Top reasons a home does not sell quickly
Home is Priced Too High
- By far, the worst home selling mistake a seller can make is hanging the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers worry that they'll give away profits.
- Pricing a home to sell is an art. Part of the market value is based on comparable sales, but other factors to consider include market movement, demand, the home's location and its condition.
- If the home is overpriced, buyers might submit lowball offers, which tend to result in an immediate offer rejection. These extremely low offers tend to infuriate and insult sellers.
- Some agents deliberately overstate the value of a home and push a seller to sign an overpriced listing. There are many reasons why agents do this, but the bottom line is sellers lose a competitive edge when later reducing the price. The bottom line is sellers who "test the market" get stung.
The Home is in Bad Condition
- Getting your house ready for market goes beyond making the beds and washing dirty dishes. Although I've seen plenty of homes with toys scattered throughout and dishes piled in the sink; buyers can't get out of those homes fast enough. There are at least several essential steps to take to preparing the home for sale.
- Some homes need updating and quick fixes. Doing repairs before resale can boost chances of quickly selling. If items are broken or buyers see deferred maintenance, they wonder what else is wrong. It's more expensive, actually, not to fix the house.
- Dressing your home for showings is called staging a home. Think of the process like arranging flowers in an attractive vase. Your agent will help with this service.
Seller Hired an Inexperienced Agent
- You can hire a good listing agent or a mediocre agent. They all cost about the same.
- If you want full-service, then hire a full service agent.
- Carefully read the listing agreement to make sure the agent who brings a buyer is fairly compensated because one surefire way to make sure an agent won't show your home is to offer a low commission percentage.