4 Common Reasons Homes Don't Sell
Whether you are thinking about selling your home or if you have decided to sell your home and have found yourself unsuccessful in this venture - you may want to take a close look at this article. There can be various factors that will prevent a successful sale of your home that you may not be aware of that you really should be. Fortunately for you, these factors can all be resolved once understood and can present you with an advantage to increase the likelihood of selling your home. With over 20+ years of experience in this field, here is some advice on what you should be aware of when trying to sell your home.
1.) Over Pricing
The number one reason why homes do not sell on the market is because they are OVERPRICED. Many times, sellers do several renovations to their homes and believe their property is valued at a higher price without taking into consideration what other houses in their neighborhood are going for. This is a big factor on how a property is valued. And unfortunately - gets ignored by first time sellers. Prevent this from happening by getting an accurate value of your home by analyzing your property with a professional, reviewing concrete comparables and current market trends. All of these factors will help you understand the real value of your home and help you sell it quicker!
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A big factor that can deter buyers from purchasing a home is the condition in which the home is initially presented to them. If someone is going to pay for something, they expect to see it in great if not really good condition. Not many people are open to buying something at full market price when many renovations are needed or if the house looks too disorganized. Unfortunately, not many people have an active imagination so it can be critical on the seller's end to help with this. If the seller is looking for a full asking price make sure the home is in a condition that warrants such value. In addition, getting your home staged and photographed by a professional can increase the likelihood of a sale. Due to the internet being a prominent stage for how people first view homes, making sure all pictures and online advertising meets the same standard as if someone were stepping foot into your house for the first time!
Ever heard of Supply and Demand? Well when there is a high volume of supply the demand is usually low. This means that it is very important to be aware of how many homes are available for sale in proximity to yours. When there are several options to choose from, anything can deter buyers from your property. It's important to make sure all the previously mentioned factors are on your mind when selling a property. If there is competition, it's your duty to try and make your house stand out. Presentation and staging can be a nice way to tip the balance in your favor for this dilemma.
4.) Home Issues
It's great to get a lot of attention on your property but if you have potential buyers request a home inspection and your home fails for whatever reason - guess what? Your property will likely not be selling. Some common home inspection issues that prevent a property from selling are faulty wiring, heat/cooling system defects, plumbing issues and inadequate insulation. It's important to be on top of the condition of your home if you expect to get it taken off the market as soon as possible. Best recommendation for this will be either stay on top of your home mechanics prior to selling or hire someone to inspect your home prior to selling.
Do your due diligence to make sure you have done everything in your power to increase the likelihood of getting your property sold and that is what will happen. Best of luck.
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