Selling a home can be a stressful process—and even more so if your home isn’t selling as quickly as you may have hoped. If your house has been sitting stagnant on the market for a significant period of time, you might be feeling anxious as to why that is the case. In some situations, you may even be to the point of desperation—depending on your financial state.
If you have yet to attract a qualified buyer and you are at a loss as to why that is the case, it is probably time for you to take a step back and assess what factors could be hindering you. If you find yourself in a situation in which your home isn’t selling, ask yourself (or your Realtor) these questions to get a better grasp on the issue.
- What is the market doing? You should first consider whether the market is currently favoring buyers or sellers, specifically in your area. It could be the case that there is nothing you are necessarily doing wrong as a seller, but the market is just slow moving for sellers at the current time. Your real estate agent should be able to tell you how similarly-priced homes in your area are faring. Compare how long your home has been on the market to these similar homes, and you should get an indication of whether it is more of a trend or individual issue.
- Where am I losing prospective buyers? Are people inquiring about the home, but not following through with showing appointments? Are prospective buyers viewing the home in person, but not making offers? Or perhaps you are not getting any inquiries period? The answers to these questions can help you and your Realtor pinpoint what might be the underlying cause of the fact that your home isn’t selling. For example, if you are losing people after a viewing, there may be something about the home itself that is pushing people away. If people are not inquiring at all, then you may have it priced too high (see below).
- Is the price right? The price of your home is typically the most significant factor affecting whether or not your home is selling in a timely fashion. However, if your home isn’t selling, this does not necessarily mean that you should make a rash decision to lower the price. After all, the market could be to blame. That being said, keep in mind that the value of a home is determined by what the buyer is willing to pay for it. If a home is not priced correctly, you will not get any offers.
- How is my home being marketed? If the price is right, the market is thriving and you can’t tell how a disconnect with your prospective buyers is affecting the absence of offers, then perhaps the problem is that people simply aren’t seeing your listing. Is your home listed on the multiple listing service (MLS)? Is it on your Realtor’s personal website? Have you paid to have professional photos and possibly video done to market your home? If your home is at least being marketed on the MLS, but it is still not selling, then you might consider stepping up your marketing efforts.
If your home isn’t selling in the time frame that you thought it would, don’t fret just yet. Talk with your Realtor to assess whether there is anything within your control that you or your Realtor can do to advance the process. You might be surprised at the impact some small changes can make!
For more home buying and selling insight, continue to follow the Ryan Roberts Realtor blog! And for your home buying and selling needs in the Auburn, Opelika and Lake Martin areas, contact Ryan today at 334-750-9872, or email [email protected]!
