It can be extraordinarily frustrating to put your home up for sale and watch it fail to sell. It helps to understand why it might be taking so long to sell so that you can make improvements and downplay negative aspects while highlighting better attributes.
Key reasons your home might not be selling include its location, condition, and pricing strategy, as well as its marketing and presentation.
Location is a key reason that you might be having trouble selling. Aspects of location that are important to those looking to buy include (but are not limited to) the following aspects:
- Neighborhood – Some neighborhoods will simply be more attractive to buyers than others. Key elements of a strong neighborhood are its amenities, appearance, and accessibility. Amenities and accessibility are both essentially about convenience – proximity to good stores and schools, as well as to key thoroughfares. Appearance is about landscaping, as well as parks and trees.
- Lot location – You will have a more difficult time selling if your house is adjacent to commercial property or a high-traffic street.
- Development – Buyers are more likely to appreciate your home’s location if there is good access to commuting options, hospitals and healthcare, dining and entertainment and well-rated schools.
People will look closely at the condition of your property. That starts with curb appeal. Are you keeping your yard tidy and inviting? Is there anything that could turn potential buyers against you from the street. Now look inside your house. Is it well decorated? Think about conducting repairs and updating the flooring or paint.
Your price may simply be too high. If a home is in a desirable location and is presented well compared to the competition, it’s possible price is the problem. Since a higher sale price means you may be able to get that new home you really want, it can be easy to think the right choice for a listing agent is the one who suggests the highest price. By going with the agent who suggests the highest price, you could be setting unreasonable expectations.
Be as familiar as you can with comparable properties. Be certain they really are comparable. Make adjustments for quantifiable differences such as square footage, bedroom and bathroom count, finished space in the basement, and exterior improvements like porches, decks, patios and pools. Also consider less tangible things like whether the home is on a busy street, has a challenging or sloping lot, or backs to a golf course. Be continually familiar with inventory and the behavior of the market. This can be a complicated analysis to undergo alone – don’t hesitate to get a full analysis from a qualified agent to help you make the right decision.
Marketing & Presentation
Marketing is an active process and it takes a plan that is proven to drive results – not a haphazard approach that sits back and waits. Ask your agent how they will get your home maximum exposure and how they distribute their ad budget. If there isn’t a consistent budget allocated to advertising, you may want to conduct more interviews. A marketing plan should include a strong online presence on the websites proven to attract buyers, a structured plan to contact these buyers immediately and follow up with them relentlessly and a mechanism to reach out to buyers looking for a home like yours vs waiting on them to contact you. Other things your agent may use in his or her plan is a targeted social media ad campaign, a coming soon program to generate buzz for your listing and mass mailing exposure. Of course, if your home has amazing exposure but is presented poorly you will still struggle. Make sure your home is professionally staged and photographed and that you have a walk-through video tour to increase your website ranking and give buyers a perspective photos can’t.
For any of the above reasons, your home may be struggling on the market. Work on all these aspects – but pay special attention to price. Keep in mind that multiple offers can bid up the price even if you set the bar lower than you would like. Your primary goals are to attract interest and come across better than alternatives.
Author: Joseph Sabato
Joseph ranks in the Top 1% of Keller Williams agents in the United States and is ranked #1 in sales for KW Martin County agents. Interested in finding or selling a home in Martin County? Call 772-237-3435