- Hi everyone, Chris Loschiavo with Home Team Epic and I Think Realty, I've been doing market updates for Polk County for almost a year now. And in the last month had some requests to take a look at
Reasons Your Home May Not Be Selling Even In A Sellers Market
Dated: April 12 2018
Homes in Central Florida are selling fast, so you think yours will be easy to sell – and many times people think they can sell above true market value. Never mind all that advice on curb appeal, decluttering and depersonalizing, these days anything is selling, right?
Even in hot seller’s market, many homes linger on the market for months, while the homes around them go under contract within days.
In today’s market if you do not go “under contract” within 5-6 showings, you’ve go to back and see where your weakness or mistake is. In most cases the answer comes back to these fundamentals; price, condition and marketing/promotion.
Pricing your home correctly from day 1 is of the utmost importance, it is a demonstrable fact that homes that undergo several price reductions end up selling well below true market value. Too many home sellers are setting the price based on what they want or need to get rather than what comparable properties are selling for. This is a huge mistake that if done, will end up costing them thousands.
Condition is also very important as you and your home only get one chance at a great first impression! Please remember that if you recently changed the roof and A/C system, but have not updated your kitchen, bathrooms since 1980, your home cannot be considered “updated.” A home that’s not updated will sell, however, the price will reflect its condition. And please remember that even in a “hot market” decluttering and depersonalizing your home will help it sell faster.
Finally, marketing/exposure in today’s competitive real estate market, must include both modern and old-school tactics. High quality photos, video and easily accessible information help to sell your home. Make sure your listing agent knows the local market.
Here’s 7 Reasons your home hasn’t sold yet:
THE PRICE IS TOO HIGH. Any house in any condition, will sell – as long as the price is right. Buyers will expect discounts for outdated kitchens, plumbing, bad paint colors, dirt and clutter.
YOUR HOME IS DARK. Darkness doesn’t help a first great impression! Make sure your home is bright and airy before showings by opening drapes/blinds, turning on the lights.
BUYERS CAN’T GET IN TO SEE IT. If you make showings difficult buyers will NOT be able to appreciate the finer attributes of your home. Make sure that you make home available at the buyer’s convenience, if buyer’s can’t view your home it will not sell.
THE LISTING PHOTOS ARE BAD. Many agents will take their listing photos with their phone, without turning on the lights or opening the blinds/drapes and with the home not being ready to show. Make sure your agent hires a professional photographer, coordinates with you to get the home ready to be photographed. Remember buyers will use the interned 94% to find your home, if the photos/video are not good, chances are they will skip your home.
YOUR HOME IS OUTDATED, AND THE PRICE DOESN’T REFLECT IT. Lenders and insurers will have guidelines requiring certain items to be updated (roof, electrical, plumbing, etc), if these parts or the home are in poor condition, a lender may not be willing to lend on the home.
THE HOME IS UNINSURABLE. In Florida you need the electrical, plumbing, roof and cooling system in good working order before an insurance policy is issued. Make sure your home meets this basic guidelines.
THERE IS A PROBLEM WITH THE TITLE. Make sure there are no liens or “clouds” on your title, have a tile company or attorney help you review this important issue.
LENDERS WON’T LEND ON THE HOME. Many Federal Housing Agencies are picky about what standards a home has to meet before they will underwrite a mortgage. If vital parts of the home are in poor condition a lender may not be willing to lend to a buyer interested in the home.
If you would like to solutions to these and other home selling issues contact us at 863-292-6895 you can call or text or visit www.ithinkrealty.com for more information.
My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....
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