So, you put your property on the market and were ready to move, but your property did not sell for some reason. And now you're looking for answers because you still want to move.
In this article, I will share the Top Reasons a house doesn't sell.
This article has been customized for homeowners in Kissimmee and surrounding cities. However, this information may also be helpful if you live outside this area.
It can be a frustrating feeling not being able to sell your home. You were ready to move, and now you are searching on google why my home did not sell.
Here are 4 reasons a house doesn't sell.
REASON #1: Property Asking Price
The housing market was hot during the Covid 19 Pandemic. Conditions favored sellers due to the low number of homes for sale. Low-interest rates and what I call the Great Covid Migration. Out-of-state buyers were looking to get away from strict Covid mandates. So they were looking to move to Florida. Buying homes site unseen and above appraised value. These conditions caused homes to sell fast and for more than the asking price.
But, in the past several months, things changed.
Interest rates are not in the low twos anymore. We're looking at an average mortgage interest rate of 5%.
With Covid behind us, out-of-state buyers are not moving in masses as they were.
Now, there are more homes for sale but not as many buyers.
What does this mean?
Housing market conditions are normalizing.
Homebuyers that qualify for a mortgage loan due to the low-interest rate have retired.
And the homebuyers able to qualify are now looking in a different price range.
Buyers have choices, so they are no longer paying above appraisal value.
As a seller, remember that the price is a snapshot in time. And as things change, pricing your home at a fair market value will help you sell it.
REASON #2: Home Availability
Homebuyers may want to see your home in person. But, if the property is not available for in-person visits. Homebuyers will decide to buy another property.
I see it time and time again. Homebuyers will forget about your home.
After all, homebuyers look at hundreds of homes before making a decision.
This is why having a showing schedule is essential. Accommodating in-person visits will improve your chances of getting an offer.
This leads me to the following reason why your home didn't sell.
REASON #3: Marketing
Have you ever heard the saying a picture says a thousand words?
It's true.
Painting the best picture of what your property offers will make the home stand out.
A list of updates, upgrades, and systems maintenance will let buyers know the home is turnkey.
Information about the community's lifestyle will help buyers imagine their new life.
What can the new owner of your property do for fun nearby?
Everything that helps make your property look more attractive will help you sell it.
If your property was only in the Multiple Listing Service and there was no marketing plan in place. Your home had no chance.
Reason#4: Condition & Features
The condition and features of a home influence the demand for it.
In today's market, most buyers are looking for a turnkey home.
When buyers shop for a home, they compare which one is the most updated and has the nicest features.
This is not the only factor that determines decision-making, but it is an important one.
If a home has dated features and systems at the end of its useful cycle, the price should reflect that. I'm not saying give the house away, but the homework of finding out what it will take to update the home must be done. So that the home can be priced accurately.
If you ask a premium price for a dated home, you may be helping other homeowners sell their homes faster.
Remember, most buyers on the market today will finance the home purchase. And depending on the type of loan, the home systems must have enough years of useful life to get a loan and/or insurance.
Those were the most common reasons why properties don't sell.
Next, I want to talk about your options.
What options do you have now that your property did not sell?
Well, you have several options.
Re-List with a new agent
You can interview another agent. You will likely get a call from agents right after your property listing expires. Heck, I may even call you if your property doesn't sell.
You can do a for sale by owner.
You can do a for sale by owner where you do all the work. You will take on more liability. And most likely, you will have a real estate agent involved.
Selling to a whole seller
Then the third option is selling it to a whole seller.
Remember, whole sellers like offer pad or open door are looking to buy your home at a discount to resale it for a profit.
Whole sellers will offer you an amount at the beginning. And once they inspect the property, they will want credit for repairs.
So, keep that in mind. Before you decide to go that route.
Do not Sell
The fourth option is to stay put. Decide that it's not the best time to move.
Key takeaways:
4 reasons why a home doesn't sell.
Know what your home can sell for based on condition, features, and availability.
After the property expires, remember that you have options. And if you choose a real estate agent, hire a local agent with a plan.
Ps. If you get my phone call after your property expires. It means I see the potential to sell your property by implementing a good strategy.
Thank you so much for reading my article.
If you want to get a consultation or if you have questions. Feel free to contact me; here's my cell phone number 321.697.2426. I'm Jury Hernandez, a local real estate professional working in the Kissimmee and surrounding areas.
