Experienced Property Expert Nicholas Statman shares his experience on how to successfully sale your home at your desired price point.
You’ve done everything just as you’re supposed to: You deep cleaned your home, you’ve staged it with precision. You’ve compared your property to others in the area to come up with a price that seems fair. You’ve done the marketing and advertising, and you’ve been patient. And still nothing. There’s no movement on the sale of your home and you’re not sure why. This is a frustrating and common experience for homeowners, but all is not lost. Here are five reasons your home may not be selling and things you can do to transform your home from “For Sale” to “Sold.”
The price is too high
Most homeowners have an emotional attachment to their home. They base the price their home on their connection with the home instead of coming up with a competitive price based on comparable properties in the area. One strategy many homeowners use when pricing their home is to price it high in hopes they receive an offer, and then fall back on a price reduction later on if there is no interest. However, a price reduction sends up red flags to buyers, making them question why the home has been on the property so long and what caused the decrease. A fair and competitive price upfront is the best way to attract qualified buyers and generate offers.
To Fix It: The best way to avoid this problem is to set a fair and competitive price upfront. However, if you find that your original asking price is too high, it may be time to think about a price reduction. This time, however, work with an experienced agent who can help you pick a price that won’t require any further reductions. They can use their extensive database, network, and resources to settle on a price that is comparable to other properties on the market.
It is important to keep in mind that pricing your property too low can also prevent motivated buyers from making an offer. A price at a significantly lower than other properties for sale in the area may cause buyers to think there is something wrong with the property.
There’s Something Untraditional About It
Some homes don’t sell because they stick out from the other homes in the area or aren’t conducive to the lifestyle of the target audience looking in this market. For example, it could take a luxury home a little bit longer to sell because the pool of buyers who are looking for a million pound home is smaller than those looking for homes in the £200,000 range. If a home has a unique layout, is significantly smaller or bigger than the houses in the area, or is located in a rural area, it will probably appeal to a smaller pool of buyers. This doesn’t mean your home won’t sell; it just may mean it will take longer to find the right buyers.
To Fix It: If your home has a permanent, unique feature, such as the layout or the location, there’s nothing you can do to change that. What you can do is change the way you market it. If your home is not going to appeal to the traditional home buyer, then you have to seek out the buyers that it will appeal to. This may mean getting creative with marketing techniques or framing your home’s unique quirks in a more positive and appealing light.
The Exterior Needs Work
The garden and exterior of your home play a significant role in potential buyers’ first impression of the home. If the grass is unkempt or the home needs a fresh coat of paint or a new roof, you could be losing potential buyers before they even step inside the home.
To Fix It: Take a weekend or two to give the front of your home a makeover. Plant flowers, paint, and spruce up front entrance ways. Be intentional about making the front of the house feel warm and inviting.
The Home Staging Is All Wrong
Home staging is a psychological marketing strategy that helps buyers see themselves living in a particular home. Often, sellers struggle with home staging because they love the house just the way it is. But home staging is not about the seller at all. It is about creating a space that appeals to the broadest audience possible.
If you have a lot of personal mementos on display, if the home feels crowded or very “you,” it will be hard for interested buyers to picture themselves there and make an emotional attachment. 53% of agents report a decrease in time on the market in homes that are staged vs. homes that are not. According to an article in Forbes magazine, “A staged home will sell for 17% more on average than a non-staged home, and 95% of staged homes sell in 11 days or less. That is statistically 87% faster than non-staged homes.”
If you aren’t staging your home, or are staging incorrectly, it could be a reason your home is not selling.
To Fix It: If you’ve tried to declutter and stage your home on your own and your home is still not selling, it may be time to bring in the professionals. Professional stagers can come into your home, get an idea for the feel of the property, and offer suggestions to help your property appeal to a broader audience. The cost to have an entire 2,000 square feet home stage can cost around £3500, but when you think about the returns it can generate, many homeowners find this expense to be worth it.
The Photos Don’t Do The Property Justice
89% of home buyers start their home search online. They have thousands of online listings and photos to browse through, and will quickly pass by pictures that don’t impress them. This is why having professional-quality images on your listing is crucial in a quick and profitable sale.
To Fix It: Your listing photos should be clear, free of clutter, well-lit, and showcase the best parts of your home. Most of the latest smartphones can take high-quality pictures that are suitable for an online listing description. Use a tripod to reduce blurriness in images, and remember to get shots of each room from different angles. Try taking fresh, professional-style photos and see if that attracts the attention of motivated buyers.
The best things you can do when selling your home seems stagnant is to be patient and proactive. Be open to feedback from experienced agents, but also understand that the status of a particular property market could impact how long it takes your home to sell. If you are frustrated with the amount of time your home has been sitting on the market, ask yourself if the pricing, the staging, or the listing description could be the cause.