Has your home been on the market too long? It's frustrating when you're selling a home and it sits on the market for an extended period of time. It can also become a financial burden. If you're selling a home, read through our tips to help determine possible reasons your home may still be sitting on the market.
Asking Price
One of the most common reasons your home may be sitting on the market longer than you'd like is an inappropriate asking price. The asking price needs to be in sync with the perceived home value given recent local sales, current market conditions and strength of the market . If you have listed your home for more than it is really worth, buyers won't want to purchase it, and may not schedule a viewing. As well, banks may not provide a mortgage if the appraised value is significantly lower than the purchase price of the home.
Speak with your real estate agent to reassess the appropriate home value and decide what you should re-list your home at. Review the analysis the agent previously prepared checking recent local sales and listings. Be sure to also take into account any updates you have made or major repairs that will need to be taken care of in the near future when setting a new price.
Marketing
Ask for a detailed plan from your agent and changes they are willing to make to generate buzz for your home. Ideally, they should be posting your home on real estate and social media sites, emailing their co-workers and other agents & clients about the listing, and scheduling showings to allow prospective buyers to view it. If the agent you are working with isn't doing these things, it may be time to consider having a conversation with him or her.
Poor Photos Online
If the photos posted online don't capture how nice your home is, it can prevent people from even wanting to come and view your home. Take the time to hire someone (or work with your real estate agent) to make sure you have high quality images that show all the things buyers will love about your home. Be sure to include a few photos that showcase some of your favorite aspects of your home such as a large kitchen island, gazebo in the backyard, an updated master bathroom, or a finished basement.
Too Many Needed Repairs or Updates
When potential buyers are viewing your home and notice a significant number of repairs are needed, they are often scared away. They'll likely over-estimate the price for replacing your old roof, installing a new water heater, or updating an outdated kitchen.
Thinking about the cost and stress of undertaking these big repairs and modifications right after purchasing a home can be very daunting, and often buyers will decide to consider other options. If your home needs repairs, consider completing at least a few of them to make your home more appealing to potential buyers. Otherwise be prepared to offer a reduction in price to equal the anticipated repair work.
These are several of many reasons a home may sit on the market for too long. If you make a few modifications to your home, your listing, or your agent, hopefully you'll have more success selling your home quickly.