It can be stressful to see your home languish on the market while others in your neighborhood are moving quickly. A home that isn’t selling can cost you time and money, not to mention your sanity.
Here are five reasons your home may not be selling, and advice for addressing them.
Of course, you want to sell your home for as much as possible. But an overpriced home can turn away even the most eager buyers. On the flipside, if you repeatedly reduce the price, buyers can see it as a sign of your desperation to sell – prompting them to submit even lower offers. Your listing agent can help you come up with a price comparable with other properties in your neighborhood. A professional home appraiser may also be able to help.
If possible, hold off on selling until the main buying seasons in the spring and summer. If you must sell during an off-peak time, you can still attract serious buyers – but you’ll need patience.
If a poor or unsafe location is preventing your home from selling, you may have better luck generating interest among buyers by adding new security measures. Consider installing an alarm system, outdoor lighting and gates or fences.
Investors and buyers with home improvement skills look for bargains, so they will typically offer less for a home that needs a new roof, has faulty plumbing or electrical systems, structural problems or that needs a lot of cosmetic work. The more repairs you make before buyers view the home, the more likely you are to receive competitive offers. It’s usually cheaper to do the repairs yourself than to offer allowances in the closing contract.
If everything else is lined up and your home still isn’t selling, it could be due to your marketing. Particularly in a crowded market, it’s import to make an extra effort to get your home noticed.
Buyers usually go online first to search for homes, so make sure your photos represent your house in all its glory. It’s often a good idea to hire a professional photographer. Also, be sure the home description doesn’t skimp on listing all the features, amenities and upgrades. This is where a listing agent can come in handy. They’ll be able to use their professional experience to create a marketing plan that makes your home stand out.
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