When a home doesn’t sell, there can be a number of reasons why, or there could be just one main reason. Sometimes the reason may be obvious to everyone except the seller. Below are ten common reasons why a home may not sell quickly.
1. Poor Location
When it comes to buying a house location is everything. No matter how beautiful a home is, if it is in a bad location, it will be hard to sell. An ideal location is a quiet neighborhood with a low crime rate, and a high-ranking school district. Also considered in location is how far away the house is from grocery stores and shopping areas. To compensate for a bad location a seller may reduce the price substantially if the home needs to be sold quickly.
2. Over Priced
In today’s economy everyone is looking for a bargain. With access to so much information on the internet, buyers cannot be fooled. It is very easy to compare prices. Many people won’t even bother looking at a house if they believe it is over priced. Therefore, you should make sure your home is not priced higher than similar homes on the market. However, if you are looking to sell your home quickly, you should set the price even lower than the competition.
3. Condition of the House
If you want to make your home more appealing to buyers, you should make any interior or exterior repairs that may be noticeable. While some buyers may be willing to negotiate on the price when there are repairs that need to be done, there are some who are looking for a home with a move in worry free condition.
4. Curb Appeal
Curb appeal is very important when trying to sell a home quickly. This is the first impression a potential buyer will have. If the exterior of the home is not well maintained, a buyer may assume that the interior has not been well maintained and may take caution as to what else may be wrong with this house.
5. Limited Viewing Opportunities
Whether or not you are in a hurry to sell your home, getting as many people as possible to view your home is important. Too much restriction on viewing times will naturally lessen the chance of selling the house quickly. Also, restrictions on viewing times may make a buyer may feel that the seller is not flexible and would not be willing to negotiate on anything else.
6. Poor Advice from a Real Estate Agent
Bad advice from a real estate agent can cost you in time and money. It is important to hire a real estate agent that you can trust to give you good advice. You should ask neighbors or friends for referrals. Make sure the agent has your best interest in mind, and not just concerned about his or her commission.
Make sure your home is easy to view. Perspective buyers should not have to step over piles of clothes, boxes, bags, etc. Make sure all personal belongings are placed away in closets or storage areas. A cluttered room may have the appearance of being less spacious than it really is.
8. An Ineffective Marketing Plan
Today it takes a combination of several marketing techniques to sell a house quickly. Multiple listing services, flyers, newspaper ads are all still good to use. However, over the past ten years the Internet has had a great impact on real estate. Many buyers begin their search for a home on their computer. So make sure your real estate agent has pictures that display the best features of your home.
9. A Slow Market
When the market is slow it is known also as a “buyers market”. Buyers are expecting to find bargains during slow times. Some sellers will just simply wait until the market is more in their favor. However if you are unable to wait it out, you may have to sell at a lower price.
10. High Property Taxes
In tough economical times, buyers consider the cost of everything including property taxes. If you live in a town where taxes are higher than the next town, it is a disadvantage and unattractive to buyers. While a mortgage can be paid off, taxes keep coming every year, and never go away. Some towns allow homeowners to appeal tax assessments and request another appraisal in order to lower their taxes.
If you are planning on selling your home quickly, you should do as much you can to make your home appealing to buyers. Try thinking of your home from the buyers point of view instead of a sellers point of view.
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