Why Your House Is Not Selling In A Hot Market: The Top 4 Reasons
When sellers put their homes on the market, they hope the process will be easy and streamlined. Sellers often expect instant offers and a quick sale, and in a perfect world, this is how every real estate transaction would go. However, sometimes people put their houses up for sale and are met with crickets and a lack of interest from potential buyers. Sellers are left wondering why their homes aren’t selling and why things didn’t go as planned. As a brokerage of experienced real estate agents, we’ve compiled a list of the top 4 reasons your home is not selling in this hot market.
Not Pricing Your Home Correctly Can Keep It From Selling
Pricing homes correctly is an art form. It requires knowledge of the market area and the skill and precision of running a CMA. For those unfamiliar with the term CMA, it’s an acronym for Comparative Market Analysis. A CMA is a tool used by professional and competent Realtors® to compile data. A good Realtor® will expertly estimate a property’s value. They do this by evaluating similar properties that have sold in the area in the past 180 days. It can be challenging to assess the fair market value expertly because many factors determine how much a specific property is worth.
These factors include the age of the home, location, upgrades, square footage, lot size, amenities, number of bedrooms, bathrooms, and so much more. When a seller lists their property over market value, it often ends in disappointment. An overpriced house tends to be overlooked because buyers decide it’s not worth it. When this happens, the house proceeds to sit on the market for longer. Eventually, the seller will find themselves in the position where they have to lower the asking price. Buyers see a home that’s been sitting for a while with a price drop, and start asking what’s wrong with the house. Once they find out nothing is wrong with it and the owner just priced it too high, it often results in them offering even less for the property because they know the owner is becoming desperate to sell.
The moral of the story is a home that isn’t priced correctly from the beginning backfires almost a hundred percent of the time. Pricing a house competitively from the start is your best chance at getting the highest asking price. Hiring an experienced Realtor® who excels at CMA’s will give you the best chance at a quick sale.
If Your House Smells Bad, It’s Not Selling
When a buyer opens up the door of their potential home, and they’re met with an unexpected, undesirable smell, their reaction can make or break a sale. Houses with odors that are challenging to identify or are negatively overpowering have difficulty getting sold. A home that’s been vacant for a while or smells of mold, mildew, cigarette smoke, animals, certain spices, or other scents that people don’t enjoy, can have you kissing a quick sale goodbye.
Carpeting, soft surfaces, and even walls can absorb these odors and lock them in. Sometimes the homeowner can’t smell these types of scents at all because they’re used to them. Others try to mask the odors with fragrances and candles or the smell of baked goods. While this seems like a good idea, the truth is that you never know what a buyer will like or dislike. The best smell you’re house can have is no smell at all. A clean palate that allows people to envision their own perfect home is your best option. A good Realtor® will be honest with you and assist you in getting your house exactly as it needs to be before showings start.
Difficult Sellers Can Keep A House From Selling In A Hot Market
A home is more than an asset; it’s usually laced with memories and emotions and the seller’s perspective of how wonderful their house is. Even a seller moving from their current home to their dream home, can have difficulty letting go. They may try to control everything they believe should or shouldn’t be going on with the sale of the house.
Some sellers develop the need to lord over the outcome, disturbing the process and scaring off potential buyers. An overinvolved, overbearing seller creates problems. If this sounds like you or someone you know, it may very well be why a house isn’t selling, even in a hot market.
The best thing this personality type can do is take a deep breath, relax, trust their Realtor® and stop hovering. Your Realtor® is a professional trained to handle any situation. If you’ve done your due diligence in hiring one, you should have the best of the best at your back. If you don’t choose a seasoned professional who treats each client with the utmost respect and fairness, and you are a challenging personality type, your agent might not be working for you the way they should be. A jaded Realtor® can be your worst enemy when trying to sell your home.
Condition And Location Can Affect Your House Not Selling In A Hot Market
Investing in the exterior of your home can sell a house just as quickly as investing in the interior. Buyers begin judging whether or not a home will work for them before they ever step foot inside. They do this by surveying the neighborhood, the street, the landscaping, and curb appeal. It’s called curb appeal because a house that is attractive upon pulling up to the curb appeals to buyers in a way that gets them excited to see what’s inside.
Exterior improvements are never a bad idea. Remodeling a bathroom is fantastic, but if they see mold on the exterior or weeds in the yard, they can walk into the home having already decided it’s not for them. A home in disrepair is a red flag for buyers. When a house has visible problems, buyers automatically wonder what problems it has that are unseen. And while the location is fixed and can’t be changed, the right Realtor® can work around it with great marketing and finesse to get buyers to see its value.
So What’s The Quickest Way To Sell Your Home In Any Market?
If you haven’t noticed, there’s a common thread that can remedy all of these issues; a fantastic Realtor®. An experienced real estate agent will fight for you every step of the way and give you the best chance at the real estate experience of your dreams. If your Realtor® appears disinterested, is hard to get a hold of, offers you unsound advice, or anything else that gives you pause, it may be time to find a new one.
Living Houston Sells Houses Fast
You can’t force a home to sell. It requires many moving pieces to come together—most importantly, the right buyer at the right time. Living Houston’s group of professional, experienced agents offer clients a white-glove level of service. Contact us today if you need guidance on starting your home selling journey.