It is not always easy to tell why your home is not selling. When your home stays on the market and the weeks stretch into months it is easy to blame external factors like the economy or high interest rates, but sometimes the cause is much closer at hand.
In the end it may not be high mortgage rates or even a looming recession slowing down your home sale and that could actually be good news. After all you cannot magically lower mortgage rates or turn the economy around, but you can fix these seven factors that could be slowing down your home sale.
1. An unrealistic price point – You obviously want to get the highest possible price for your home. It is, after all, your biggest investment. Even so trying to squeeze too much out of the market could send buyers fleeing. You only have so much negotiating power, so pricing your home fairly should be your number one consideration.
2. An overworked or inexperienced agent – The quality of your agent matters, and choosing the wrong one could slow the sale significantly. If the agent you hire has too many properties in their portfolio they may not be able to dedicated the required time to your home sale. Similarly an inexperienced agent or one who is new to the area may not have had time to make the required contacts. Either way your sale will be slower than it should be.
3. Unattended repairs – The last thing home buyers want to do is make a bunch of repairs that should have been done by the previous owner. Failing to make small repairs could have a big impact on your home sale, so grab your toolbox or call in a professional.
4. Outdated appliances – You may have grown used to your ancient range or decades old washing machine, but potential buyers are unlikely to be so forgiving. Replacing the worst of those appliances with new models could be a fast way to speed the sale.
5. A lack of curb appeal – Some would be buyers may be passing on your home before they even see it. Drive by appraisals are commonplace, and an unkempt landscape can be a huge turnoff – not to mention an impediment to a quick and profitable sale.
6. Issues with the title – if the title is not clean the sale is likely to fall through, and the time to clear up those problems is beforehand. Even if you think the title is just fine it never hurts to check.
7. Less than friendly neighbors – Home buyers are not just buying a property – they are also buying into the neighborhood. If your neighbors are less than welcoming it could be slowing down the sale. You may want to have a talk with your neighbors even if you are on less than stellar terms – after all a speedy sale could mean their source of frustration will soon be gone.
When you list your home you hope for a fast sale, one that will leave you with plenty of money in your pocket and no major problems to resolve. In a perfect world that fast sale would always materialize, but when it fails to come frustration is sure to follow.
If sold signs have been springing up like flowers in the neighborhood but your home is still stubbornly for sale, it is time to root out the reason. The seven factors listed above can all slow down your home sale, but fixing them could speed the process and send you on to your new and better property.
