If you're selling a home, there's pretty much nothing worse than seeing your beloved place sit on the market with no offers insight. And the longer it remains, the more you worry: Is something truly wrong with your home? When the weeks turn into months, it may be time to admit that something is amiss.
I'm here to help you figure it out! Here are four common culprits and how to correct them.
But first: Maybe it's all in your head.
For starters, don't exclude the possibility that you're just worried for nothing, and your home will indeed sell in due time.
Take a look at our local market and compare the average days on market for a comparable home. If you're in an area where the average days on the market is 100 and you're only at 50, you might not have to worry about it. All you may need to do is sit back and wait!
Reason No. 1: Your listing photos are subpar
In the digital age, home buyers start looking online-much like with modern dating. So photography is key to making a great first impression, with the most flattering pictures possible. If buyers aren't coming around to see your place and your home photos leave a lot to be desired, ensure that your agent hires a photographer. Professional photographs drastically improve the online presence of a listing and can immediately create more attention.
Reason No. 2: Your home isn't prettied up
I'm not saying your home doesn't look nice, but are there cracks in your driveway? Does your kitchen scream 1970s? If so, then you're sending out all the wrong signals.
Think of it like dating. When you go out the first time, you expect your date to have showered and be dressed in their best. In home terms, that amounts to staging, either by a professional or yourself, for maximum appeal.
Trim the lawn, remove any clutter, add a new coat of paint, get rid of old furniture and most importantly, ensure that your home is clean. These are all minimum requirements in terms of prettying up your home for sale.
Reason No. 3: Your home is too ... you
Hey, I'm not judging you-but buyers might. Your flamingo-pink porch and painted black bedrooms might be a bit much for the typical home shopper. It's time for a candid talk with your Agent about whether there's anything around the house you could do to make it more of a neutral backdrop for other people's home dreams.
You should also make yourself scarce, if not absent, when the property is being shown-no matter how lovely and helpful you are, your presence can make sellers feel self-conscious or pressured to be polite rather than speak their minds.
Finally, make sure to make your house available for showings at times convenient for buyers-not just for you. So expect to give up a few weekends for property browsers.
Reason No. 4: You priced it too high
If you've tried all of the above and still can't get a buyer, then what's wrong with your home may be the price you're asking for it. When it comes to homes that are stagnating, I make sure that Sellers are reminded that agents don't set the value of the home; Sellers don't set the value of their home, the market sets it.
Translation: The home is worth no more than what someone is willing to spend for it. So to stir up interest, reduce the price. And don't be shy -slash it.
In order to make a splash and get buyers excited, the price reduction must be significant. Reduce the price by at least 5% while 10% is even better.
A price cut doesn't even mean you'll take a huge hit.
Just because a home's price is reduced does not mean that's the maximum it can sell for. You'll hear from new buyers because your house will be in a new price range, and you might even get a bidding war that will bring the price back up to where you started.