Nothing's more frustrating for a seller than having your home sit on the market. And sit... and sit... and sit some more. Maybe buyers are touring your house, but not making offers. Or maybe buyers aren't visiting your home at all. Either way, you're starting to feel rejected. Often, the reason a home sits on the market for longer than expected boils down to a few easy-to-fix issues and adjusting to the new pricing realities of the marketplace. Here are six of the big reasons your home may not be selling.
This is part of our best in class continuing series of articles and helpful tips and insights into helping you sell and market your home by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in real estate sales and marketing, home downsizing, content clean out and removal and estate sales, and services Pennsylvania and New Jersey. These tips and insights are especially important and true in the environment we are in today, with the global economy turned upside down, and mortgage rate adjustments that have doubled the mortgage rate during the past year, and of course extreme social distancing due to the Corona Virus.
Additionally, during this challenging time in the Corona Virus and COVID-19 era, we help families that are unable travel or tend to their property needs by providing a true one-stop resource. We are focused on making life just a little easier for families during often difficult times. With Personal Property Managers, one call does it all.
1. You've priced your home too high.
No matter what you feel your home should be worth, the truth is it's only worth what people are willing to pay for it. This is especially true today as mortgage rates have double during the past year making home less affordable to buyers. So, get a feel for what the comps - or comparable homes in your area - are going for and listen to buyer feedback. If people are consistently telling you the price is an issue, it's time to pay attention. The huge home price increases over the past few years are now over. Prices of homes today need to reflect the new reality. Trust your real estate agent to inform you about a fair price for the current market, and if you're truly dead-set on getting your ideal asking price, take an honest look at whether you need to make upgrades to your home or wait for a market uptick.
2. No one knows your home is for sale.
Simply sticking a “for sale” sign in the lawn won't cut it. Today's buyers do the majority of their home searching online, which means you need to get your home listed on major real estate sites and on the MLS, or the multiple listing service, used by realtors and brokers. You'll also want to make sure your online listing includes plenty of high-quality, well-staged photos. Today, now more than ever it is important that you have your Realtor video your home as more and more buyers are choosing to preview a home in advance, on-line before venturing out to take a personal tour of the property. So make sure it is cleaned up and cleaned out so that it will show well via the video virtual tour.
3. Your home has some major issues.
It could be a big issue (like a old and leaking roof), or it could be a small but obnoxious issue that buyers just can't get past (like outdated carpeting or wall paper). Either way, the fact that your home isn't selling means buyers are consistently finding something wrong with it. Ask potential buyers for feedback after you conduct showings; their answers may help clue you in to the problem. Some buyers are willing to accept a lower price or a closing credit for a home with a sticking-point issue, but others are turned off from the start and figure it's not worth the hassle of fixing it themselves or trying to negotiate a concession.
4. Your home does not have curb appeal and just does not show well.
Make sure that when prospective buyers tour your home, there's nothing stopping them from falling in love with it. Open those blinds and curtains to let the natural light in and put lamps in areas that are especially dim. Remove any bulky furniture that makes the rooms hard to navigate. Take care of those small items you've been putting off, like fixing sticky drawer pulls or that leaky faucet. Small updates like these could be turning off buyers.
5. Buyers can't picture themselves living there.
The more you enable buyers to picture their own life in your house, the more likely they'll be to make an offer. Clean and remove clutter and get rid of overly personal items like those family photos along the stairway and your kids' artwork on the fridge. If your home is currently empty, near-empty, or your furnishings aren't to most buyers' tastes, you may want to consider hiring someone to professionally stage your rooms.
6. You've neglected the curb appeal.
More than one buyer has pulled up to a house whose listing they liked, taken one look at the exterior, and driven away. It doesn't matter how gorgeous your home is on the inside; if buyers aren't willing to step in the door, then you've lost them.
A few simple fixes can make your curb appeal irresistible. Weed and mulch the flowerbeds, trim the hedges, clear the walkways, and repaint any flaking siding. Consider adding some “homey” touches like a wreath on the door or a bench on the porch. You don't need to spend a ton on landscaping; just making the outside look presentable and welcoming can make all the difference.
The good news is that there is still strong demand for housing and low inventory levels. This makes a strong case for putting your house on the market, however, sellers need to be more mindful of current market conditions and price their homes accordingly.
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For more insights, tips and videos please visit our Resource Page in the About us tab.For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.