Real Estate
Know The Possible Reasons Why Your Home Won’t Sell
September 8, 2010 by Tara Millar · Leave a Comment
The Price Is Not Right
The primary thing to consider is pricing. Probably the most common mistake property sellers make is overpricing their home. This big mistake can cause properties to become stagnant and lose sellers more cash in the long run. Sellers often make the mistake of thinking their house is worth as much as an equivalent house in a better area. Overpricing your house helps other sellers sell their homes when buyers see they’re getting a better deal for a house similar to yours. Real estate agents might avoid showing properties that have been overpriced or they will use them to guide clients to more affordable properties. Potential buyers who have already started their search will overlook your listing because they know it’s not in line with the market. Interested buyers will also struggle to achieve financing for overpriced houses as lenders order appraisals to be done before approving any mortgages. And when it comes to eventually biting the bullet and lowering the price, this may make buyers think there are problems with the house. House prices are determined by buyers. The market rises and falls with what people are willing to pay. It is also important to notice that a swimming pool is not a huge selling point as only a fifth of buyers are looking for a property with a pool.
Unimpressive First Impressions
Appearances are everything. Your house may be in good condition however if the exterior of the home is dirty or the yard is overgrown with weeds, it will only appeal to investors or somebody who is expecting a greatly discounted price. Keeping the outside of your property neat and tidy is seen as evidence that you have cared for the rest of the house. Even the small things like cleaning the windows and cutting the grass will make a huge difference. Improving the curb appeal of your house might improve the price of your home by as much as 15 percent.
The Wrong Real Estate Agent
There are many good real estate agents, however not all of them can have the right combination of ability and experience for selling your home. Through unhealthy advice and not knowing the ins and outs of your subdivision or type of property, they can encourage a seller to overprice their home or make unnecessary renovations. Some agents might also fail to promote your property correctly. Make sure you have some agreement on what marketing will be done. Some agents may leave you feeling cut off from the whole process if they have a habit of not returning calls or emails. If they do not get back in touch with you in a very timely manner they may not be following up on any viewings you may be getting. If you don’t get the right agent from the beginning it may cost you thousands of dollars.
Location
Location is one of those few things you can’t control. People usually search for homes near the best colleges in neighborhoods with low crime rates, thus if you do not live in a location like this you must be willing to account for this when setting the price. In this situation, the main factor to concentrate on is appearance. Bear in mind that every house has the chance of selling regardless of location as long as the house is presented and marketed correctly.
Another great article by Penbrooke Calgary Real Estate This article, Know The Possible Reasons Why Your Home Won’t Sell is released under a creative commons attribution licence.
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