6 Reasons Your House Didn’t Sell
No one puts their home up for sale thinking it won’t sell. You don’t rush around to keep your home clean and the dog out of the way, let random strangers walk through your home, or suffer through weeks of waiting to come up empty-handed.
But it happens more often than you realize.
If your home isn’t selling, there are several potential reasons why. Once you narrow down the problem, you can fix it. Then, you’ll be able to try again and finally move up or move on to your next dream home. Before you do that, you have to figure out what went wrong.
Your Home Wasn’t Priced Right
Buyers flock to a home when the price is right. Several factors go into determining a strong asking price but the two most important are the condition of your home and what other similar homes in your market have sold for. Setting a price based on what you believe your home should be worth isn’t an accurate method. If the point of listing your home is to sell it and move to another, better home, you need to price it competitively from the start in order to attract the most potential buyers.
The Terms Weren’t Competitive
Most of the time, a buyer will get a mortgage from a third-party lender. The interest rate they pay, their down payment, or their monthly payment has little or nothing to do with you. That is, unless, you decide to finance a sale yourself or offer to pay part of the closing costs as part of the deal. If you go this route, you’ll need to make sure what you’re offering is competitive for the Naples market. When you’ve got buyers competing to buy your property, the terms you offer are different than when the market or financing are tight.
Your Home is in Poor Condition
We talk a lot about what you need to do to make your home shine before it goes on the market. This isn’t just empty advice. A home that’s cluttered, in serious need of repair, or looks old and dated either won’t sell at all or will receive lowball offers. You may not be in a position to fix every problem in your old home, but putting a new coat of paint and cleaning things up can make a big difference. It’s important to showcase your home in its best light - including in the listing photos.
It Really is Location, Location, Location
You can’t help where your home is located. It’s not like you can pick it up and move it to a better neighborhood. It’s important, when you know you’re in a challenging neighborhood, to price your home right and make it look as good as possible. Location is important to many buyers, but price and condition can make people take a second look.
The Market Conditions Aren’t In Your Favor
In a buyer’s market, a cluttered, dark, run-down home at an exorbitant price isn’t going to sell. You can’t just put a sign up and wait for calls to come in. The market will determine how you price your home, how your home should be marketed, and what you can expect from potential offers. In a seller’s market, you can almost name your price and let buyers compete for the contract. In a buyer’s market, you have to be prepared to make concessions, negotiate hard, and price it right the first time.
Your Home Wasn’t Marketed Very Well
It’s possible for every other element to be on right on track - great price, beautiful home, perfect location - and still not have a buyer. What’s the problem? How did your Realtor® market your property? Did they get it on the MLS and dozens of other sites? Were your listing photos taken by a professional photographer to showcase the beauty of your home? Have they been working on your behalf to sell your home? When everything else is done right, the next place to look is at your agent.
Your home will sell - for a good price and quickly - if all of these elements are considered carefully and if everyone is doing what they’re supposed to do. If your home hasn’t sold, it’s for one or a few reasons. Once you know what’s missing, you can try again with better results.
Contact us for a confidential consultation, and I will help you isolate the reason why your home didn’t sell and help you make corrections to make sure it will the next time around. You don’t have to go at it alone, and you don’t have to be stuck where you are.