Upper Cape Living: Why Isn't My Home Selling?
By: Lynette Helms, May 6, 2014
So you've decided to sell your home, you've signed a contract with a real estate agent and everything looks great! You had a bunch of showings in the first couple weeks the home was on the market, you saw your house in ads and you're feeling like a quick sale is in order.
Slowly but surely, that feeling fades. Your home sits on the market, the showings dry up and your home is sitting there, just waiting for a buyer. You begin to wonder, "Why is this happening?" and "Will I ever sell this home?" Six months later, you're ready to give it a go with a different agent and the cycle starts all over again.
It's happened to all of us, both in our professional and personal lives, and usually, it's due to something in our control. Outside of the severe recession of 2007-09, most of the time a slow or stagnant sale is due to an entirely avoidable reason, and one that can be easily remedied.
To prevent you from encountering this problem, we're answering, in our professional opinion, why your home isn't selling.
Reason #1: It's Priced Incorrectly. In plain English, the price is too darn high! If you only listen to one thing your real estate agent says, listen about the price. We have access to all of the data, have done our research, and will tell you what a realistic asking price is for your home. Don't let your ego get in the way - if our estimate comes in lower than you thought, there's a good reason for it, whether it be market conditions or something to do with the condition of your home. Letting your ego get in the way is the worst mistake you could make - while your home might be a treasured family retreat for you, the market might not see it that way. As an industry, we can sell anything if its priced correctly so, please, listen to us and price your home competitively.
Reason #2: You Haven't Kept Up With Maintenance. Buyers can deal with outdated kitchens, ugly carpeting and unique wallpaper. What buyers don't want to deal with is a home that needs all of the above, and a ton of maintenance just to make sure the heat stays on or the roof stays on the house. While there are buyers out there that love a fixer-upper, there are certain repairs that aren't fun to make and can torpedo a sale. If you haven't kept up with maintenance, prepare to take a huge hit on your asking price if you hope to sell the house at all.
Reason #3: Your House is a Mess. We've covered staging in a previous post, and while staging is definitely hugely important, keeping your house clean is even more important. If you're thinking of listing your house, pay for a professional cleaning so your house looks as clean and organized as possible. Steam the carpets, wash marks off the walls and deep-clean everything. Remove as many knick-knacks and general "stuff" as you can. This lets potential homebuyers envision their ideas and possessions in the space, making it easier for them to envision moving in. Trust us, this even helps homes that need some serious updating.
Reason #4: You're Being Stubborn. Sorry to call you out on this! A lot of times, there's nothing wrong with the house, but a lot of things wrong with the seller's attitude. We've had some absolutely beautiful listings with a lot of showings sit on the market for almost a year because a seller won't budge on something, whether its price or haggling over who pays for what around closing. As noted earlier, selling your home can be an ego-bruising experience if the market realities don't match up to your expectations. Our best advice is to be humble and realistic about your house. If something pops up during the inspection or appraisal process, don't go into denial - deal with problems that pop up and be willing to work with the buyer and their team. If you're open to doing this, you should be in position for a fast sale at a good price.
Do you have any home selling horror stories? Leave them in the comments!
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Real Estate Associates was established over 40 years ago and specializes in Upper Cape Cod real estate. Our Tradition of Excellence, rooted in local expertise and combined with global reach, has helped us maintain our status as the #1 market leader in Upper Cape Cod Real Estate. Whether you're looking to buy a home, sell a home or rent, visit our website at www.capecodhouses.com, stop by any of our five area offices or give us a call at 1-855-680-0880. We'd be delighted to serve you! Click here to see past Upper Cape Living Columns