a space. Too much personal stuff might not help them catch a vision.
Solution: Possessions that you have accumulated over the years could be recycled, given away or placed in storage. Remove some of your unnecessary items and decor leaving enough in the space to show the highest and best use of space.
image source: www.blog.quizzle.com
9. LACK OF CURB APPEAL
Remember that, in your home, you only get one opportunity to make a good impression. Buyers are visual and the first thing they will see is the exterior of your home and the surrounding area. Your home's curb appeal will play a major role in enticing home buyers to want to see more of the [inside of the] home.
Solution: Maintain the exterior of your home. Replace and do minor renovations if needed. Trim and cut hedges to show a well-maintained yard. Put on a fresh coat of paint if necessary. Pick up any litter, rake leaves, and put the kid's toys away!
image source: www.mullinashley.com
10. DO YOUR RESEARCH
Proper research prior to selling your home will help you avoid possible title issues that could arise prior to closing the sale; e.g., open permits or a mechanics lien. These types of issues can delay or stop a sale.
Solution: Work with your realtor or legal counsel before placing the property on the market and do a thorough search on any property detail to avoid any potential issue that could stall or halt a successful sale.