There are a lot of reasons a particular house might not be selling. It may be external or internal but whatever the reason, it's really frustrating. No one wants to sit on the market any longer than they have to. An offer the first week is always welcome regardless of the price. But the longer that home sits there, the staler it becomes. Buyers start to wonder whats wrong with the property and eventually steer clear of even looking any closer. Before you get to that point ask yourself if you are dealing with any of these 5 reasons your house is not selling.
#1. Location.
Now, this is something you can't do anything about but you can compensate for it. Lower the price, offer better features or incentives for buying. There are ways to compensate for a bad location. Spruce up the curb appeal, build a fence if you're dealing with loud traffic, or make the inside very inviting so that the location is not a concern.
#2. Market.
This is the other external issue that can cause a house to sell. Fortunately we are in a great market and far from the subprime housing crash in 2007 so this shouldn't play too much of a factor if the home has the other items in order. The market will naturally fluctuate between a buyer and sellers market but depending on the time of year, should always swing back the other way. If it's a buyer's market, it can be a little more difficult to sell your home but it's not impossible. You have to offer something more than your competition for less money. If it's a sellers market, you can probably get more for the home depending on the time of year.
#3. Condition
This plays right into #4 as well, price. The condition has to fit the price. If two homes are similar in size and layout but one is a little more run down, needs some repairs or is disarray, even something as little as garbage on the floor, a buyer is simply not going to pay more or the same price for a home in pristine condition. If you want the absolute most for your home, set it up right. Correct any issues, repair any eyesores, fix damaged materials or construction and stage it properly for every showing. Look at your competition and then do better.
#4. Price.
Obviously this is an issue. But if you'd checked off the previous 3, it may come down to price. I understand that you need a certain amount for your house but if the market and condition don't match up, you have to lower it. IF you can't lower any more, speak to your lender about a short sale. This may be your only option if you need to sell.
#5. Exposure
Are you trying to sell by yourself? Does your agent post in the MLS and no where else? What type of exposure does your home have? Are you and your agent marketing to the right buyers? There are countless ways to advertise your home and if your agent expects to pop it on the MLS and instantly get a buyer, they may be out of their league. You need an agent that will work their butt off trying to get this home in front of every possible buyer imaginable. But it also helps when you utilize the power of your social media and connections to get it out even further. You never know where your buyer may come from so don't limit the ability of exposure by the local MLS.
If you and your agent have addressed all these areas and it still sits on the market for more than a few weeks after, it may be time to pull it and reassess.
If you have questions on listing and selling your home, please give me a call anytime. I would be happy to run some numbers for you and help you determine the best time to sell and how to go about advertising that home. I work throughout the Palm Beach County area and specialize in Abacoa, Admiral's Cove, Mirasol, Frenchman's Reserve and Singer Island.
