The real estate market is hot! Your home is now listed on the market and you’re excited to see how many offers are going to be presented to you. You wait and wait and weeks pass by and you’ve not received even one offer!
What went wrong? It's possible that there are some underlying reasons your house isn't selling. Maybe your home is in a bad neighborhood or it doesn't have enough features that today's buyers are looking for. There could be many reasons your house isn’t selling. Here are 5 possible reasons your home isn’t selling fast:
Local real estate agents can provide information on the average listing prices of homes in your area, as well as historical sales data that could help you determine a fair price for your house. But they may not be familiar with the specifics of your property or neighborhood and its potential buyers. That means it falls upon you to do some research and come up with an informed estimate of what your house would likely fetch at market value—and then set a reasonable asking price.
Take an honest look at recent comparable sale listings in your area. Look for properties that have sold within the last six months or so—but don’t include those that are too far out of range from yours (e.g., if yours is a 2-bedroom condo while another one is a 5-bedroom single family home). Buyers are smart and they know a home’s value more than a seller may think. Setting the initial listing price too high can deter buyers and in the long run hurt home sellers.
You want to sell your house for full asking price, but you don't know what improvements will make the biggest difference. The real estate market is competitive and if you're not willing to put some money into making it more appealing, you could end up with a buyer who offers less than full price. This means that you might have to take on a renovation project that costs thousands of dollars out of pocket just so someone else can enjoy it. Get an estimate from contractors in your area about how much work needs doing before putting the house on the market, then decide whether or not those changes are worth paying for yourself (or at least negotiating for them as part of the final sale).
Over 90% of buyers search for homes online. The first thing they see are the photos of your home. If you’re not using professional photos of your home on the MLS, buyers are seeing amateur photos that don’t show off your house at its best. A good photographer can make all the difference in how people perceive your listing online. Invest in high-quality photography to stand out from the crowd when potential buyers search online for homes like yours. Not only will those beautiful images help attract more attention to your listing, but studies have shown that professionally photographed listings tend to get viewers interested enough in making an appointment for a showing faster than amateur photos.
If an agent is not full committed to selling your home it will show. It is important to hire an agent who answers their phone, knows your market, does open houses, markets your home, and is full committed to selling your property. Hire an agent who cares about you and wants to help you get the best price for your home. An agent who is responsive, helpful, and knowledgeable will make the selling process much easier for you.
A house title represents all of the legal rights surrounding the ownership and use of a residential property. When you purchase your home you want to make sure the title of the home is free and clear of defects or liens which can affect the conveyance of the title over to the new buyer. Your agent will recommend title companies to make sure your home is free and clear prior to buying or selling the property.
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