My house is on the market. Why hasn't it sold?

According to a recent study by the National Association of Realtors, 13,800 houses sell every day in the U.S.

 

If your house has not sold, there are several possible reasons:

 

Price

A house is only worth what a buyer is willing to pay. The price of your house is not determined by what you paid, what you owe or how much you’ve spent on improvements. Your house needs to be priced at a point where the buyer feels a sense of urgency to write an offer before somebody else does. Buyers typically look at all of the houses currently for sale in their target location. If they conclude your asking price is high, they’ll skip it and move on to another house that has better perceived value. There’s a direct correlation between days on market and the asking price. Houses that are priced right sell quickly and houses that are overpriced sit. Get realistic about your asking price and the house will sell.

 

Ask us to share recent sales activity in your neighborhood. We have access to what sold, for how much and if the seller paid money towards closing costs. Recent sales data can help set an appropriate asking price for your house.

 

Condition

If you want to get the highest price for your house, it needs to be professionally cleaned and in excellent condition. The roof, deck and siding should be power-washed. The walkway and driveway should be sealed. Trees and shrubs should be trimmed and landscaping beds mulched.  All home improvement projects need to be completed and with proper permits. If there are signs of deferred maintenance, it’s likely the buyer’s offer will be lower than the asking price. To get the highest price, aim for “model home” condition. First impressions count.

 

Ask us for referrals. We have relationships with service providers. We can refer a painter, handyman or landscaper to help get your house in its best condition.

 

Staging

The way you live in your house and the way you sell your house are different. Your house should be de-cluttered, neutral and light & bright. Remove unused items from countertops and bookshelves. Take down personal photos to help potential buyers imagine themselves in the house. Get rid of bulky furniture. Repaint bright colored walls with neutral colors. Refinish scratched hardwood floors. Replace worn carpet. Correct any pet odors. Open blinds to allow for natural light. Always remember that less is more when staging a house.

 

Ask us to do walk through of your house. We’ll give you an objective opinion regarding what needs to be highlighted or edited. Sometimes staging can seem overwhelming, but we can help you prioritize what needs to be done.

 

Location

We can’t pick up the house and move it. So, it needs to be priced accordingly. If your house is located on a corner lot, sloped lot, near railroad tracks, under high tension wires, on a busy street or backs up to a busy street, for example, then you might need to offer extra bells and whistles such as granite countertops, outdoor entertainment areas, top of the line appliances AND be prepared to offer a lower asking price than the competition. You know what they always say…location, location, location.

 

 

Ask yourself these questions…

 

  • Would you look at a house that’s in poor condition and lacks curb appeal?

  • Would you write an offer on a house that shows signs of deferred maintenance?

  • Would you buy a house that’s on or backs up to a busy street?

 

You may have answered yes to these questions, but it’s unlikely you’d be willing to pay full price. So, try to think about your house from the buyer’s perspective when it comes to location, condition and your asking price.