Spend any time in the real estate industry and you’ll run in to a home or two that has been lingering on the market a little too long. Here are eight reasons why your home might be hanging out like that last party guest that just won’t leave… for an inappropriately long time.
1. Terrible Listing PhotosPet peeve here – if you want your home to sell, you need to present it to the world as something people would want to buy. Amazon doesn’t post bad photos of items for sale, so why would you put up with a Realtor who has done that to your home?
2. Poor First ImpressionYou get one chance to make your first impression, and it had better be good. If prospective buyers fall in love at first sight, they’ll want to see more. A fresh coat of paint, flowering plants and some new outdoor fixtures can go a long way.
3. OverpricedFile this under “Duh.” An overpriced home, even in a seller’s market, will sit there for a while, and may never sell. And like all of us, the longer it sits around, the less sexy it gets. Doesn’t Match Appraisal Another flavor of “overpriced” is when the listing price doesn’t match up with the appraisal amount. When this occurs with conventional financing deals, sellers must either drop the listing price or make arrangements with the buyer to cover the difference. Either way, it’s just easier to price the home appropriately from the start.
4. Doesn’t Match AppraisalAnother flavor of “overpriced” is when the listing price doesn’t match up with the appraisal amount. When this occurs with conventional financing deals, sellers must either drop the listing price or make arrangements with the buyer to cover the difference. Either way, it’s just easier to price the home appropriately from the start.
5. DistressedShort sales and foreclosures can also sit on the market a long time, especially if you are working with a challenging bank or lender that owns the home. The market for short sales and foreclosures has greatly improved over the past few years, but an economically distressed status can still contribute to a lagging listing.
6. Missing Important StuffLike economically distressed properties, physically distressed properties that have been stripped of fixtures, appliances and other important elements can sit on the market a long time because prospective buyers have a hard time imagining living there, and wonder what else might be missing.
7. Bad NeighborsA bad neighborhood and bad neighbors are tough to rise above and may be the only item on this list that you can’t do anything about, other than paying them off to clean up their yards and/or make themselves scarce during the sale period.
8. ClutteredYou clean up when guests come to visit – so why wouldn’t you clean up for the ultimate guests – prospective buyers? Cut the clutter, pronto. Nobody wants to see a house overfilled with stuff.
We love a challenge – if your home is lagging on the market or your listing has expired, contact my team today!