Yes, the housing market is doing a lot better these days than it once was, but some sellers are waiting longer than they expected to sell their homes. And a lot of those sellers want answers, fast.
So let’s find those answers. In this post, you’ll learn the reasons your house is still on the market – and what you can do to turn your luck around.
5 Reasons Your House Didn’t Sell on the First Try
1. You Ignored Your First Buyer
According to Zillow, 95 percent of the time, the very first offer you receive is the one you should accept.
This may be hard to believe, but think about it: the potential buyer who makes the first move is more motivated and ready to do business.
Sure, the offer may be a little lower than you’re asking. But you definitely don’t want to find yourself accepting an even lower offer three months down the road.
2. Your Price is Too High
The most likely reason your house remains unsold: the price.
One problem real estate agents often face when trying to sell a property for a client is stubbornness. Some sellers refuse to drop their price any lower, no matter what. They firmly believe their home to be worth one set amount and none other.
The hard truth is that someone won’t always come along to pay the unrealistic price you’ve set. Informed buyers know the comparable rates in your area – so until you do something about it, your house will stay on the market.
3. Your House Looks… Questionable
If your home is still on the market, you may be asking yourself: “Why didn’t my house sell when it’s this desirable?”
The real question you should be asking is, “Does anyone like the way my house looks?”
4. Poor Advertising
Think about it from an objective point of view. Would you want to buy your house?
If your answer is an absolute yes, there’s a good chance you just might not be presenting it the right way to home buyers.
Your photographs may not show the property in the right light. Your descriptions may be lackluster. Either way, your property won’t sell anytime soon.
5. Unfortunate Circumstances
Maybe the house has a tiny front yard and is too close to a busy highway. Maybe there’s a lumpy hill in the yard, or even a giant hole that makes it difficult to mow.
If you have problems like these, it might be a long time before your house sells at anywhere near the price you expect. Sometimes, you and your buyers alike will simply have to accept these aspects of your property before you can sell a house fast.
How to Stop Asking, “Why Didn’t My House Sell?”
Lower Your Price
You’ll pay the price if you don’t lower your price.
To sell a house fast, you simply can’t stay inflexible. Make your house as available as possible to the largest number of people, and work with potential buyers who submit lower offers.
The easiest way to do this is to take the emotion out of the equation. It may be hard to accept, but homes rarely if ever sell for more than the appraisal value.
Ask Buyers for Feedback
“Why didn’t my house sell on the first try?” you ask.
Maybe what you should really ask is, “What could I do to make you want to buy my house?”
Big businesses use focus groups all the time to get a feel for what their customers really want. And because home buyers are your customers, you need to know what they really want.
So ask them. If your negotiations fall flat, end the communication with a request for feedback. Tell the buyer that you want them to be totally honest – you may just learn something.
If you do get any honest feedback from buyers or your agent, don’t get angry – act on it.
Say you have scuffed up paint or old carpeting. If you don’t want to drop your price, making these improvements just might convince someone of your property’s real value.
Keep in mind, though, that small changes won’t totally change your buyers’ perceptions. Updates that will make the biggest difference in the desirability of your property may cost a fortune.
Rethink Your Advertising
Most people these days begin their house hunt on the Internet, and first impressions are everything.
You want to paint an accurate picture of everything your home has to offer in all your listings. This means your pictures and descriptions should be as professional as possible.
Be careful, though. You wouldn’t want to oversell the property to the point where the real thing can’t live up to your descriptions. Always be realistic if you want buyers to bite.
Make Your Home More Accessible
When you start getting the attention of buyers, you have to make it open and ready at all times of the day to sell a house fast.
Your best bet is to always have a property ready to show within 24 hours of listing. If you turn away prospective buyers or make it difficult to show, it’ll send a negative message. Buyers will think you aren’t serious about selling, or worse – that you don’t know what you’re doing.
You might even consider an open house, where you open your home to any and all comers. The word of mouth spread through these events can be a serious factor in whether you sell your property or not.
Consider a New Real Estate Agent
If you have a great house for sale and you’re doing everything by the book, your property should sell in no time. If it doesn’t, you may need to reconsider your current real estate agent.
And sure, you could try to sell your house on your own. But unless you’re an active member of the real estate community, you may not have your finger on the pulse of the market.
That’s why you need an experienced and professional real estate agent who knows all the ins and outs of the business. So if you’re trying to sell your home in the Austin, Ft. Hood, or Killeen area, contact me today.