Is your house not selling? There are telltale signs to pay attention to and things you can do to increase your chances of selling your home quicker.
Markets are different everywhere, and in Central Indiana, we are still seeing homes selling pretty fast and for top dollar. The key is education and preparing for the home selling process.
Why Is my House Not Selling?
The last couple of years have made home sellers think that all they had to do was stick a sign in the yard and their home would sell immediately and for top dollar.
Actually, that’s not too far from the truth… We were in an unprecedented, crazy, white-hot seller’s market.
Today, while we are still in a seller’s market, the craziness has settled down a bit to more of a traditional seller’s market.
When this happens, sellers have to be more educated and aware of the market temperament. Demand is still high in Central Indiana. However, the buyers out there are willing to wait for just the right home.
Below is a list of mistakes some sellers make when putting their home on the market. The good news is most of these mistakes can be overcome, leading to the successful sale of your home.
1. Price is Too High = House not Selling
The first thing to look at is the list price of your home. Is it too high for the current market?
Again, things have settled down. Getting $20k to $100k plus over asking price an hour after it’s live on the market is a thing of the past.
Today’s sellers have to work with their agent to price their home right from the beginning. Pricing high to leave room for negotiation is great for garage sales – but for your home? Not so much…
With the amount of information at the fingertips of buyers and buyer’s agents, overpricing your home can lead to longer time on market, price reductions and the home being “stigmatized.”
This is when buyers and their agents avoid your home because it’s been on the market too long. They start wondering why… Is there something wrong with it? Is the seller unrealistic, unmotivated or hard to deal with?
These questions in their mind usually keep them for viewing and writing an offer. So the home sits on the market.
How to Overcome: Work with your agent to come up with a list price that is based on the sold comparable homes in your local neighborhood/area. This is how an appraiser will report your home value to a lender, anyway! Be realistic. Don’t let your emotions cost you the sale.
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2. No Preparation before Listing Your Home
This step is key to getting a fast sale for top dollar. If you ignore preparing your home, buyers may ignore your home, too.
Walk through your home with your agent – room by room – and put yourself in a buyer’s shoes.
- Is there damage to the drywall?
- Are the paint color choices too bold or specific?
- Are there missing cabinet pulls?
- Is there a stain on the ceiling in the master from before you repaired the roof?
- Are the closets and cabinets overstuffed?
- Are their pet odors?
Do the same thing outside:
- Are the flower beds overgrown with weeds?
- The lawn need mowing?
- Do the bushes need trimmed?
- Is there peeling paint around windows or doors?
All of these things may not seem like a big deal to you but they send a message to buyers. They wonder what else might be wrong with the home that they can’t see during a showing.
This is often the problem with a house not selling. Preparation is everything in the current market.
You don’t want them to think you’ve neglected the home and its maintenance.
How to Overcome: Selling your home is about a buyer connecting emotionally with your home, envisioning themselves living there. Your best bet is to prepare your home to sell by cleaning, decluttering, organizing and making needed repairs.
3. Unrealistic Expectations
The past year or two, a house not selling was not an issue. Homes were selling in a matter of hours. That is not true today. Even in Central Indiana, where the market is still very active, it’s unlikely your home will sell in hours.
Understanding the current market allows your expectations of timeline, price and terms to be realistic. Work with your agent to understand what’s going on with homes for sale today. Don’t base your expectations on past markets. It adds unneeded stress and frustration.
In addition, our homes are very personal to us. It’s hard to disconnect from a place that is central to our daily lives.
A lot of times, sellers “value” their home higher than a buyer because of their emotional attachment. The thing is, your memories are priceless and they are with you forever.
In order to move on to your next great adventure in this life, detach and prepare your home for market so a buyer can form a connection and want to build their memories there.
If you can do that, your expectations when selling are a lot more realistic and easier to achieve, resulting in less stress and frustration.
Selling a home is harder than you think. Guidance, experience and knowledge can cut through the chaos to the result you crave.
Let’s meet and come up with your selling strategy plan. It’s free, no obligation and a step towards educating yourself on the local housing market.
