The Wall Street Journal recently published an article covering the top five reasons why your home might not be selling. In a market where buyers currently have more time to shop around, and more power to bargain, it is important to know how to position yourself to get the best price for your home, and in a timely manner.
The average number of days on market, according to realtor.com was 46 in August 2023. Up five days from the previous year. If your home sits on the market with no prospects for longer than 60 days, it’s time to consider why.
Here’s our breakdown of which factors you should be looking at closely.
Five Reasons Your Home Isn’t Selling
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Staging – Your house isn’t staged. Staging is one of the biggest factors when it comes to time on the market. Houses that are staged tend to sell considerably faster than homes that are not. Compass Realtors Collin Bond and Boris Fabrikant in New York, NY staged an empty property that had previously sat on the market for over a year. It then received two offers in one week, and sold for over asking. We strongly advise considering a staging consultation prior to hitting the market.
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Upgrades – Does your house need some upgrades? Higher interest rates have affordability squeezed for current buyers, and because of this, they are looking for move-in ready homes. The time when buyers were more likely to overlook fixes, big and small, is over. While a full scale renovation can be pricey, painting is one of the easiest upgrades you can make. We advise focusing on refinishing floors, or painting walls and cabinets. Ask us about Compass Concierge as an option prior to bringing your house to market. Compass has created a loan program that helps you use your home equity to make updates prior to selling in order to ensure you get the best price for your home.
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Flexibility – If you’re not flexible, it can actually cost you money in the long run. Failure to negotiate can cause buyers to simply move on now that they have the power to bargain again. If you want your home to sell, you need to be willing to accommodate buyers in the ways that you can.
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Pricing – Because affordability is the number one challenge currently, if your home isn’t priced competitively, it’s not going to sell. Once a house sits on the market for a long time, it yields fewer offers, typically at lower prices and with worse terms. By pricing competitively, you best position yourself to get the offer you want, and one in which you still have some negotiating power.
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Your Agent – Just as you shop for anything else, shopping for an agent is important. Make sure your agent has a marketing budget, and the social media savvy to get your property adequate visibility. An agent with local market expertise, and extensive knowledge of local comps is key in selling your home.
Interested in selling your house? We pride ourselves on helping people make smart real estate decisions. Contact us to set up a consultation call today.