Sellers, if your house has been on the market for a year or more, there’s a problem. Good properties that are in good condition, priced well and are easy to see sell much more quickly. As a matter of fact, they typically sell in less than a month. My last two listings sold in less than 5 days.
So, what does that tell you about your listing? Something is wrong. Unless your home is an island with no available buyers, it should sell if you meet certain criteria. Listed below are the most common reasons a home perpetually sits on the market.
- Your home is hard to see. Tightly restricted times make it nearly impossible for working families to see your home. Make it easy to see, and people will see it.
- Your home is not in selling condition. Deferred maintenance is not the responsibility of the buyer. It’s your responsibility. Make sure you put your best face forward with a well conditioned home.
- Your home is priced to high for the current market. Buyers are smarter than you think. The average buyer is not going to pay 20 – 30% more for a home than current comps show. No matter how much money you put into your home in the past, you can’t always expect to get 100% return on your investment. The current condition of the economy will have a great impact than your investment.
- Your neighbors are making it impossible for your home to sell. Neighbors who do not maintain their property affect your home sale. You many need to negotiate with your neighbors to clean up their act so you can get out of there. It’s uncomfortable, but it might be necessary.
- Your HOA is just too high and too restrictive for many buyers. You didn’t mind the restrictions, but a lot of buyers don’t like buying into a overly regulated HOA.
- Your home smells. Pet, smoking or cooking odors are a big turnoff to buyers. Make sure you keep your home as odor free as possible while it is listed.
- Your home is like a crypt. Light is your friend. Make sure all light fixtures are working and all windows are showering light. Light is your cheapest ally when selling your home.
- Your home isn’t selling because your tenants make it impossible to see. A home with tenants is a challenge at best. If your tenants are not cooperating with showings, it’s nearly impossible to sell. If they don’t maintain it, get rid of them.
- Your home isn’t selling because it’s not close to anything. Rural properties are a little more difficult to sell, but extremely rural properties are a major challenge. There has to be a reason people are drawn to an extremely rural area, and that reason should be that your house is phenomenal.
These are the most common reasons a home doesn’t sell. All of these can be reconciled with a few simple decisions, but the biggest question is, “Do you really want to sell?” If you are ambivalent about your sale, you may actually be the problem. If your home has been on the market for a year, there’s a problem.