If your home’s not selling, you’re not alone! The average agent only sells 60% of the homes they list.
Is your Home not selling, here in Charlotte North Carolina? It’s not a seller’s dream scenario: you put your house on the market, hoping for a quick sale — but boy were you wrong. You haven’t received any offers and showing requests have been few and far between, leaving you to ask: Why?
We’ll review 5 of the most common reasons why homes linger on the market and go over actions you can take. It’s frustrating to say the least, but you shouldn’t wait any longer to make some changes, especially if your home’s total days on market is more than a month.
Arguably the most important factor to whether a home sells or not is the price. If you’re wondering why your home isn’t selling, the first thing you need to ask yourself is if your home is priced too high.
Sellers often make the mistake of starting with a high asking price, and lowering it later if it doesn’t sell. But this is a terrible pricing strategy. That’s because the first 2 weeks on the market are the most important! The reality is, overpriced homes take a while to go under contract, and often sell for less than market value.
In a seller’s market like ours, the longer a home is for sale, the less desirable it becomes. Buyers just assume there is something wrong with older listings, and they only pay attention to new ones. Plus, the listing gets buried in the second or third page of search results. So an extended number of Days on Market (DOM) is the kiss of death in real estate.
Overpriced homes also attract fewer qualified buyers, reducing the buyer competition. While sellers can ultimately choose the asking price, the market sets the value of a home. Going above or below that value changes the number of buyers who will show interest.
It’s the oldest cliche in the world, but it’s true. When it comes to real estate, it’s all about location! You need to sell your home, but it’s admittedly not in the best location. Despite your custom french doors, chef’s kitchen, or other coveted features, you can’t change the fact that your property backs onto a busy highway or that you’re close to a landfill.
However, with the right strategy, even a house next to a high-voltage power line or smack dab in an airport flight path can attract a buyer and fetch a fair price. Found out how real estate experts suggest tackling the tricky task of selling a home in an undesirable location.
Many location problems can’t be fixed. You won’t stop trains from rumbling down that track behind your home, for instance, or put an end to crime in your neighborhood. But you can take steps to reduce some location problems.
To muffle noise, for example, you can invest in soundproof windows. (If that’s not in your budget, Garay suggests keeping your windows closed during open houses.) To prevent your home from being an easy target for crime — and to give prospective buyers peace of mind — install a state-of-the-art security system or privacy fence.
There is a lot of competition out there to sell homes. Your home has to compete against other similar homes for sale, as well as compete against shiny brand new homes. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Look at your home with a critical eye – put yourself in the buyer’s position. A buyer doesn’t want to have to do anything except move in.
Your best “bang for the buck” in improving the condition of your home are paint and flooring. Make sure that all of the paint is in great condition, both inside and out. Repainting doesn’t cost too much, and will usually make the biggest impact on buyers. Make sure all of the floorings look good too. You may want to consider putting in new carpet. Again, it’s not that expensive but it sure does make an impact on buyers coming to look at your home.
The best listing agents all use an aggressive marketing plan to market their listings. If your listing agent isn’t making sure your home can be found easily on the internet, isn’t actively touting his or her listings to other agents in the area, isn’t running ads in the local newspapers and real estate publications, then it might be time to change agents. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn’t coming close to doing all that can be done to effectively market your home.
The most productive marketing in today’s world of real estate is online marketing coupled with strong agent presence. By online, I’m not limiting this to a Multiple Listing Service and websites like Zillow and Realtor.com.
I’m talking about very focused marketing for homes directed at the correct potential buyers.
This targeted marketing uses an understanding of the age, financial status and motivation of the right buyers for each particular home.
To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. Make your home as easy to show as possible. If you turn a buyer away, they may never come back.
If you are unable to accommodate showing the home, then you will loose great showing opportunities, and may miss the opportunity of showing the home to the “right buyer.”
Homes sell every day for less than their potential value, due to the wrong pricing strategy, a lack of preparation, poor presentation, inadequate marketing and promotional efforts, and/or weak negotiations. All of which reinforce the point that who you hire matters—and that’s the secret to getting higher offers. If you’re looking to buy or sell a home, and want an agent who will listen and work hard to get your home sold for top dollar, call or text me at 704-631-3977.
If you are thinking of selling your home, and are considering interviewing agents, watch this video. In this video we review the 10 questions you should ask your listing agent before hiring them to sell your home.
If you are looking to purchase or sell a home we would be honored to help find what moves you.
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