Why won’t my house sell? If this is a buyers market, and homes are out there selling, how come mine won’t? Well there are a number of reasons why it possibly is not selling.
1. Is it priced right? Your real estate agent should provide you with a list of comparables (sq. ft., # of bedrooms, # bathrooms, lot size, etc..) that are similar to your property in the same area. It is important to understand these, and advise your realtor if you have any questions. Since it is a buyers market, this means that the buyers are determining the selling price. Remember, it is not how well your home is constructed, or the type of carpet you have, etc… that determines the selling price of your home. It is what the market is willing / capable of sustaining. For instance, one may feel that their house is worth $150,000, but if all the houses in the area are selling for $120,000, then you will not be able to sell for $150,000.
2. You may need to update. Since this is a buyers market, you must curtail to the buyers wants needs of the market. If your home is priced along with the other homes in your neighborhood, but your house needs a new roof, or new flooring, or kitchen updating, then your house most likely will not sell, UNLESS you drop your price to below what the other houses are selling for.
3. Don’t be closed minded. Sometimes, as we all do, we do not want to drop the price because of memories or even because of upgrades that you have made to the home. Just because you redid the landscape, or added curb appeal does not mean that the house will sell for an additional $10,000. Sometimes, people state that the house was built with a certain type of construction, or the paint used was $50 / gallon, etc.. Remember, buyers do not care about this. While these are nice features, in this market, buyers are not going to pay more for this. They care about square footage, number of bedrooms, number and type of bathrooms,updates to the kitchen, and yard size.
These are the three most common reasons why a home may not be selling in the market arena. A good agent can lead you through these points, and offer advice to get your house sold!!