The #1 Reason Homes Don’t Sell (and How to Fix It)

Dated: February 27 2021

Views: 31

The #1 Reason Homes Don’t Sell (and How to Fix It)

You heard it’s a seller’s market right now so you couldn’t wait to sell your home. Except it’s sitting and you don’t know why.
You have plenty of people walk through it or inquire about it, but you aren’t receiving offers.

What’s the problem?

The price. It’s the number one reason homes don’t sell.
Sellers price homes too high and buyers are turned off. They don’t even want to see the home. So how do you know how much to sell your home for without losing? Here are the ways.

Know the Comparative Sales in the Area

The market dictates how much you can ask for your home. Buyers not only want to pay the ‘market rate’ but lenders won’t approve a mortgage if the sales price is too high.

The market value plays an important role in the transaction. Do your research or work with a licensed professional who can research comparative sales. Knowing how much comparable homes sold for in the last six months will be your guide when pricing your home.

Work with a Reputable Real Estate Agent

Working with just any real estate agent won’t do the trick. Not all agents have your best interests in mind. Some worry about their commission checks and price the home high to make the most commission.

This won’t work for you. It’s easy to tell if it’s happening. Here are telltale signs:

  • Few visits to your listing pages
  • Few inquiries about the home
  • Other homes in the area selling, but yours isn’t

Improve Your Asking Price

If you’ve already listed your home and feel stuck or you notice other homes are selling and yours isn’t – consider a price cut.

It may not need to be much. Even a 5% cut may bring in more attention. It depends on the difference between the average value of homes and your asking price. The listing will show the price history and that there was a recent drop. This may bring more attention.

The even better news is you still may get the price you wanted or close to it. Buyers place a bid and you may negotiate. In today’s competitive environment, there are often bidding wars too. This naturally drives the price up, getting you closer to the original price you wanted.

Don’t get Caught Pricing your Home too High

The simplest way to avoid this issue is to price your house right from the start. It’s not easy, but with the right support, you can do it.

If you make the mistake, don’t worry, it’s always fixable. Price adjustments happen all the time in real estate and it’s not a bad thing. Most buyers will see that the home was overpriced to start. If they ask, just tell buyers you made a mistake but dropped the price to make it more attractive.

In the end, you’ll sell your home faster and may even walk away with profits close to what you hand in mind.

Blog author image

Justin Hemker

Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....

Latest Blog Posts

Calling All Sellers! - To stage or not to stage?

! Calling All Sellers !To stage or not to stage?One of the most important things you can do when getting ready to list your home is to stage it. Why?Home staging will increase your power and appeal

Read More

CLOSING PROCESS – THING TO AVOID

CLOSING PROCESS – THING TO AVOIDWhen closing on a house, it is SO important to keep your financial situation as steady and normal as possible. Avoid these 5 common mistakes and any other

Read More

October Update: Is the housing market going to crash anytime soon?

Is the housing market going to crash anytime soon? I get asked this question all the time and truthfully, it’s hard to be 100% accurate. The market can fluctuate randomly. In my

Read More

What to ask lender when looking to buy home | Tip# 2

What to ask lender when looking to buy home | Tip# 2Talking to a lender can be intimidating if you don’t know what to ask. Let’s continue with tip# 2 of this series.Here are a few good

Read More