Reasons Your House Is Not Selling And What To Do About It
Many inexperienced home sellers become distraught when they list their properties in the market for sale, yet offers are limited and showing requests are few. If the above situation sounds familiar to you, then you have come to the right place. Read on to learn about why your home is not selling and what are the recommended ways to deal with such a situation.
Selling a home isn’t any simple task, and whether or not your home is sold depends on many more factors than just price. Before you dive head-first into lowering your asking price for a quick sale, consider if other factors are limiting the sale.
If you’ve listed your home for sale in a rush out of necessity, chances are that you haven’t had the time to refurbish and update your home to be in an ideal position for sale. In this case, even lowering the asking price to what you deem to be below market value can result in difficulty in getting sales. This is because the mindset of most home buyers is fixated on buying a home in good condition that is ready for moving in anytime. It is estimated that approximately 71% of Gen Xers and 70% of millennials are willing to sacrifice home size in exchange for a home that requires no updates.
In such a situation, it is recommended for home sellers to instead turn to house-buying companies as well as real estate investors instead of commercial home buyers. Most real estate investors are willing to purchase homes that need a little work if they are being sold at a reasonable price.
Missing the Market’s Peak
If you’ve listed your home for sale for some time, the velocity of the market might have already been changed, resulting in your asking price being too high as compared to market value. One such example is the market cool-off that occurred toward the end of 2021. After almost 18 months of intense bidding wars and rising price increases, many sellers looked to rush their sales, resulting in buyers retreating from fatigue.
Depending on the situation, the home seller can either raise the standards of the home or decrease the asking price. Put yourself into the shoes of a home buyer in your area and ascertain if your home’s offer is attractive enough.
High Asking Price
Of course, in some situations, potential home buyers are simply turned off by the significantly high asking price. Homebuyers pay extra close attention to overbuying, and will rarely buy an overvalued home unless special conditions are met.
Unsure of whether your asking price is too high for the market? Fret not, you are not alone. Estimating a reasonable asking price can be extremely difficult and is usually done by professional real estate experts like Realty Kings Properties. Work with us today to sell your homes quickly at a desirable price!