“Why is my home not selling?” This is a huge that most home sellers ask their agents. Actually, there is no iron clad answer to the question but rather some possibilities that could factor in this situation. When faced with this, many sellers are unwilling to make the necessary changes for the reason that these may cut into their profit margin. Let us look at the reasons why your home will not sell in the real estate market.
1. Usually, if your home won’t sell, it is due to the fact that it is overpriced. There are cases where sellers tend to price their home with emotion instead of logic. They put a price to their home with memories, feelings and events that exist in the home and that is not just possible in the real estate market. Homebuyers don’t see the need to pay for someone else’s memories. Your home should be priced strictly on the market rate and with comparable homes in your locality and other assets that it may have.
2. Your home does not fare well in the market. When you sell, your property will be competing against shiny new houses in an immaculate neighborhood with community amenities and incentives and attractive prices. Make sure that your home will show well in the eyes of a buyer. A little makeover should make your home attractive enough. Most of the work is cosmetic and inexpensive. A new paint, thorough cleaning and adding a few attractive window boxes should do the trick.
3. Your home won’t sell if you are in a bad location. Nothing could impact a home more than its location. If the area is less than desirable, you would have limited choices. A good real estate agent will do everything in his capacity to intensify the positive and get rid of the negative effect of your situation. For example, you could use a foliage to dampen traffic noise or screen out offensive adjoining homes. The best way you could do is to offer additional incentives or lower the asking price.
4. Your real estate is lousy. He or she could mislead, misfire or misbehave. Their bad advice can cost you a considerable amount of money, hassle and time of keeping the place show-ready twenty-four hours a day. This agent allows you to overprice your home and unable to market it properly, do not screen prospective buyers and unmindful of other agents interest and keep you in the dark throughout the process. An agent who is abrasive, arrogant and difficult to work with could dislike the idea of showing your home to probable buyers.
5. You could be battling with the market competitions and conditions. Everyone has heard of a “seller’s market” and a “buyer’s market”. Some external forces may influence this such as the weather, economy, interest rates, public optimism or pessimism. Homes sell fast in a hot market, but if you are selling in a flat market, you are not competing with new constructed homes but also against rentals. You should be ready to settle for less than the top dollar or wait to sell until the wheel turns in your favour.
6. Your marketing strategy is poor. Top agents launch a multilevel marketing strategy that includes newspaper and even TV ads, fliers and placements in local real estate publications, weekend open houses and listing tours. The internet now plays a major role in home selling. Study shows that more than one-third of homebuyers use the internet to look for homes to buy. The ideal real estate agent must be computer-savvy and should be able to list your home through the company website to give it a maximum exposure.
If you are experiencing this situation with your home, discuss the matter with your agent and find out if there are items that need to be improved. Make the changes because each day that your home will not sell will cost you a lot.
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Source by Sonia