“Why Isn't My House Selling?”
It was not too long ago that we experienced a strong seller’s market and we heard about bidding wars and homes selling for over the asking price. But the current real estate market has slowed in many areas, and you might find your home languishing on the market long after you thought it would be sold.
If you are selling a home so you can move to New York’s beautiful Finger Lakes region or if you are selling a property in the area, there are plenty of reasons your house might not be selling as quickly as you would like.
The number one reason your house isn’t selling is - you guessed it! - price.
If your asking price is too high and buyers have other options, they are likely to look at neighboring homes that offer a better value. While you might love your home and allow sentimental value to figure into your pricing, a house that is priced too high can take longer to sell.
Price comes to mind as the main reason, but it may not be the only reason. And in some cases, price might not be an issue at all. Here are some of the top reasons your house isn’t selling, and what you can do about it.
In the current real estate market homeseekers may be exceptionally sensitive to pricing since costs for everything from food to fuel seem to be going up. With interest rate hikes mortgage payments are higher than they have been in years.
Your experienced, local real estate agent can help you price your home right when you decide to put it on the market. Ask for a CMA (Comparative Market Analysis) that shows the price of similar homes for sale in the neighborhood and those that have recently sold. The data provided, including the DOM (days on the market), coupled with advice from your agent can help you arrive at the right price.
Most homebuyers begin their search online, so if you priced your house right the next step for the buyer is to contact a real estate agent and see the house in person. Remember that when you put your house on the market, you never get another chance to make a good first impression. The best way to present your home to potential buyers viewing your home for the first time is to improve its curb appeal.
Buyers start forming an impression of your home from the first moment they see it. You can improve your home’s curb appeal by getting rid of dead shrubbery, trimming the trees and making sure the front and back yards are tidy. Clean the windows, replace the welcome mat and give it a fresh coat of paint if it needs it. You can go the extra mile and place large pots of flowers on either side of the door to welcome visitors.
Are there any small fixes or upgrades you could make?
After you declutter your home, it’s time to take a look around and make some improvements to show off its best features. If you ignore small problems, buyers may imagine that you also ignored more important issues.
Fix the squeaky door, replace that broken tile and freshen up the paint where needed. Make sure to give your home a good deep cleaning to make it appealing to buyers. You might also want to invest in upgrades like a granite countertop in the kitchen and bathroom.
When your agent shows your home at an open house or a private showing, you want the homebuyer to imagine living in the home. That’s where staging comes in. You want your house to be cozy enough to feel like a home, but neutral enough so it appeals to a broad range of buyers.
Professional staging experts know that personal items like family photos, quirky artwork and memorabilia can be a distraction. Also, too much stuff can make your home appear cluttered and small. Even worse, kid’s toys everywhere when you are trying to market to empty nesters sends the message that the house will not work for them.
Stage your home in a way that highlights how the buyer can use various spaces and enjoy living there. And don’t forget to let in the light!
The days of using blurry, dark photos when you put your house on the market are long gone. According to the National Association of Realtors, the vast majority of homebuyers said that professional photographs are a key factor in determining which houses to consider.
Your real estate agent is likely to have connections to professional real estate photographers who can show off your home to its best advantage. You may want to add a video or a 3-D walkthrough to entice buyers.
Kelli Ide is a professional real estate agent in the Finger Lakes who offers a unique, concierge-style approach, including staging, photo styling and market preparation services exclusively for clients to give them an edge over the competition.
For further information about buying or selling a home in New York's Finger Lakes region, visit kelliide.com.
