Selling a Home

Why Your Home Isn’t Selling…and How to Fix It!

When homeowners list their home, they never consider that it may not sell quickly. Homes that linger on the market happen to other people. But, unfortunately, a home that isn’t selling can happen to anyone, and there are some common reasons why your home isn’t selling. If you find yourself in this unfortunate situation, here are some steps you and your agent can take to revive your listing.

On average, in this post-recession market, most homes can go under contract within the first few weeks. If your home has been listed for more than three weeks, and you still haven’t received an offer, the first thing you should do is identify why your home isn’t selling. Your agent is the best resource to utilize in this situation, because not only are they experienced and knowledgeable, but also, they are likely receiving feedback from other agents. Whether your issues are maintenance related, pricing, or getting people interested in viewing your home, we have tips on how to fix your home selling woes.

Deferred Maintenance

Deferred maintenance is the practice of postponing repairs on a property to save on costs. While there is a market for fixer-uppers, the traditional buyer doesn’t necessarily want to inherit repairs on a new home. Often, when buyers see items that have not been maintained it raises concerns that other, unseen items haven’t been well-maintained either. Unless a home is advertised and priced as a fixer-upper, buyers are expecting routine maintenance items to be addressed.

How To Fix The Problem:

If showing feedback has included comments about deferred maintenance, you, as the seller, should address any items in need of repair. If the hot water tank is leaking, or if the deck has broken boards consider repairing or replacing them if you are unwilling to make repairs, know that it can and will affect the value of your home. Ideally, however, the deferred maintenance items should be addressed and repaired before listing the property.

Difficulty Showing

One of the keys to getting an offer on your home is attracting as many potential buyers as possible to view the home. When a seller limits showings or available times potential buyers can view the home, the amount of exposure for the home decreases. While it can be an inconvenience to leave the house for each showing, it’s a temporary issue that can help your home sell faster.

How To Fix The Problem:

Evenings and weekends are peak times to show your home, and as such, you should plan to have your home available to show during peak times. Additionally, the more notice required for a showing can affect the number of walk-throughs. Rather than requiring 4 or 12-hour notice, be prepared to allow last minute showings.

It’s Overpriced

We are currently in a shifting market throughout much of the United States. What this means for you, as the seller, is that you will need to price your home competitively to stand out from other listings. According to The Washington Post, an overpriced home can linger on the market too long, driving little traffic and potential sales.

How To Fix The Problem:

According to the National Association of Realtors, most homes receive offers within three weeks. If three weeks or longer have passed without an offer, it’s definitely time to sit down and discuss a new pricing strategy. Price reductions can generate more traffic, showings, and interest in a home. If the home continues to linger after the price reduction, sellers may need to continue with regular price reductions. The key is to always price the home correctly during the initial listing to avoid later price reductions.

Other Fixes:

While addressing deferred maintenance, adding flexibility to showings, and reducing the list price can help attract buyers, there are other strategies you can employ to get your home sold:

  • Broker open houses for local agents: broker open houses provide critical feedback from local agents.
  • Offer buyer allowance: if you don’t have the funds to replace worn carpets, offer an allowance which can be taken out of proceeds.
  • Provide a Home Warranty: providing a home warranty to buyers can also provide them with peace of mind when it comes to future repairs.
  • Marketing Strategy: as a seller, you should be insisting your agent is continuously marketing your property and highlighting key features! Creative marketing can help sell a home!

For other tips and tricks, check out the Homes.com How-To section to sell your home and save your sanity!

 

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Jennifer is an accidental house flipper turned Realtor and real estate investor. She is the voice behind the blog, Bachelorette Pad Flip. Over five years, Jennifer paid off $70,000 in student loan debt through real estate investing. She's passionate about the power of real estate. She's also passionate about southern cooking, good architecture, and thrift store treasure hunting. She calls Northwest Arkansas home with her cat Smokey, but she has a deep love affair with South Florida.

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