You have built a perfectly charming house in a nice suburb, but you had to put it on the market because your boss has transferred you to the company headquarters abroad. You are confident that with the house’s smart and environmentally-friendly design are sure to wow prospective buyers. You believe that it won’t take you too long to move into your new home and get on with your life and career.
So why haven’t you closed the deal on the house yet?
There are a number of factors why your house, enchanting though it may be, hasn’t been snapped up by a decent buyer just yet. In the first place, an ailing economy is not the best backdrop for making rash financial decisions, so people are naturally cautious before putting their hard-earned cash on any one house. This doesn’t mean that your property won’t sell—you just have to take control of the situation and understand why people are not tripping over one another with offers to buy your home.
Here are five of the most common reasons why a perfectly beautiful house is still languishing on the market.
1. Your house costs too much
You may have the most enthusiastic real estate agent, the most fabulous lighting fixtures to accentuate interesting corners of your home and the most ostentatious for-sale sign on your lawn, but all these things won’t help sell your property if you pegged the price way beyond a sane buyer’s budget.
Selling your house means compromising with the buyer on how much you and he think the property is worth. It doesn’t mean that you have to practically give away your house and foregoing a profit. If your house is overpriced by as little as 5%, buyers will immediately start looking for other houses to check.
The chances of your house getting sold diminish further when you consider the competition. You may have pegged your home at $300,000 when it is actually just worth $250,000, but buyers will immediately see that it’s not at par with homes that are really valued at your asking price.
2. Your house is in a less-than-ideal neighborhood
House hunters know that they are not merely buying a piece of property—they’re also buying into what the location can or cannot provide for them. Do you live near reputable schools, commercial districts, public parks or hospitals? Does your street have good drainage, ample lighting and large lawns? If yes, then your house should bag a good price for you. If not, then you can say forget selling it for a big profit margin.
You can ‘facelift’ your house as much as you want, but you can’t change the nature of the location where it sits. Your real estate agent may suggest that you lower the price a bit and be happy that someone actually wants to take the property off your hands, or else offer incentives like seller financing.
3. Your marketing is ineffective or nonexistent
Good marketing can highlight the positive aspects of your home and downplay the negatives. These days, it’s not enough to simply open your house to strangers and let them wear your brand-new shag carpet. You have to be aggressive about selling your house, and that means making newspaper, TV and online ads, conducting weekend open houses and listing fliers and placements in local publications. It means really reaching out to buyers and making them pay attention to your home.
You shouldn’t be content with simply having your property placed in the multiple listing service because this won’t attract as many serious buyers as going on an all-out marketing campaign.
4. Your listing agent is not doing his job
The brunt of the job is definitely on your listing agent, so he must exert every effort to put a positive spin on your property and get buyers interested in it. A lousy real estate will cost you much in terms of time, money and effort. Just keeping your place show-ready 24/7 can get tiring, especially if your agent marches one unqualified or half-hearted buyer after another for weeks on end.
Your agent’s personality also plays a part on your chance to close a deal immediately. Ideally, he should be sincere, honest, helpful and patient with both you and the prospective buyers. He should give you useful advice on how to make your house more attractive to buyers or how to get more exposure in the market. If he doesn’t, perhaps it’s time for you to look for a new listing agent.
5. Your house doesn’t show well
Every home needs the occasional visit from the plumber, painter and electrician, and unless yours is brand-new, it is not exempted.
To sell your home successfully, you have to get inside the heads of your prospective purchasers and view the property from their eyes. If you were in their shoes, would you buy your home? You don’t have to shell out a lot of money to make it more pleasant or attractive. You should give the walls a fresh coat of paint and wipe the grime off the windows. Buying a few pieces of nice but affordable new furniture can also give the interior a cheerier atmosphere. Fixing the porch screen and replacing your worn carpets should just about do the trick.
This article was written by Justin Toladro from Life Insurance Finder, A comparison website that helps you compare life insurance policies that best suit you and your family.