If other homes are selling, then why hasn't my house sold? In a buyers or sellers market, there are only three reasons your home is not selling LOCATION, CONDITION, and PRICE. If problems exist with any of these three factors, it will be hard to sell your home.
Let’s break it down and start with LOCATION. Is the home located near an airport, on a busy highway, near the train tracks, in a high crime area, down wind of the local landfill, or right next to a prison? These are factors to consider when you first purchase your home because when you want to sell it someday any of them might be deterrents to potential homebuyers. Unfortunately, some of these unpleasant factors might happen to your neighborhood after you already own your home, so make sure to stay involved in community meetings where approvals for such projects occur.
Next let’s talk about CONDITION. Is your home the most noticeable house on the block because it is so beautiful or because it is in such dire need of repair? When painting the exterior of your house, did you use a color pallet that blends with the community? Is your yard in good shape? Are the interior rooms clean and free of clutter? Many times, it is best just to hire a professional stager. Talk to your realtor or local builders for a list of ones available in your area. It is a fact that staged homes sell faster.
Finally, let’s talk about the PRICE. It is most important to have your home priced correctly from the beginning. When you first list your home, determine an asking price by comparing your home to the current market value of similar homes in your area. What are similar homes selling for currently, and how quickly do you want your home to sell? A realtor can assist you with this step. Remember you should not base your home’s current value solely on what you paid for it, or what you invested in it, or the amount you want to spend on your next home. Before you decide to make renovations, contact a realtor to guide you on current market values so whatever you spend on home improvements are sure to be recoup from the sale.
The key thing to remember is that the most interest generated by your property for sale will be when it is first put on the market, so be sure you have addressed the Location, Condition and Price issues before you put out your for sale sign.