Selling your home can be an emotional roller-coaster, especially in December and January when the real estate market slows down. We already saw some reasons why the days on market (DOM) increased, and most of the time you won’t get multiple offers on day one.
Whether you consider selling during the Holiday Season or rather wait till Spring, there are 3 major reasons why properties sell quickly or sit on the market for a long time.
Reasons Why Some Homes Are Not Selling
The answer is simple: no buyer is willing to pay the price the owner asks for the property.
It only takes one person to make an offer. But sometimes this person is difficult to find, or it may take a while for that person to come forward.
Here are the 3 reasons why homes don’t sell:
- The Property – location, condition, upgrades
- The Exposure – marketing your listing
- The Price – what you ask for your house
The house has to be appealing to the buyer: “If it’s not compelling, it’s not selling”.
Today’s buyers are very picky, even in a hot seller’s market with a lack of inventory. They are looking for a house that’s move in ready and has been updated. Here’s what’s expected:
- Fresh paint and new carpets are a must.
- Update the kitchen or bathrooms
- Furnace, A/C and water heater are less than 10 years old and in good working condition.
- No major issues are discovered during the home inspection.
If your house is not Pinterest ready, you should not put it on the market.
During our initial consultation, I make recommendations on what should be upgraded, which repairs should be made and how to declutter your home to make it ready to list. I can also recommend contractors to help you get these tasks done quickly.
The Exposure (Marketing)
When you hire me to list your house, your listing will get the most exposure possible. Every Realtor in Central Ohio and every serious house hunter will know that your property is available for sale. It will be on Zillow, Trulia, Realtor.com, Remax.com and many other property websites.
I always hire a professional photographer and oftentimes create a 3D, virtual model of the home. Pictures and videos combined with a great property description attract buyers to see your home. We also run Facebook Ads and mail postcards to the neighborhood and our mailing list.
You can rest assured that your property will get maximum exposure to attract qualified buyers, if you list with me.
The List Price
The final item that impacts the sale of your home is its list price. It does not matter what you or I think about the value of your property. The only opinion that matters is the buyer, and how much he or she are willing to pay.
The more buyers we get through your property, the higher the chance someone will agree with the list price and make an offer.
Here’s a rule of thumb: if we can’t get at least 5 showings during the first week, and average 3 per week after that, the house is overpriced.
If we had 20 showings, but no offers, the price is definitely too high.
I always solicit feedback after showings to find out what potential buyers like or dislike.If price is getting most of the mentions, then you should really consider switching it.
What’s Your Home Worth
You can easily find out how much your home is worth at my home valuation website:
Simply enter your address and your contact information to get an instant home value report. The base of this automatic report is on recent home sales.
For a more accurate home valuation that considers your upgrades and the condition of your house, please call me at (614) 975-9650 for a FREE consultation!