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Top 5 Reasons Homes Sit on the Market
Why isn't my home selling?
So you've listed your home with the expectation of getting an offer and moving on to your next adventure (sooner rather than later), only to be hung up in a cycle of showings upon showings every. single. day. with no offers. If your home has been on the market longer than the 'average days on market' for your area, it is probably time to make some changes. Think about it this way: if you are the potential buyer, wouldn't you wonder "Why has this home sat on the market longer than everything else? What's wrong with it? Are the sellers trying to pull one over on me?". We can all agree that is the last thing we want a buyer to have running through their heads as they look at your home!
Don't fret just yet...there is a lot that can be done to help you attract the right buyer for your home!
Here are the top 5 reasons your home is not selling:
1. You are priced too high.
Yes, this is the answer that no one wants. Pricing a home to sell is a bit of an art. Your first step in figuring out how to price your home should be a comparative market analysis, or a CMA. Your real estate agent should be comparing homes in close proximity to yours that have similar squarefootage, number of bedrooms and bathrooms, number of garage spaces, etc. Once you have a list of similar homes, your realtor can help you adjust the price up or down based on different features such as updated kitchens, finished basements, new roof, etc. Pricing competitively is of the utmost importance!
If your home has been on the market for two weeks with little or no promising showings, there's a good chance a price drop is needed.
2. Your home isn't showing well.
There are many free and very low cost things you can do to improve a potential buyer's experience at your home. The most obvious advice is to clean up and freshen up! If you have animals or maybe you like to cook food that has a strong odor, please make sure you air your home out and burn candles or spray room freshener to get rid of any distracting odors. Make sure your clothes are put away, the beds are made, the sink is free from dirty dishes, the floors are swept and bathroom and kitchen counters are clean and decluttered.
Next, take a look at the lighting in your home. Your goal should be getting the home as bright as possible. To do this, replace any burned out light bulbs and have the curtains and blinds pulled back to let the natural light in. Another helpful tip is to pay attention to the weather! Adjust your heat, A/C or fans accordingly, so your buyers are comfortable while they're there instead of rushing through the home because it's 90 degrees outside and the house feels like a sauna.
3. Your home is not being marketed well.
Online exposure is everything for a listing. You should have professional photographs and attention grabbing descriptions about all the best things in your home. Most buyers start their search online, so it's extremely important to make sure your home is on as many websites as possible.
INSIDER TIP: In many areas, when you list with an agent and they put your home in the MLS, it can automatically go onto other brokerage websites in the area. When you list your home 'by owner', you miss this exposure because you do not have access to post on brokerage websites.
More exposure = more showings = more demand = higher offers!
4. Your home is in bad condition.
Take a step into the buyer's shoes before you list your home. Do you have missing shingles on the roof? Is your flooring uneven? Are there water stains on the ceiling from a past roof leak? Minor issues like this will throw up red flags to your buyers and make them wonder what else has been forgotten in the maintenance of the home.
5. You're getting bad advice or none at all.
A professional realtor should have your best interest in mind at all times even if it means telling you the wallpaper must come down or the carpet has to be replaced if you want to sell in a timely manner and for top dollar. As a professional, realtors also have the duty to market your home in the best way they know how. Hiring someone for professional pictures, creating attractive flyers and sharing how awesome your home everywherepossible online are all important factors in marketing your home. A top realtor will also be diligent about following up with all showings for feedback. This is key to making proper adjustments to get your home sold.
Remember, there's a buyer for every home. Make the proper adjustments and they will come!
Hey there! I'm Kaitlin Keiser. I work with buyers and sellers in Northwest Ohio who are looking to set down some roots in a place that will fit perfectly with their busy lifestyle. I've been a Rea....