There’s not much in life that is more confounding than to have your home sit on the market while those around you sell like a new Mercedes at a Chevrolet Spark price.
Of course, the real estate agent typically gets the blame, despite the fact that it’s rarely the agent’s fault. You’re laughing because the latter statement comes from a real estate agent. But wait – read on and you may end up agreeing with me.
Some People Clean their Homes
I think it’s safe to say that nobody wants to look at a dirty house let alone pay good money to live in it. Study after study has shown that homebuyers want “turn-key” homes – so they can move in without having to clean up after the former owner.
If cleaning isn’t your thing, hire a crew to come in and get your soon-to-be-for-sale home in shape and then all you’ll have to do is keep it that way while it’s on the market. If you don’t, you risk having your home sit while your neighbor’s gets all the attention.
This may surprise you, but smaller homes sell quicker than larger homes. But consider this: smaller homes are priced within the range that first-time buyers typically shop and, since there are so many folks buying their first home, it makes sense that these sell quicker.
So, if your neighbor has a dinky home and yours is large, don’t be upset if his sells before yours.
By the way, two-story homes take longer to sell than single-level homes as well.
Price matters, too
The price of a home is the driving factor that determines how quickly – or even IF – the home sells. While it’s tempting to price the home above market value in your attempts to get the most money you can, it’s dangerous to do so.
A home’s market value is no secret – any real estate agent can run a quick analysis to determine if a home is overpriced. These homes don’t get shown. They sit. They languish and, eventually the seller has to drop the price just to get some nibbles.
Some listing agents are better at marketing homes
If your home is on the market and it’s not selling, ask your agent to show you what he or she is doing to market it. Depending on the type of home, at the very least, there should be evidence of heavy online marketing.
Check your MLS listing to ensure that the photos are clear and compelling.
The market itself may be the culprit
If your competition isn’t causing your home to sit on the market and your agent is doing his or her job and the price is right, it may be the market.
Markets change quickly and a seller’s market today can easily switch to a buyer’s market by tomorrow.
Although the current market is still hot for sellers, it is cooling. Homeowners are dropping their listing prices and budget homebuyers are leaving the market because of interest rate hikes.
A changing market doesn’t cause homes to not sell, it may just take a bit longer now than it would had you tried to sell a few months ago.