When a house doesn’t sell as quickly as expected, it’s easy (for the owner anyway) to lay the blame on a soft real estate market, or a lousy selling season Thiam Siew Condo price. After all, neither of those things are the seller’s faults, nor under the seller’s control. The fact is, though, that 90% of the time when a house doesn’t sell quickly, it’s due to problems that are within the control of the home’s owner. And that’s good news. It means that they’re fixable – and once they’re fixed, the house should sell quickly.
If your house has been on the market and isn’t getting the attention and offers that you expected, it may be time to reevaluate a few things. Here are several potential reasons that good houses typically don’t sell well. Go through the list and see if your home fits into one of them.
The number one reason that a house doesn’t sell quickly is that it’s priced above its true market value. I don’t care what your real estate appraisal says, or how much you need to get for the house, or how much you invested in improvements – the only real measure of your house’s true market value is what people are willing to pay for it.
The best way to figure that out is to find out how much people have been willing to pay for similar houses in your neighborhood. Once you know that, you can logically calculate a price for your own house based on the market price for similar houses. Keep in mind, though, that any time you price your home more than 5% above the typical price in your neighborhood, you’re taking a very real risk of pricing yourself out of the market.
If you’re not getting calls at all from people interested in seeing the house you’re selling, it may be the fault of the photograph of your home in the MLS brochure or web site. While some realtors will encourage prospective buyers to take a look because ‘the picture doesn’t do it justice’, most buyers won’t even call about a house that doesn’t look good in the brochure.
Invest in a professional photographer to get the best possible picture of your house. If there’s a time of day that it looks its best, arrange to take the picture then, and be sure to crop the photo to show the house at its most flattering. That photo is very likely to be the first look that prospective buyers get at your house. You want it to make a great first impression.