3 Reasons Why Your Home Isn’t Selling & What to Do About It?
Are you wondering why your home is still sitting on the market after a few weeks of going live? Why is it not selling, and what can you do about it? Selling a home is not an easy task.
If your home isn’t getting any showings or offers, something may be wrong with your listing. Let’s review the most common reasons homes linger on the market and what actions you can take.
1. The price is too high
Without question, the No.1 reason a home isn’t selling is usually always the price. Homebuyers pay attention to overpricing. The potential buyers might back out if you’ve priced your home way above its fair market value. So, pricing your home is fairly crucial.
Here’s why pricing your home too high initially could backfire:
Your listing could go stale if it sits too long on the market: Buyers can see how long your home has been on the market. They may assume a problem with the house if it has been on the market for too long. Also, they may conclude that it is overpriced and turn their attention to other options.
It could cause appraisal issues: Going under contract on an overpriced listing could cause problems if the buyer’s home appraisal comes in lower than your sale price.
Buyers want to pay a fair price for the home. Also, remember buyer’s agent will always run the numbers before a showing and tell their clients if they think the home’s list price is too high relative to its valuation.
What’s the fix?
Pricing your home right gives you a better chance of selling it quickly. So, in most cases, it is time for a price drop. But in reality, price reductions are common and sometimes necessary to reel buyers in. According to National Association of Realtors data, 22% of recent sellers closed on their homes after one price reduction.
2. Your home’s condition or appearance needs improvement
A home’s poor condition can prevent it from selling even in a hot market. That could mean your house is outdated and needs significant repairs. A house in poor condition limits the potential buyer pool. Also, it has less online marketing appeal and appears very fewer showings. In particular, you could miss out on first-time home buyers who often desire a move-in ready home or don’t have the money to make repairs. Problems like a damaged roof, electrical issues, plumbing leaks, or termite damage may drive away the buyers.
What’s the fix?
If you are targeting first-home buyers, you might want to get those repairs done. Cosmetic improvements also have the highest return on investment of any changes you can make to the property. They’re attention-grabbing in online marketing and showings, signaling to potential buyers they have less work to do when moving in.
But before moving on with making any repairs think about whether it’s worth it for you to make those repairs and improvements or sell your house to cash buyers who can give you a fair offer for your home regardless of its condition.
3. You are working with the wrong buyers
You might have listed your home in a rush out of necessity. The roof is getting old, or there is water damage in the basement, but you don’t have the savings to fix it right now. Your home may need some work.
A situation when the seller needs to sell urgently may find an off-market sales work better. Many buyers expect the home condition to be perfect. According to a survey, 80% of Americans say that they would prefer to buy a ready-to-move-in home than one that requires a renovation.
What’s the fix?
Sell your home to a real estate investment or house-buying company. These companies accept and buy the home in as-is condition. All you need to do is to provide a few details about your home. The buyer meets to view the property and offers a fair deal. Finally, you decide whether you want to accept or decline the offer.
If selling a house to a cash buyer interests you, request a cash offer from Needtosell.com. Let us know how much your need and how soon you are planning to sell rather than doing the work of pricing your house and staging it for the market.
It’s not too late to get your home sold.
It can be discouraging to see buyers pass by and new properties whizzing on the market, then they are off to closing a lightning speed. But remember, there is a buyer for every home. It’s never too late to get your home sold.
If your current plan is not working, maybe it’s time to pause and reset your strategy. You can take your home off the market, make some changes and relist it.
But if you are tired of making changes and listing your home, you could request a cash offer from Needtosell.com and skip the hassle of staging and showings. We Are an Industry-Leading Home Buying Company. We aim to make things simple no matter why you need to sell them.
