Selling a home can be a challenging and emotional experience, especially when the property doesn’t sell as quickly or at the price the seller expected. According to data from MLSPIN, the multiple listing service for Eastern MA, there are thousands of expired, canceled, and withdrawn listings every year. But why do some homes sell while others do not? In this blog post, we’ll explore the main reasons behind this phenomenon and provide tips for home sellers on how to best prepare their property for market.
Homes Are Overpriced
One of the most common reasons why homes don’t sell is because they are overpriced. When sellers set their asking price too high, they risk turning off potential buyers who are looking for a good deal. Even worse, overpriced homes tend to sit on the market for longer, which can create a negative perception of the property among buyers and real estate agents. As a result, sellers may end up lowering their asking price multiple times, which can lead to a lower final sale price than if they had priced the home correctly from the start.
If you’re wondering why your home didn’t sell, ask yourself if you priced it competitively compared to other similar properties in the area. If not, consider lowering your asking price or working with a professional appraiser to get an independent opinion of the property’s value.
Home Curb Appeal
Another important factor that can make or break a home sale is curb appeal. The exterior of a home is the first thing that potential buyers see, and if it doesn’t make a good impression, they may not even bother to go inside. Some common issues that can detract from curb appeal include overgrown landscaping, chipped or peeling paint, and cluttered yards or front porches.
To improve your home’s curb appeal, start by doing a thorough cleaning and decluttering of the exterior. Consider repainting or power-washing surfaces that look worn or dirty, and trim any overgrown shrubs or trees. Adding some colorful flowers or plants to the front yard or porch can also create a welcoming vibe that will attract buyers.
Homes that Were Not Made Market-Ready
Selling a home requires more than just putting a sign in the yard and waiting for offers to roll in. To attract the right buyers and get the best possible price, sellers need to make sure their home is market-ready. This means addressing any deferred maintenance issues, making necessary repairs, and staging the home to showcase its best features.
If you’re wondering why your home didn’t sell, ask yourself if you did everything you could to make it market-ready. Did you fix any obvious maintenance issues, such as leaky faucets or broken tiles? Did you declutter and clean the interior to make it look spacious and inviting? Did you stage the home to highlight its best features, such as a beautiful fireplace or a newly renovated kitchen?
Tips for FSBO Homeowners to Best Prepare a Home for Market
Selling a home can be a daunting task, but with the right preparation and mindset, it can also be a rewarding experience. Here are some tips for FSBO (For Sale By Owner) homeowners to best prepare their home for market:
Get a pre-appraisal: As we mentioned earlier, getting a pre-appraisal can give you a better idea of your home’s value and help you set a competitive asking price. It can also give you an advantage in negotiations, as you’ll know how much a bank will lend for the property.
Make necessary repairs and updates: Before listing your home, take the time to make any necessary repairs and updates. This includes fixing leaky faucets, replacing broken light fixtures, and updating outdated appliances. You don’t have to spend a lot of money to make your home look its best, but even small updates can make a big difference in how buyers perceive your property.
Declutter and depersonalize: When staging your home for sale, it’s important to remove any personal items, such as family photos and knick-knacks, as well as any clutter that can make the space look cramped and uninviting. Instead, focus on creating a clean and neutral space that allows potential buyers to envision themselves living there.
Highlight your home’s best features: Whether it’s a beautiful view, a spacious backyard, or a newly renovated bathroom, make sure to highlight your home’s best features in your listing and during showings. This can help set your property apart from the competition and attract the right buyers.
Work with a professional appraiser: As we mentioned earlier, working with a professional appraiser can give you an independent opinion of your home’s value and help you set a competitive asking price. Appraisers are also trained to spot any issues that could impact the property’s value, such as deferred maintenance or zoning restrictions, which can help you avoid surprises later on.
In conclusion, if you’re wondering why your home didn’t sell, there are likely several factors at play. By understanding the main reasons why homes don’t sell, such as overpricing, curb appeal issues, and lack of market readiness, you can take steps to address these issues and increase your chances of a successful sale. And by working with a professional appraiser, you can get an independent opinion of your home’s value and set a competitive asking price that will attract the right buyers. Remember, selling a home can be a challenging journey, but with the right guidance and preparation, you can move forward successfully into your future.