Your Question: I've Had My House on the Market for MONTHS and it's NOT Selling! What's the Problem?
Professor Tate Answers:
If you’ve had your home on the market for awhile, with little activity and no offers, there's a problem. But most likely, you can find a solution. First, you need to identify what’s going on.
It’s important be objective if you’re going to identify the reason your home is not selling. Pay attention to four of the biggest reasons homes typically are hard to sell. Does one of them fit for you?
1.) The Home is Overpriced. No one wants to think that their home is overpriced. Especially if it holds sentimental value to you, or you’ve spent a lot of money and time improving it. But when it comes to pricing a home, you need to be objective and rely on more than your personal opinion of what it's worth. Re-evaluate your asking price. What have similar homes in your area been selling for? You can look this information up for free at your City Hall, the Assessor’s Office or the Register of Deeds. One of the best ways to come up with an accurate price would be to have a professional Appraisal done.
2.) Location. You know that phrase: Location, Location, Location? It’s true. Take a beautiful home and put it in an undesirable area, and your home’s value suffers. Take that same home and set it in a sought-after neighborhood and your home’s value soars! If the neighborhood is less than desirable, you will have a harder time selling your home. This is where you decide whether or not you will continue to wait it out, someone is bound to come around eventually – or, you lower your asking price. Again, this requires you to be objective. Perhaps you love the area. But take a step back and remove yourself. Is it a good location in the eyes of potential buyers?
3.) Bad Marketing Strategy. Your home won’t get traffic if it’s not being seen by potential buyers. And if your home doesn’t have an adequate internet presence, your home is not being seen. It’s important to remember that 90% of buyers searching for homes use the internet in doing so. This is why FreeRealtyOnline.com is so valuable, especially our upgraded packages.
4.) Condition of Your Home. Compare your home with others in the same price range. How does it measure up? Are the other homes updated? Do they have upgrades yours doesn’t have? Are they in better shape? Remember, your home is competing with a lot of other homes! If buyers see that other homes in the same price range have better features, more updates and are in nicer condition, yours will have a hard time competing! You may have to reduce your asking price.
Take an honest look at your home and think about these 4 things. Are any of them a factor in why your home hasn’t sold? Once you identify the problem, you can take the appropriate action and start seeing some activity!
You asked, now you know!
-Professor Reel S. Tate