It has been a long period of a hot seller’s market across the entire country for the past few years. Being in a seller’s market means that homes are selling pretty quickly and relatively easily, but not every home that is put up for sale has a guaranteed success of selling quickly and for top dollar.
Here are the top reasons why some homes don’t sell even when homes are in high demand in a Seller’s Market
The list price is set too high
One of the most common contributing factors to a home not selling is a list price set well above the fair market value for a home. In a seller’s market, it is not unusual for properties to sell above the list price but these homes have to be set at a fair price, to begin with.
Buyers are willing to purchase a home for a top-dollar but they do not want to be expected to pay more than a home is worth from the get-go. They do not want to feel like they are being taken advantage of and when a home is priced well above the fair market value and well above other comparable homes in the area it can communicate that a seller is greedy.
It is all a good plan to work with an expert local agent to discern the best list price for your home before ever officially listing it on the market.
There may be a problem with the title
The is an official legal document that shows the status of ownership of a property. In some cases, a home is unable to sell because there could be a problem with the official ownership of a home. This could be because there’s a third party that has been able to stake a claim to the title and until the third party’s stake in the title is cleared up the home is unable to be sold.
The listing pictures aren’t that great
A large majority of home buyers begin their home shopping with an online search for available properties. In fact, it is said that somewhere around 90% of home buyers start their shopping with online listings. This means the majority of people that find out a home is for sale are getting a first look at a property through the listing photos.
If the pictures of a home are not showcasing it well this will lead people to move on to properties that look more appealing and interesting through their photos. Subpar photos can be significantly detrimental to a home listing.
The home needs some work for has outdated major systems
Even in a seller’s market where competition is very tough among buyers some will consider homes that are not in peak condition to be able to get into a home they can afford. When pickings are slim buyers are more flexible in what they expect from a home purchase. But there are some conditions that are big buyer turn-offs and can cause a home to take longer to sell.
Some of the most common areas include if a home has major systems that will need to be replaced soon such as the roof or all of the major appliances. These are considerable costs that add to the purchase price of the home for the buyer. They are now not only buying the home for a list price but will need to quickly put a significant amount of extra money into the home to keep it in a livable condition.
Today buyers are excited and in some cases feel desperate to get into a home and willing to concede on some of their home demands. Making major repairs right off the bat is a big deterrent as it in a way instantly increases the price of the home.
When repairing your home to sell even in a seller’s market it is a very wise idea to hire an experienced local real estate agent and get their expert insight into how to prepare your home for the most successful sale possible.
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