The real estate market is very active in the Dallas/Fort Worth area. It’s possible that it could continue to be a seller’s market for quite a while. It’s also possible that the market could slow or even retract into a buyer’s market.
With houses selling in record numbers, new construction homes being built in all areas, and people moving to the area in one of the larges migrations around the country in a long time, you would think that selling a house would be easy.
Let’s take a look at three reasons why your house may not sell.
Reason One – The Price Is Wrong!
Just because the market is selling a lot of houses doesn’t mean that you can overcharge for your house. There is one tell-tale sign that your house is priced wrong. If you have your house on the market for a few weeks and no one has come by to see it or make an offer, it’s a pretty good bet it’s over-priced.
It’s likely to be over-priced because the market has a way of determining the market price. If similar houses to yours are selling for $250,000 and you market your house for $285,000, you may have trouble justifying that price. There are a lot of factors that go into determining the correct price for your house and a Realtor® is one of the best ways to find out what that is. Realtors® are looking at the market every day and know many of the factors involved in pricing your home.
According to Realtor.com, using a Realtor® can actually save you money over trying to sell the house on your own. However, not all Realtors® are alike. Do your due diligence when deciding to work with a Realtor®.
What can you do?
Work with a Realtor® and let them help you determine the correct price for the property. If that price doesn’t work for you, then maybe you need to consider staying where you are until such a time when the market will give you the price you want. Remember that the longer your house is on the market, the longer it will take to get where you want to be.
Reason Two – Too Much Work!
Even if you price your house correctly, it may not sell for what you want. If you have ever gone looking at houses, many times you figure out in the first three minutes inside whether you want to put the work into it that is needed to get it where you want.
Have you ever walked into a kitchen and seen Formica counter tops, white appliances, and green cabinets? Since current standards for kitchens include granite or quartz counters, white or stained cupboards, and stainless steel appliances, people don’t spend as much time looking at the old stuff. This is especially true of people looking for a move-in ready home. They are looking for something they don’t have to worry about.
Another issue might be smaller details that take away from the look of the house. Damaged doors, unique paint colors, broken windows, leaky faucets, all contribute to reducing the desire for your house.
If clients see too many things they will have to take care of, they are likely to move on to the next house down the street that doesn’t need those things done.
What can you do?
Remove clutter. All your collectibles are not staying when you move so pack them. A good rule of thumb is to remove half of what you have in your house. Consider it early packing. Paint those awesome orange walls with a neutral color. Neutral colors allow potential buyers to see the house rather than judge the color of a wall. Remove everything from flat surfaces. A single accent piece is much better than a counter full of stuff. Keep it spic and span. Think from the buyer’s perspective. Would you buy your house the way it is?
Reason Three – Wrong Size Or Location!
There are some things you just cannot change about your house. The location is what it is. If you purchased your home next to a massive water tower, or along the main road, there are simply going to be fewer people interested in the property.
If you have a three bedroom, two bathroom house and someone wants a four bedroom, two and a half bathroom house – well, they probably aren’t going to purchase your home. It simply doesn’t meet their needs.
Some things you cannot change about your house and that’s ok. It’s ok because there is someone out there who wants your house just the way it is and in the location you have it.
What can you do?
The location is what it is. Maybe when you purchased your house, it was the up and coming neighborhood but now it is not. It’s possible, but it takes a lot to relocate an entire house. If you have a 3 bedroom house, that’s what you have. Unless you plan on adding additional rooms, market your home to those looking for what you have. Some things we just don’t have control of and that’s ok.
There is always someone out there who will purchase your house for the right price. If you need assistance buying a home, reach out to me and we’ll find just the right property for you. If you are looking to sell your home, let me know and we will put the best face on your house to get it sold in a timely manner.
The last thing a Realtor® wants is their sign in your yard for a year because your house won’t sell the way it is or for the price. Anyone who tells you they will get a higher price for your house than the market directs is wasting your time.
I’ll be writing about different quick fixes you can do to your house now, so that when you are ready to sell, it is more attractive to those looking to buy.
If you found this post helpful, please Like, Subscribe, and Share.