Throughout the country, the housing market has become a seller’s market—but that doesn’t mean every home will be sold quickly. In fact, with this type of market, some homes can remain “for sale” for months, while homes around them are sold in a matter of days.
According to a recent U.S. News report, the two most common reasons why some homes sell quicker than others, even in a seller’s market, are price and overall condition. Although marketing does have an effect on the rate at which a home goes into contract, a price reflective of the home’s great condition is the best way to speed up a home sale.
If your home is still not selling, then you should reevaluate your entire sales strategy. There could be several reasons why you can’t get a contract. Here are today’s most common reasons:
- Price is too high: If the price is right, the house will sell within a reasonable amount of time—so it’s important to get this set accurately before the home is even put on the market. When a home seller sets the price too high and continues to lower it throughout time, homebuyers begin to assume that there’s something wrong with the property. If you find yourself needing to adjust the price, make sure you get it right on the next try to avoid this issue.
- The listing photos are not inviting: The quality of your listing photos is critical to a speedy sale. Make sure to get rid of all clutter and maximize natural lighting before taking photos of your home. If possible, you may even consider professional photography. This will entice more people to visit home showings and enquire about your listing.
- Prospective buyers can’t preview the home: If you decline the option to show your home, then you may lose many prospective homebuyers. Before hiring an agent to help you do this, you should also make sure that he or she is quick to respond to a buyer’s questions or appointment inquiries. A poor agent, who makes it difficult to show the home, can be just as detrimental to your overall sales process.
- Your home is too dark: Today’s buyers, especially millennial homebuyers, are seeking homes with plenty of natural lighting—so make sure you show this off at home showings and in your listing photos. It’s important to open your drapes and avoid an excess of dark furniture because a well lit home sets a pleasant tone, which will make for a great first impression.
- Parking: Is parking an issue that is preventing the sale? Evaluate the needs of someone likely purchasing the house and what they expect from a parking standpoint. If it is determined that parking may be an issue, you may need to lower the price to compensate someone that has multiple cars that may not always get a spot in front of the house.
No matter which reason you find is slowing down your home sale process, it’s important to quickly make the correction and get your home back on the market. For more information about how to speed up a home sale, or to learn more about home financing, contact one of our mortgage specialists today.