Are you frustrated that your home hasn’t sold? It doesn’t matter if you’re in Wilmington, Hampstead, or Little Rock, Arkansas – when a home doesn’t sell, it’s likely due to one or more of the following reasons.
1. Lack of Exposure. If you didn’t hire a real estate agent that syndicates their listings online, where 90% of home buyers conduct their home search, your home is missing out on a big chunk of exposure. This is especially true in Wilmington where the local Realtor association decided in 2014 to not syndicate listings to websites like Trulia, Zillow, etc. It’s now up to the real estate companies to decide if they want to syndicate their listings.
2. Bad Marketing Content. Dark or unstaged pictures, incorrect or missing information, and lack of a description are all examples of bad marketing content that will either prevent buyers from seeing your home in searches or won’t motivate them to schedule a showing. First impressions really count in real estate, so your real estate agent should be taking full advantage of how they present your home online and in marketing materials.
3. Poor Presentation. A clean, uncluttered home is very important when your property is on the market. Not only does it make the rooms look larger and show the buyers the home’s true potential, but cleanliness is a reflection on how well the home was maintained over the years. If the home looks neglected, they buyers may misinterpret the risk involved in purchasing it.
4. Ignored Feedback. One buyer’s opinion may not be a true analysis of a home, but when a theme is established over the course of a few showings, it needs to be addressed. Examples include: visual flaws, traces of past damage, extreme design choices, and overpricing. If feedback is ignored or denied, then the issue will remain to be a hurdle for other buyers.
5. Overpricing. Pricing too high is the number 1 reason homes don’t sell. We often hear sellers say, “My tax assessment is $________, so I want to sell for that,” or “I put $_________ in the home for upkeep, so I want to tack that onto the price to get it back.” That’s not how pricing works. The home needs to be priced according to similar homes that have sold; otherwise, it’ll just sit on the market while other cheaper homes sell.