Home sales in August 2019 spiked 10.8% from 2018, marking the largest year-over-year increase for a single month since 2018, according to a Redfin report. The supply of homes for sale, however, fell 5.7% year over year, representing the biggest decline since April 2018.
So if it’s such a hot seller’s market and other properties in your city are selling fast, why isn’t your home selling fast? While it’s true that even in a seller’s market some houses linger on the market longer than others, there may be other factors involved.
On average, if your home hasn’t gotten a contract after six showings, say real estate experts, it’s time to reexamine the property for weaknesses. Here are some reasons why your home is not selling.
Pricing and Location
A well-priced home will sell regardless of its condition, may be a general rule of thumb — but even a properly priced home that’s in poor condition will have a tough time in a bad location, such as near an airport. That’s when it’s important to pay extra attention to updating, cleaning and curb appeal.
It should go without saying, but bad odors in a home from pets or smoking will always turn off prospective buyers so you should do all you can to mitigate these smells. Hiring a professional carpet cleaner and a commercial home cleaner can help.
Dated Decor, Poor Staging
One of the standard rules of selling is that buyers have to be able to imagine their own furniture in a home. If you have older or dated furniture or modern furniture that might only appeal to limited tastes, buyers will often turn away. You don’t get a second chance to make a first impression, so it’s wise to invest in a professional staging company to allow buyers their vision while showing off the home in a tasteful way.
Upkeep and Cooperation
Selling a home is hard, stressful work, and sometimes owners who have homes on the market for a while tend to tire of the constant showings and the pressure to keep the home spotless at all times.
That said, it’s necessary to make sure your home sells as quickly as possible. You can do everything right, but if you’re an uncooperative seller — refusing to vacate the property for showings or not securing unruly animals — you’ll make the process even harder.
Light and Architecture
A lack of natural light due and poor architecture, such as low ceilings and awkward room layouts that can’t be easily renovated can make homes hard to sell. These problems can be addressed by renovating yourself — but you are not likely to recover a lot of the cost.
Environmental and Structural
Issues such as mold, asbestos and other toxic hazards will likely rear their ugly heads during the home inspection process, as will structural issues such as a cracked foundation or wiring and plumbing problems. It’s best to treat these issues before they wreck potential sales by having an expert examine your home before putting it on the market.
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