When it comes time to sell a home, sometimes all it needs is TLC — whether it be adding a fresh coat of paint, replacing outdated fixtures, or some other upgrade. Seasonality can also affect home sales, however. According to Zillow, homes listed in the first half of May sell six days faster and for $1,600 more than the average listing. During their first week on the market, homes listed on Saturdays garner 20 percent more views than homes listed on Tuesdays.
If your house has been on the market for a while and hasn’t led to an offer, it’s wise to step back and assess what could be steering potential buyers away. While a slower housing market in your area may be partly to blame, various buyer turnoffs can go unnoticed by even the most meticulous homeowner. Up next are the top reasons why homeowners are unable to sell, along with ways to make a home more attractive to potential buyers.
The price is too high
Pricing too high is the number one reason why most houses don’t sell. If a home is listed at a price above the market value, you can immediately rule out a significant number of homebuyers. Another risk that comes with too high of a price tag is buyers looking at the home with suspicion if it sits unsold for too long. The best plan is to price your house right from the get-go. Find out from your real estate agent how long homes in your zip code are typically on the market, and also ask for an updated comparative market analysis (CMA).
If your house has been listed and you are considering a price drop, find homes in your area that sold after a price cut. Then, determine the average reduction over the previous 2-3 months. Next, compare your discounted price with current listings in your market and amend your price downward ever so slightly so your list price will be a bargain compared to the competition. If you are having trouble selling but in no major rush to sell, it’s wise to take your home off the market for a few months and relist it at a lower price.
Too much clutter
When showing your home to potential buyers, put your best foot forward. You don’t have to undertake an expensive remodeling to attract more buyers. More often than not, a deep cleaning and some small repairs make a big difference.
Clean out all the junk in your house and take half of your stuff and put it in storage. Remove oversized furniture, reposition items, and keep shutters open and unblocked in all of your rooms to create the perception of a larger, brighter, wide-open space. Your closets should be neatly organized and left half-empty so homebuyers see room to grow. Get rid of all the pet paraphernalia and your most personal items, such as family photos and collectibles.
Title issues
Because a lender will want to review the title history of your property to make sure it is free of liens and encumbrances prior to the purchase, it’s important to address these items before putting the house up for sale. Doing this will help you avoid potential closing delays or withdrawals. If you suspect there may be title issues with your real estate, you can search public records online or in person at the office of your county recorder, assessor or clerk — or you can have a title company do all the legwork for you.
At Fairway Independent Mortgage Corporation Fort Lauderdale, we are happy to provide advice to make your home selling process a success! Give us a call today to speak with one of our experienced loan officers.
