Is your house in the market for quite a long time? But still, you’re looking for a chance? It probably is because the market is slow. There are usually many reasons why a listing only sells slowly. The price or condition of the home may not appeal to buyers.
There might be some hidden issues to be addressed before prospective buyers consider making an offer. This article will discuss six common reasons why properties don’t sell. This will aid in uncovering any problems before they become deal breakers.
Selling a Property Is a Real Struggle
Selling a house is a real hassle. The process of selling a property can be frustrating. You become trapped in a loop, spinning back and forth with no end in sight. The market is competitive, with 6.1 million properties sold in 2021 alone.
Many factors can affect whether your property sells or not, and many things you can do to increase the likelihood that it will sell quickly and at the price you want or above. Take a look at these factors:
If you’re not selling your property, you could have overpriced it. As many as 75% of sellers are guilty of doing this, which is a significant mistake. Your strategy will only backfire if you are slightly overpriced. But when owners price their properties higher than what the market will bear, they tend to reduce their number of potential buyers. And settle for an even lower price later.
Be realistic about your pricing strategy if you want to attract buyers and for the most considerable possible future price. Look at recent sales in the area or consult an experienced real estate agent who will provide expert advice on where to set your asking price.
Poor Curb Appeal
Sometimes, it’s as simple as this: your property just doesn’t look good enough. You might have the best real estate agent in town. But buyers will simply skip by if your curb appeal isn’t up to scratch.
According to the Journal of Real Estate Finance and Economics, a property with excellent curb appeal typically sells for 7% more than one with bad curb appeal. A well-maintained property will always sell faster compared to a poorly kept one.
For example, if the exterior wall of your house is unappealing. The paint is chipping and mold growth; there is faded paint then. Your home, at first glance, won’t be appealing to buyers.
They might not also consider looking at your property. The solution is to appoint an experienced house painter. They must know the latest paint and painting techniques that eliminate all concerns like a bubbly wall, mold growth, etc.
It’s also crucial that you ensure all other aspects of your property are in order before putting it on offer, especially if this is something potential buyers will come across when they first arrive at your door, such as the lawn.
If you’re looking to sell your home, several factors will help determine when it’s the right time. As per the leading curator of real estate data, May, June, and July offer premium prices of 10% or more above market value based on the median sales price. Listing your property during these months will be wise to benefit from this premium pricing.
Two main factors influence the seasonality of real estate: weather and school year. In most regions, housing sales are more outstanding in the springtime and summertime than in the cold season. This is because more people are looking to purchase homes when they need to be covered in snow or ice.
Also, many families with school-aged children usually move around this time of year before the school year begins because it’s easier for them to find jobs and affordable housing options.
Realtors and brokers assist 86% of homebuyers in purchasing their house, so it’s essential to ensure you’re working with a competent realtor. A good agent can market your property, negotiate on its behalf, communicate with buyers, and answer questions about it. If your agent is unprofessional or unable to perform these tasks, they may have lost potential buyers before they even meet them face-to-face.
Hidden defects are things that are not readily apparent to the buyer. These can be anything from cracks in your foundation to a faulty electrical system or plumbing. Hidden defects can be expensive to fix and may result in you walking away from selling your property. They can also cause buyers to walk away from your property because they don’t want to deal with these issues after they buy their new home.
Hidden defects can be complex for even the most experienced inspection team. You must hire an inspector who knows what they’re looking for when inspecting houses. You have all the information necessary before putting your home up for sale and having potential buyers walk away because there are hidden problems with their potential purchase.
Unappealing Listing Pictures
When interested patrons see your ad, the very first thing they see is your listing photos. Research shows that listings with good visuals sell 32% faster than those without them.
First and foremost, you should always shoot in HD so the photos look sharp and crisp on the buyer’s computer screen. Next, be sure to include a variety of shots, both the interior and exterior of each room in your house.
Make sure there aren’t any distracting elements in the background a messy dishwasher or dirty shower curtain, and don’t forget to take at least one shot from each angle front door, living room window, etc.
Finally, be careful to use only a few essentially repeated photos. You want to avoid uninterested buyers looking through 100 images before finding one unique picture.
Don’t get discouraged! If you do not see your desired results, it’s time to look at your listing. It may be time for a refresh, or some things need to be updated. If you’ve been keeping up with the trends in real estate and have followed our advice so far, then your home is probably ready for market. This blog post has helped identify any possible obstacles between you and a sale!