Putting a house up for sale requires so many moving parts: getting the property listing set up, opening the property for showings, handling all the paperwork with the bank and mortgage lenders, the list goes on. So, when you’ve finally made it through all of the steps and you’re ready to sell your home but nobody wants to close on your property “frustrating” isn’t a strong enough word to describe what you feel.
If this sounds like your situation, start by taking a deep breath. In the real estate business, every problem has a solution, and there’s probably a reason why you can’t get your Reno home sold. Let’s talk about the big reasons why some houses don’t sell, and what you can do before your next showing.
You’re Selling Too High
Home sellers never want to hear this, but in truth, you might have set the price on your house too high. Too often, home sellers overestimate how much their property is worth without having proper comparables, resulting in tons of frustration for both buyers and sellers.
How do you know if you set your price too high? Compare your price to houses with similar features – rooms, square footage, etc. You know you’re over the market value when similar homes are selling at noticeably lower prices. When this happens, adjust your price accordingly to what buyers are willing to pay based on the data.
Poor Home Exposure
It could be that your home is exactly what someone is looking for, but the work you’ve done to list the property doesn’t sell the house. Either your home is hard to find on web listings, or the web listing doesn’t have professional, if any, photos, or you’re not giving enough information about the selling features. On average, you have seven seconds to make a good first impression, so if your house doesn’t intrigue any potential buyers within that time, you likely won’t get a second chance with them.
Invest in a little bit of positive exposure for the home. It might seem like a frivolous expense, but having someone take professional photos of your home will likely make your home sell faster – and for a price much closer to what you’re asking for.
Low Curb Appeal
For many home sellers, “low curb appeal” could be the reason the home doesn’t sell. If your home doesn’t have an attractive exterior, landscaping done, or if your home needs remodeling done and appliances updated, selling it can certainly prove difficult in some situations.
Nonetheless, making your home more attractive doesn’t mean gutting the kitchen and refurbishing the basement – there are small DIY projects you can do to make the house more attractive. A quick paint job on the front door, replacing old screws and door hinges, beautifying the mailbox, adding a flower bed, and adding some symmetry to your yard can make your home more inviting, and many curb appeal projects can be accomplished in under a day.
Uninviting Home Showings
Let’s say you’ve had a few interested buyers talk to you over phone or email, but none of them follow up with you after the home showing. If this is the case, give your home some TLC: Touch up, Lighting, Cleaning. You can touch up your home by rearranging the furniture to add more space, and remove any family photos – potential buyers want to imagine their family in the home. Let the light in by keeping the curtains open and leaving the lights on if necessary, and make sure the house is sparkling.
Essentially, make the house a blank slate for a potential family to see themselves in the house, and give them space to explore the property on their own time.
Lenders Won’t Lend
Sometimes, there may be a problem with the house making it impossible for potential buyers to get approved on their mortgage. If this happens, you’ll probably be notified about what those issues are. Usually, this happens when a house doesn’t meet FHA guidelines or a low appraisal, Most times there are repairs that need to be done and verified completed before the buyer’s loan can be approved.
Problems With the Home Title
Occasionally, there can be confusing or misleading information on the home title which scares potential buyers. Usually, these problems are pretty easy to fix, but sometimes the name on the title won’t match with the current homeowners, or there can be a problem where there’s a lien on the house from the bank or a mechanic, even after the mortgage is paid off. Before you put your home up for sale, make sure everything looks clean on your title report.
Your Agent
It’s not you, it’s your agent (and hint, it doesn’t have to be this way!). Your Realtor is the face of your home selling operation, but when your front-line representative is cold, aloof, aggressive, or simply not sociable, or readily available home buyers will quickly associate your home with your agent’s temperament.
If you wouldn’t invite your agent to a dinner party, why would you let them sell your home? An agent who knows how to charm potential buyers while also having a background in home negotiations can make a huge difference. If you want to chat more about home selling options, reach out to The Caroline Mathes Team, and let’s chat today!