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Homes Don’t Sell for A Reason
The statistics say homes are selling in less than a month in Frederick County lately (Summer 2023). When a house is on the market for much longer than the average time of comparable homes, it’s a good idea to revisit your strategy. There are usually four reasons your home is not selling.
Having a listing that lingers on the market can be detrimental to a seller. As time goes by, the home can attain a “reputation” in the eyes of home buyers, given the dynamics of the local market. They may ask, “why has this home been on the market for so long, when most homes are under contract in x amount of days?” They may look at the home with a bias…a preconception that something is wrong.
Many sellers don’t realize they can hurt their chances of selling their home by making one or more of these common mistakes:
An Overpriced Home Doesn’t Do Well in ANY Market
1. Overpricing their home.
When the number of homes on the market is at an all-time high, about twice as much as a normal market, sellers need to realize that buyers have the luxury of choice. They will choose the best house for the least money. Normal market forces make that fact more of a reality than ever.
When the inventory is low, like it has been for a while, homes that are priced right and in their best condition sell in a matter of days or weeks. When a house lingers on the market in a hot seller’s market, you can be pretty sure that the asking price is not right for the house.
The home needs to be positioned correctly on the market to attract the attention of likely buyers. Remember, most buyers are trusting the advice of their buyer’s agent, who more than likely are educating them on the market value of each home they see.
The Home’s Condition is Important in ANY Market
2. Not keeping a house in the best Condition is a sure-fire way for a seller to send a buyer down the street. Even when competition is high in a seller’s real estate market, buyers are viewing homes in a certain price range, comparing them all as they shop. Buyers choose the house in the best condition at the best price.
The only way to position the house in the market when the condition not up to par with other like homes is to adjust the price, or to renovate and update, which is not always an option. If you aren’t sure which projects need your attention, consult your agent on which improvements will give you the highest return on investment. There are some improvements that may seem like they are worth tackling, but in your particular market, price range, and compared to similar homes, they may not be worth the effort. Your agent should be a trustworthy advisor in these matters.
Some people erroneously think that in a high demand sellers market, “anything will sell.” Although there is some truth to this sentiment, the real question is, will a home sell for top dollar?
A Home HAS to Be Available to Buyers
3. One of the best ways to keep your house from being sold is to keep it from being shown. Being unavailable or making it hard to show is not a good idea. If a buyer’s agent has difficulty getting the OK to show your house, they will move on to the other houses on their list, and chances are, they might not come back.
The best way to sell a home is to be very flexible on showing times and to temporarily do as much as possible to arrange your life around the goal of selling your home. And keep your cell phone in your pocket. The sooner you sell your home, the sooner your life gets back to normal.
4. Lack of proper Marketing is another way to keep your home from selling. By proper marketing, I mean modern internet marketing, where over 92% of buyers are looking. Sellers need to make sure their listing agent is advertising on the many real estate websites that are on the web. Internet marketing demands professional photos, high-definition video, and a detail-rich description. The listing needs to be syndicated to the dozens of websites where buyers are looking.
One of our favorite listings, a Myersville Renovation:
General Truths About Home Selling
There may be other issues at play when a home doesn’t get any offers. Your real estate agent should be familiar with your market so they can give you the best advice. But generally, the reason for issues will be somewhere in these four reasons for your home not selling.
One truth in real estate that has been tested over the years is this: for every 11 showings, you should get one offer…IF your home is priced right and in the best condition for your market, or compared to comparable homes.
By following these tips and using an experienced local real estate agent, you will have success in selling your home in the least amount of time for the best price for your market. Your house can be one of the homes that sell in 30 days or less, instead of the house that lingers on the market for months.
Contact Chris Highland for our High-Touch High-Tech Listing Plan.
Chris & Karen Highland