Why Some Homes Don’t Sell?

If this is Your Home ………… The first thing you should do is go and look at other homes in your neighborhood in that price range.  Then Compare yours objectively.

   Have you been trying to sell your home without much success? Perhaps you have been hearing that it is a “sellers’ market”, yet yours is still sitting on the market with little or no showings. There are several reasons that homes do not sell. The following categories are the most common:

1.     Correct price. Research has shown that homes sell faster if the home is priced competitively with those for sale in the neighborhood. This means you home should be within a few thousand dollars of other homes that have recently sold in your area. Your agent can provide you with a CMA (competitive market analysis) This should give you a starting point on where to initially put your listing price. It makes no sense to price higher than the area will bring, and you will be dropping your price over time to get people to come and look. Unfortunately, most buyers do not care what you paid for your home. They are looking for the best deal that is right for them. Of course, there are exceptions to any rule, and you can speak to your agent if you have an unusual feature or upgrade to your home that increases its value over the other homes in the area.

2.      Another guide to pricing is to obtain your own appraisal. This non-biased information may be helpful if yours is in an area where there are no comparable homes on which to base a market analysis. Most appraisal’s run between $400-450.

3.     Market conditions. Rising interest rates, taxes, insurance, if your home is in a flood zone, especially important in Hampton Roads, and condo fees, all have an impact on the final price that a buyer is willing or qualified to pay. When selling a condo, HOA rules, special assessments and deed restrictions may also be harder to convince a buyer to agree with. Condo fees are inversely affect buying power. So, if interest rates are low, high condo fees are a detriment. If interest rates are higher condo fees have less impact. Market conditions also include inventory. According the REIN, the average sale time in VA Beach is 4.26 months. In Portsmouth, the selling time is over 5 months.

4.     Competition. In an era of low inventory, competition can be to your advantage. However, with spring approaching, more homes historically are listed. Now may be the time to assess your home for updates ,especially kitchens and baths. This means getting rid of old vanities, dated kitchen cabinets, out of style faucets and lighting. New paint and replacing old tile can also provide a fresh new look. Updating your “curb appeal” is also important. First impressions do count. Trim and mow lawn, clear out swing sets, (unless they convey) trim bushes and trees, and perhaps install a new front door. This will give your customers a good impression that you care about your property, A lot of buyers today want move in ready homes. They will discount the price to reflect things that need repair or replacing. Homes that need a lot of TLC are only attractive to “flippers” or people who can do a lot of renovations on their own. Another helpful tool is to professionally stage your home. If you have already moved out, this is a must!. Empty homes do not show well. People need to see what the home might look like with furniture in it. If you are still living in the property, clean out the clutter, excess furniture, toys and any items you do not use every day. This is especially important in the kitchen and main living area., Clean out the closets, make your home appear to be spacious with lots of storage. Your agent can give you more information on this topic

5.     If you have assessed all the above and still feel that any of these mentioned tips do not apply to your home, then speak to your agent regarding what they need to do to sell your home. Make sure they are promoting the best assets and features, and that the advertising is reaching a wide range of potential buyers. Most buyers today start their search on the internet. Check to see that yours is featured on the most popular sites, Remember, your agent is your best resource, use it!