Top Reasons a Home Doesn’t Sell in a Seller’s Market – Right now is one of the highest competitive sellers’ markets we have seen in a while. In some areas, homes are selling just hours after they are listed and for above the listing price. So why are other homes not selling? What causes a home to sit on the market when there are more buyers looking for homes then there are homes for sale?
The Home is Listed at Too High a Price
This seems like the most obvious of reasons, and to some doesn’t really make sense. How can a home be ignored for its price when homes are selling for more than they are listed?
Listing a home at the right price is almost an art form. If you price your home higher than other similar homes around it buyers will think you are greedy and will not come to look at it. If you price your home too low buyers will think there could be something very wrong with it, thus the reason for the low price. This is why it is vitally important to take the advice of an experienced local real estate agent when it comes to the listing price of your home. Research has shown that many homes priced too high end up sitting on the market longer and selling below fair market value no matter the market conditions.
The Home is Unique
A unique home can be a very great thing, but it also can bring the challenge of finding just the right buyer that wants a unique home. A unique home doesn’t necessarily mean you need to make changes, it just means you need to be prepared for the right buyer to come along and love your home.
A real estate agent with great marketing skills is a real asset here. They can help to describe the unique features of the home as great assets instead of people looking at them as challenges.
The Order of Online Listing Photos is Wrong
When people are beginning their home search they begin it online and most of the time they don’t look further than the first picture in a listing. Unless, of course, the first picture in a listing interests them into looking further. What is the first photo on your online listing showing? Is it something that is going to draw a buyer in? Does it show a home with tons curb appeal or current features buyers really want?
Little Accessibility for Showings
As a seller, in-person showings can be one of the most stressful and frustrating parts of selling your home. It is understandable not to want a bunch of strangers in your home during a pandemic, or to not enjoy getting a call from a realtor saying they are in the area with their client and would like to look at your home in the next five minutes. But you do want to bite the bullet when you can and let buyers see your home. Every in-person showing gets you that much closer to selling. Many realtors are making steps to ensure their clients are taking safety precautions when entering homes.
Rejecting a Low Offer
Getting an offer below list price is not uncommon. Sometimes a low offer can be off-putting. Instead of rejecting the offer all together, make sure to look over the details there could be something in there to balance out the low offer like an early closing. You could always offer a counter as well.
For more information on selling your Seattle home please contact me any time.
If you’re currently searching for a new home, whether a Highrise, condo, or single-family home or you’re interested in listing your property, or have questions regarding the current markets and trends, please feel free to contact our office at any time.