Many of us see homes selling like hotcakes these days. As fast as they come on the market, they’re under contract. But this isn’t the case for everyone everywhere. In the Greater Cincinnati area, there are areas of high desirability where houses of any condition sell quickly and there are areas where homes linger on the market for months, even if they seem to be in great condition. If your home isn’t selling, here’s a list of possible reasons.
The price is too high. Just about any house can sell if the price is right. All too often, sellers price their home based on what they want rather than what data of comparable homes demonstrates. Or they overestimate the quality of their home compared to other homes that have sold for more. Pricing your home right the first time almost always ensures a quicker sale. Use an experienced Realtor’s® analysis to determine the best price. Sitting on the market a long time without a price reduction only hurts you in the long run as people tend to assume something is wrong with a house that sits unsold so long. There’s so much available information for the public to make their own comparisons, so an overpriced home is often quite obvious to potential buyers.
The price doesn’t reflect dated aspects of your home. Perhaps you live in a great location and you’ve priced your home according to other similarly structured homes in your neighborhood that have recently sold. The problem may be that they’ve replaced the kitchen and baths and updated flooring but you’ve only painted a couple of rooms. This won’t go unnoticed. Buyers want a discount for outdated homes, even when in a desirable location. If they will be the ones to invest in the updates, they’re going to want to start at a lower base price. Listen to your agent when it comes to pricing your home according to its condition.
The price doesn’t reflect deferred maintenance in your home. Perhaps your home looks pretty good from a cosmetic standpoint, but there are some expensive maintenance issues you’ve not addressed. Things like the need for a new roof, new furnace, chimney repair, worn out deck, or the occasional water stains in the basement can all lead to high ticket costs. Many buyers will ask questions about such items and get scared away when they realize how much additional investment they’ll need to make just to have the home in working condition. If you can’t invest in the maintenance yourself, take a look at reducing the price to reflect the condition.
Your home is too dark and doesn’t show well. Buyers expect bright, good-vibe feelings when they enter a home. If yours is vacant, dark, and uninviting, you’re losing out on make a good first impression. Invest some time in staging a few rooms if the home is vacant – either on your own or with professional help. Keep blinds and drapes open for showings and ensure there’s enough lighting to keep the home bright.
The listing photos are poor quality. If your Realtor® allowed poor quality photos to be used in your listing, you might have made a poor choice in representation. Good agents know that great photos are key to marketing the home’s features. Photos attract buyer interest. You can’t bank on prospective buyers imagining anything better than what they see in a photo. Make sure your photos are well lit and use the best vantage point for each room. And you have an important role in the photos – clean out your clutter! All surfaces should be free of any clutter, even knick knack things that you think add sentiment to your home. Sometimes clearing clutter also means getting rid of extra pieces of furniture that take up too much space. Every effort you make to showcase a pristine, spacious home helps bring in offers.
Buyers can’t get easy access to view your home. Sometimes sellers have restrictions when opening up their home for showings. This can hinder the prospects’ ability to walk in your home and make an in-person assessment. Remain flexible on your rules for showings so that you have a wide range of times that it’s open and ready to be shown.
You’re priced right, but your home is higher-end. Most of the buying happening right now is in a price range that maxes out around $350,000. If your home is higher-end, there simply isn’t as much demand. Your best options are to stay in it for the long haul, perhaps offer some extra incentives, or lower the price for a quicker sale.
Your home is uninsurable. If you happen to own a home that doesn’t meet basic standards in electrical, plumbing, roofing, and heating/cooling, then it might be difficult for a buyer to get it insured. This limits your pool of buyers to rehabbers who can pay cash.
Banks won’t lend on the home. Similar to what’s needed for insurance, a lender won’t issue a mortgage if a home is in poor condition and doesn’t meet the lender’s set of guidelines. Buyers needing an FHA loan will find that the Federal Housing Agency is very particular about what standards a home has to meet before it will issue a mortgage. You might have to make improvements to bring the house up to an acceptable level for lenders.