5 Reasons Your Home Is Still On The Market
Has your house been languishing on the market for months?
While the Charlotte, North Carolina area has been witnessing a strong seller’s market for quite a while, that doesn’t mean you can afford to be overconfident. Seller’s market or not, buying a house is a huge decision for most people. You can’t expect your home to fly off the shelves at a premium price without laying the groundwork, dotting your Is and crossing your Ts.
So if you’re starting to worry you might never sell your home, this article is for you. Here are five reasons why your home hasn’t sold as fast as you were hoping for.
1. It’s Priced Too High
More often than not, incorrect pricing is the main culprit when a home has been on the market too long. Sure, supply and demand do play a very important part in how much you can get for your home. But that doesn’t mean you can get away with whatever price you want.
Let us explain.
The price is too high for your neighborhood
While your home may very well be the nicest one on your block, there’s one crucial thing you need to keep in mind.
Very often, prospective buyers look at a particular neighborhood because it’s where the houses are within their price range. So even though most potential buyers may love your house, they may be put off making an offer – or even coming for a viewing – simply because it’s way out of budget.
Even worse, your problem may be that:
The price is too high overall
These days, virtually every buyer starts off by carrying out an internet search. This allows them to narrow down their options to homes within their price range. Price your house too high, and it won’t be caught in those searches, which greatly limits your exposure.
Of course, buyers looking for a more expensive property will still find your home. However, these buyers will also be looking at other high-end homes, some of which may be in nicer, more exclusive neighborhoods. As a result, they too may be reluctant to give your home a chance.
2. It Needs Upgrades
While the thought of shelling out money for renovations you won’t be around to enjoy may sound unappealing, sometimes it’s a necessary evil. Most buyers have a limited budget to work with, and having to get new appliances or – gasp – gut the kitchen entirely is going to eat into that budget.
What’s more, no one wants to go through the hassle of carrying out renovations. Unless you happen on a DIY enthusiast, chances are a prospective buyer will prefer a house that’s ready to move into (or requires minimal work) over a fixer upper.
Of course, this is not to say you need to go overboard with renovations. However, your home should at least be in a similar condition to other comparable homes in your area.
3. You Haven’t Depersonalized It Enough
They say that buyers don’t find homes, it’s homes that find buyers.
While this may well be true, there’s something you can do to help a prospective buyer along the way – depersonalizing the property as much as possible.
Depersonalizing your home may be an emotional experience. After all, you’ve probably put in a lot of time and effort to give it your own personal stamp. But if you want to sell quickly, you need to make sure buyers can see themselves living there. Sadly, family photos, the curios you’ve picked up on your travels and that shocking pink shag carpet will only serve as a constant reminder that this is not their home.
Besides, stuff you might love – posters or other artwork, just to name a few – might be unappealing or downright offensive to some prospective buyers. And you don’t want to miss out on a sale because of an ill-advised piece of home decor, do you?
4. There’s Too Much Clutter
Excessive clutter can be just as off-putting to buyers as your personal taste in home decor.
Once again, it all boils down to this. Prospective buyers want to see the house’s potential. Showing them your preferred brand of shampoo and your vast range of beauty products isn’t going to accomplish that. If anything, it will only make them perceive the house as messy and, consequently, less desirable.
5. You Chose The Wrong Real Estate Agent
Real estate agents are a dime a dozen, but not all of them are created equal. You need a realtor who knows the area, understands the market and has a solid track record of successful transactions under their belt.
More importantly, beware yes-men. While you should avoid pushy people, the right real estate agent should be able and willing to guide you in the right direction. They’ll also take care of everything throughout – from the initial listing to closing the sale and everything in between.
Look at it another way. You wouldn’t settle for just anyone when choosing a doctor or a lawyer; and there’s no reason why you should do so when picking a real estate agent to help you sell your home. Choose wisely.
Need help selling your home fast? Get in touch with us today.