Everyone said it was a seller’s market. You were counting on getting multiple offers the first week. Seven days later and not one showing. You ask your cousin, who happens to be your realtor, “Why is my house not selling?”
Reason #1 -- Your Home is Overpriced
Comps – homes similar to yours in the same neighborhood – are the best guideline for pricing your home. Of course, no two homes are exactly alike. You may have a pool, but your neighbor has a bigger lot. You sunk a boatload of cash into a kitchen remodel, but your neighbor’s outdated kitchen is twice the size. What is highly valued in one community, has little value in another. For example, a two-bedroom condo in downtown Dallas is more desirable than a one-bedroom. An extra bedroom in a 3000 square foot home in Plano doesn’t pack the same market value punch. An experienced realtor, no offense to your cousin, can do a detailed analysis of comps. This is particularly important if there have been few sales in your neighborhood.
Reason #2 – Poor Presentation
The first time a prospective buyer sees your home is in a photograph. Online real estate websites are like dating sites. Would you meet someone who posted a picture of themselves in their pajamas and twenty empty beer cans scattered around them? You want a buyer to look at pictures of your home and say, “Aaahh” not “Eewww.” Your home must be clean and clutter-free. Rooms should look and feel as large as possible. You and your dogs may like that big, comfy couch, but it takes up half the family room. Put it in storage. After you pretty up your home, have professional pictures taken of it. A good realtor includes this service.
Reason #3 – Limited Access
You want to make it easy and stress-free for prospective buyers to see your home. Put a lockbox on your door so you don’t have to be home for showings. If you have pets, consider boarding them or having them stay with a friend or family member. You think Fido is adorable, but there are buyers who are afraid of dogs. They also are not used to Fido’s “aroma.” There are going to be times when a realtor calls to ask if they can do a showing – right now. It seems rude, but they were probably showing their client a neighbor’s home when they saw the “For Sale” sign in front of your house. They want to strike while their client is hot to buy something – and so should you.
Reason #4 – A Bad Realtor
Realtors are not all the same. They don’t just “show homes.” A good realtor tells you the truth. About the market value of your home, how it looks, and your role in getting it sold. (Like not smoking in the house.) An experienced realtor is a great negotiator. There are a lot of negotiation points between an offer and a closing. What do you do when you get a low-ball offer? How do you respond to multiple offers? What happens when the buyer’s lender doesn’t appraise the home at the contract price? How do you respond to a bad home inspection? Your cousin may be a very nice person, but if they don’t know the answers to these questions, let someone else give them their first break.
The Secret to Home Selling
Price your home right, present it well, make it easy to see, and hire a great realtor. That’s the secret to selling your home.
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