Pinpointing the Reason your Home is Still on the Market
Does it seem as though every other home in your local area has sold
while yours is still on the market? If so, there could be a variety of
different reasons that your home has not sold, particularly if you have
had a lot of showings and there have not been any offers. Many sellers
finding themselves in this type of situation often wonder which would be
the best course of action; taking the home off the market for awhile,
leaving it up for sale as is or possibly making a price reduction.
Before you take any drastic actions, it is a good idea to try to
pinpoint why exactly it is that your home has not yet sold.
The best course of action is to first try to identify how your house may
differ from other homes in the neighborhood that have already sold.
There could be many different possibilities, of course, including
location, condition and price. One possible reason that many sellers
often overlook could be commission as well. While you may not have
thought about it as a seller, if the commission on your home is not up
to par with the commission on other homes in the neighborhood, you must
accept the reality that agents probably are not going to push your home
as much as they will a home with a larger commission. So, how do you
discreetly find out whether this could be the problem? You might try
asking your real estate agent as well as conducting some research on
your own to find out what the going commission rate is for other real
estate agencies in town. If you find that the commission on your home is
not as competitive you might consider either raising it or offering a
bonus to the selling agent of your home.
Beyond commission, the problem could also be related to the listing
price. In order to make sure that your home is priced competitively, it
is critical to take the time to compare your home to other homes for
sale within the same market. Ask your real estate agent to show you
homes for sale in the neighborhood that are still on the market. Take a
notebook with you and make notes about the differences between your home
and others to help guide you in making your own home comparable. Look at
ways your home is similar as well as different from other homes and then
discuss with your agent what you can do to narrow the differences. It
could be that you need to adjust the price but you may also find that
you need to make a few upgrades or changes to your home as well.
Touring other homes for sale in the neighborhood can also help you when
it comes to comparing condition as well. Talk to your agent in detail to
find out what prospective buyers have said about your home during
showings and specifically what they didn't like about it. Perhaps the
wallpaper in the dining room is just a bit too loud and you could
benefit from giving the walls a neutral coat of paint. Remember that
while a home should always reflect your personality, when it comes time
to sell, you want to establish an environment in which the buyer can see
themselves at home. Therefore, neutral and classic are often the best
choices when trying to sell your home. Clear out the personal items and
not only will you have a home that is appealing to buyers, but you will
also have a head start on your packing.
In some cases location can also prove to be a hindrance. Unfortunately,
location is not as easy to fix as other matters such as condition, price
or commission. If your location is not as good as it could be then you
do need to make sure that the exterior appearance of your home is as
appealing as possible to combat the other problems related to location.
For example, ensure the landscaping and yard around your home look as
nice as possible. Prune the bushes and trees, make sure the lawn is
raked and spruce up the paint job on the outside of the home if
necessary. This may sound as though it is a lot of trouble, but if you
are really serious about selling your home and you have determined that
the location is what is holding back buyers, these steps could be just
what you need to inspire the right buyer to make an offer.