If you’ve ever wondered, “Why is my house not selling?”, something serious could be wrong. There could be plenty of reasons why your house isn’t selling, however. Here’s our guide to what some of those reasons might be as well as some sound advice on how to handle each situation.
Once your home is a part of the seller’s market, you may aim to sell at the premium price, regardless of your home’s condition. That isn’t the greatest strategy for selling your home, however. You could be overconfident in the seller’s market and forget the primary rules to home selling.
A solution for this is being realistic from the beginning of your process. Despite the fact that you love your house, be prepared for others to not share the same opinions as you. Often times the “updates” you made to your house aren’t what other people are looking for and sometimes it can sit on the market for a long while. Regardless of how the market is doing, it comes down having realistic expectations.
In some parts of the country, people are used to a seller’s market having a high demand but very low supply. That means you can often times get more money for your property. However, that doesn’t mean that you should price your home at the highest price point.
Within the seller’s market, a seller may be more comfortable raising the asking price which can be a big mistake. You should start by determining the realistic asking price for a home. If your house is listed at a price way above the market value, you could miss out on prospective buyers. Another point to remember is that most buyers purchase with a loan, which requires an appraisal. If your house doesn’t appraise for the selling price, someone has to come up with the difference.
The solution to this is making sure that you are sure of your home’s value in your market and having the price reflect that. Have a professional provide an analysis of the local market, decent comparables, and targeted market trend data. All of this information will help you decide on the best asking price for your home.
It could be hard for you to decide on the home improvements to invest in before selling your house. But if you intend on selling for your asking price, you should have your house in the best condition possible. Your asking price shouldn’t only be based on price per square foot.
A solution to this is to have amenities that can compare to other properties that are for sale in your asking price range. Keep your amenities updated as time goes on, such as updating lighting, changing out dated fixtures and changing out worn out flooring. These sound like simple changes but they can make a big and valuable impact.
The document that details the ownership of your home is the title. And for most people wondering, “Why is my house not selling?” forgets that there could be an issue with the title to the house. They could have conveyance without a documented deed, a paid-off mortgage that still appears as a valid lien on your house, or a mechanic’s lien filed for work the house has had by a subcontractor.
The solution for this is simply taking more time to resolve these issues. You can contact the title company to learn what you need prior to preparing your house for selling. Then you can get a jump start on resolving these problems.
With only a couple of seconds to make a first impression, you want it to be a positive lasting one. Most buyers start their online search and make decisions on visiting your house based on the listing photos. If there are limited or no photos, or if the photos are not high-quality, many buyers will move onto another listing.
A solution to this is to have your home staged and photographed by professionals. This is a necessary expense since professional real estate photography can generate many more online views. This can also lead to your listing selling faster and much closer to your asking price.
Perhaps there is nothing wrong with your home at all since the price is right and it’s well-kept. It could be your agent that is turning others off. Since your real estate agent is your main representative, they should be knowledgeable and charismatic rather than burnt out and lacking genuine social skills.
Your solution to this would be to hire an agent that you would befriend. If you wouldn’t find your agent interesting enough to be your friend, who else will? You may need to part ways with your current real estate agent before moving onto a better one.
If your house smells bad, it will take longer to sell. Period. Sometimes you’re just immune to the smell of your house and need a second opinion on how to make your home smell more welcoming to prospective buyers.
The quickest and most simple solution to this is a thorough cleaning – carpets, flooring, sinks, etc. Sometimes lighting a scented candle or having freshly baked cookies before a showing is helpful. However, if your house’s odor is harder to get rid of, investigate until you find the culprit. It could be mildew or mold buildup, smoke odor, or pet urine. And those issues equal a big turnoff to buyers.
Now that you know some of the main reasons to the common question, “Why is my house not selling?” you can get a jump-start on preparing your home. A little investment can go a long way and get you closer to earning cash for home quickly. And if you’re looking for additional help with selling your home in Austin, speak to one of our experts today!
Lisa is a local real estate investor in Austin Texas.