You’re probably frustrated, annoyed, and impatient.
This is all for good reason too. Your home should be selling, but why isn’t it?
There’s a variety of things that could be at play. For the sake of this article, I want to focus on three factors that could be the reason why you’re home isn’t selling. I’ll do one or two more articles going into the other potential factors.
List price is too high
This is the most obvious one. Sometimes you need to take a step back and ask “is the list price too high?” This doesn’t matter if you’re doing a FSBO or hired a Realtor/agent.
List price is the biggest reason why homes don’t sell.
For instance, my dad and I are looking at properties to fix and flip right now and some of the properties we’re interested in are overpriced. Therefore we most likely won’t put in an offer.
Finding recent comps of similar homes that have sold in your neighborhood or town/city is the best way to find a matching sale price and price your home accordingly.
Missed the markets peak
The real estate market shifts. But these last two years it’s been steadily crazy. It even got to the point where buyers were fatigued.
It’s been a peak sellers market for homeowners looking to sell. But has began to cool off which will reenergize those buyers who felt fatigued.
If you missed the market peak, this would be a good time for you to see how you can improve the appeal of your home so it stands out more. And I’ll say it again: price your home based off current market conditions and similar homes that have sold.
Specific problem to address
Your home may be turning off potential buyers and you don’t even know.
A good Realtor/agent asks potential buyers questions during/after a showing. “What would need to change in order for you to buy this home?” and “what is your biggest issue with this home?”
If you’re getting the same answers to these questions, then there is obviously something wrong.
The cool thing is, once you find out what the issues are, you can fix them. How cool is that??
Not enough lighting? No problem, add more! Windows are dirty? Clean them!
Do you see where I’m getting at? These issues are very easy to fix. If someone has issues with the leaky roof, then that makes things more challenging to say the least (and more money).
These are very basic solutions for why your home may not be selling. And sometimes this is all it takes.
Link to TikTok video describing this
Jake Boucher is a licensed Realtor in Massachusetts working at US Realty Consultants LLC.