So, you’ve put your home on the market, set up one or two open houses, and…nothing—no offers, no sales.
According to online real estate database Zillow, the average listing on their site sells in 68 days, from the time of listing to closing (as of April 2018). So, adjusting for the average 30-day close, it takes roughly a month for a home to get an offer. This information is important, because the longer your home sits on the market, the more likely you’ll have to let go of it below its list price.
If this is the situation you’re facing, one (or more) of these 4 reasons should explain why your home isn’t selling.
1. You Listed Too High
Unless a home inspection reveals something wrong with your property, there’s a good chance price is what’s turning people off. Listing too high is a common mistake that usually happens because homeowners don’t know the property’s fair market value.
The simplest workaround to this problem is looking up comparable properties (also known as comps) in your city or neighborhood, using their average selling price as a guide for your listing strategy. Reliable and skilled listing agents will also be worth their weight in gold in this department, as they are most familiar with the neighborhood, what buyers are looking for, and other details of local market conditions. They’ll also know when it’s time to make a price reduction.
2. Your Home Is Not Your Average Property
It should be noted that Zillow’s 30-day average only applies to average homes. If yours is a unique property, it may take longer to sell, even with the help of a listing agent. Unusual properties include large homes, high-end or expensive homes, homes in far-flung areas, or homes with one or two unique features. In any case, you’ll need to be more patient and work with your listing agent to develop a customized marketing strategy. Your goal is to help prospects better imagine themselves living in the space, highlighting its quirks as strengths.
3. Your Staging Leaves a Lot to Be Desired
In a buyer’s market, staging goes a long way toward closing sale at the listing price. In fact, staged homes sell at rate that’s 87 percent faster than vacant, non-staged homes, and for 17 percent more.
The idea behind staging is simple: by devoting some time to interior design and décor, you can help potential buyers picture themselves living in the home. At the same time, however, you don’t want to put too much of yourself in the home when staging—this includes photos, clutter, and very personal touches (e.g. quirky furniture and art). The key to staging is being neutral, allowing buyers to imagine how they would tweak some things should they move in the home.
4. Amateur Listing Photos
Today’s homebuyers begin their search online, so it only makes sense to make sure your listing photos show the best angles and features of your home. Dim photos taken with your iPhone won’t cut it—you need professional-quality images taken from great vantage points that show buyers how livable the space is. You don’t necessarily have to pay for a pro to do this, though it definitely won’t hurt.
When all else fails, however, you can always sell your home to a property investor like Blue Hen Homebuyers. we buy all kinds of homes, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how we can help you.