So you’re selling your house and it’s not moving? You’re not alone. Many homeowners find themselves in this situation, but there are a few reasons why it may be happening to you.
In this blog post, we will discuss 6 reasons why your house isn’t selling and some of the top reasons why. We will then discuss steps you can take to increase your chances of selling your property for more money and getting out from under that mortgage!
We understand that waiting around for a buyer can be very stressful. That’s why we are here to help. We buy houses and would love the opportunity to talk with you about what your house is worth!
1) Overpriced
This is by far one of the biggest reasons houses don’t sell even when your working with a real estate agent.
If you’re going to sell your house, you need to price it right.
One way to figure out what is a fair market value for your home is by checking the values of other homes in the area or asking an expert on how much they think it would cost.
When looking at comparable sales, note that some houses have more upgrades than others and be mindful of pricing accordingly. If you are still not sure about what will make the house attractive enough for buyers, then we recommend talking with a real estate agent who can offer their professional opinion! But be careful here, there are more real estate agents than there are properties for sale so make sure you are working with an experienced agent rather than a newbie.
For example: if our client’s home was priced too high relative to similar properties in his neighborhood (perhaps because he overestimated its worth), we might gently suggest lowering the list price.
One of the main things people don’t understand especially in large cities like Philadelphia is that comparable home prices MUST be within a certain distance from your property for it to be accurate. Basically, what that means is your home is NOT worth the same as a property that is 1 mile down the road, even if it’s the same exact house.
2) Outdated
If your property is outdated or needs a lot of work, then the buyer would be better off putting in their own sweat equity.
For example: If your property is outdated or needs a lot of work, then the buyer will need to make their own improvements.
This means that you should come down on price accordingly if they anticipate having to make these upgrades themselves after moving into the house. You also want to highlight any improvements and new features which might offset some of this extra cost for them such as saved energy costs with an upgraded HVAC system, low maintenance exterior with high-quality vinyl siding, etc…
And finally: if someone has lived there for years without making many updates or repairs (or even worse never taking care of it at all!), your best bet might be to work with a local home buying company like Philly Home Investor.
We usually prefer to buy properties that need A LOT of work. Let us make you a Free Cash Offer on your home today.
3) Repairs
If a lot of repairs are needed this is another thing that might scare away potential buyers. Most people who are looking for a home are looking for one that is move-in ready. They might not be willing to spend extra money on a house that has major repairs.
Yes, if the property is priced accordingly and people are educated about what they’re getting into then it’s possible for this to work out in your favor but you will have to do some heavy lifting. We recommend instead working with local home buying companies as they normally purchase homes in all kinds of conditions.
One of the main challenges of trying to sell a home with lots of repairs needed is most banks won’t lend on those types of properties so you have to find cash buyers versus people who are looking to use a loan or regular financing.
4) Bad Advertising
In today’s world marketing is everything and if your property isn’t advertised properly or even at all then it’s going to take a long time for you to sell.
– If your property isn’t in the MLS then we highly recommend you list with one of these services because they are free and hundreds of websites can be accessed using this service so people will find out about your house easier.
– A great way to get the word out about your house is by placing ads on social media sites like Facebook, Instagram, or Twitter which almost everyone uses every day. These platforms offer great targeting options that allow you to hone in on specific audiences such as age group, location, and gender. It’ll only cost a few bucks per ad running but if done right could save you thousands over having an agent push the listing themselves!
5) Staging
It’s very important to make the property look and feel like home. There are many ways to do this, but one of the most important things is to make sure your furniture sets a warm and inviting feel.
– Another great way homeowners can prepare their house for sale is by staging it with family photos or memories that have been gathered over the years in their home. This will help buyers get an idea of who you are as people and what living in your house would be like!
– You can also choose to create vignettes on tables, accent pieces around rooms, and artfully arranged flowers throughout the house. It’s all about creating a feeling – if it looks beautiful then more likely someone else will see themselves loving that space too!
If the property is a mess or a “hoarder home” that’s fine too, just remember those types of properties most likely won’t work for regular people looking for a home to live in, so working with a professional investor or local home buying company might be a much better idea.
6) Availability
You can do all the steps above but if people can’t access the property it’s going to be an issue in trying to sell it.
“You need to be available for showing times and open houses. You should also make sure the house is in a presentable condition as possible, so give it a good clean before people show up.”
– Offer some refreshments such as water or cookies if you can’t offer dinner – but don’t go overboard or they’ll think you’re desperate! That means no pizza platters though đ
If your property isn’t selling there’s most likely an underlying issue that needs to be addressed, which we hope this blog post has helped with. We look forward to hearing from you soon about what steps are being taken next!
Contact us: (215) 322-1648 | Email Us: info@phillyhomeinvestor.com | Website: Phillyhomeinvestor.com