3 Reasons Your House Hasn’t Sold
3 Reasons Your House Hasn’t Sold. There are really only three main reasons the property isn’t selling or hasn’t had any offers. While two of these things can usually be changed one cannot and it might be the one that is the major holdup in getting your home sold.
Price is usually the number one reason a home hasn’t sold. Even the worst home in the worst location can sell if it’s priced right. Of course, most home sellers need to gain some profit from the sale of their home in order to pay commissions, sales tax, and hopefully have money to put towards another home. Because of this, you might not be able to sell it for what you need to sell it for in which case it will sit on the market for far longer than it needs too. It’s at this point you need to speak with your real estate agent about the possibility of short selling the home. This is where you would communicate with your lender about the difficulties in selling the property, any hardships you have in needing to sell the property or being unable to make the mortgage payments, and then selling the property for less than you owe on it. This will drop the price dramatically and get more buyers in the door.
You need to speak with your agent about what you actually need out of the home. As your agent, we don’t want to give away the home, and we understand that you do need a profit from it, but when you overprice a home you saturate the market and it usually will set far longer than it needs to. Find out what you absolutely need for the home, find out comparable properties in the area, what they have sold for and what they are currently priced at, and then make an informed decision on a good price point.
2. Preperation to Sell Home
If you’ve priced the home and realize you need a certain amount of profit for it but have neglected to prepare the home for sale it will probably sit stagnant on the market. This means that if you’d like to receive what you want from the home you need to improve it by making sure the home is move-in ready, staged appropriately, and any minor repairs or major hazardous issues are taken care of. Buyers want to see value in the price and if the home is dirty, unkept, or needs mountains of work, buyers will pass it on by. Have your agent go through the home room by room making sure any issues that you’ve become blind to are addressed. Clean everything and if funds allow bring in a cleaning crew and have a professional stager prepare the home or it at the very least offer a consultation of what needs to be done in order to make the home show-ready.
3. Location (something you cannot change)
While the first two reasons can be easily addressed by the homeowner this final roadblock is usually harder to overcome. Perhaps the home is next to railroad tracks, a busy freeway, an airport, or in a neighborhood that’s less than desirable. All of these issues are hard to overcome so you’ll need to price the home and stage it even better than your closest competition. You might not be able to change the location of the property but you can highlight the features that the home does possess. Does the home have a swimming pool? Hot tub? Extra room? Beautiful outdoor living space? Close walk to schools, parks or restaurants? Find what benefits and desirable features your home does possess and showcase those either in flyers, brochures, online or in person.
If you’ve sat on the market too long, get a fresh pair of eyes to look over the listing and the property. Call me anytime for free in-home listing presentation and consultation on getting your Irvine or Orange County property sold.