Here are the four main reasons your home may not be selling in this market.
In the Columbia market, we have very low inventory, and we currently only have about a month’s supply, which is an all-time low. Interest rates are also at historic lows, so it’s a feeding frenzy out there. We’re commonly receiving multiple offers for our seller clients because of our great marketing.
However, we’re still seeing some houses not selling in this market, which is concerning. Here are a few possible reasons why a home isn’t selling right now:
1. The home isn’t in great condition. Looking through photos of houses, sometimes I see ones that really need updating or they’re incredibly cluttered. You still need to put in the effort to make your property appealing to buyers. We have a home stager on staff at the Brett Downing Group, and we send her to your home to help you stage it so it’s at its most presentable.
2. The home is overpriced. We’re procuring record prices for houses these days and multiple offers—I’ve seen some crazy things in this market. However, some people are way overpricing their properties from the beginning, and that won’t fly. Buyers still need to feel they’re getting a decent value for the price, and the home also needs to appraise if the buyer is getting a loan. Ensure your pricing is practical.
3. The home needs repairs. If the house needs many repairs or improvements, most buyers don’t have the vision to see what it could be at its best. They also may not have the money after closing to do the necessary improvements. Properties that need multiple repairs will likely sit on the market, even while buyers are fighting for homes.
4. Sellers not cooperating. You need to make your house accessible to buyers. For example, requiring a 24-hour notice before the buyer comes isn’t smart in today’s market. It’s understandable to want that because it’s your home and you have to live your life, but you also want it to sell.
Properties shouldn’t be sitting on the market for 60 or 90 days in the present market. If your home isn’t selling and your agent didn’t tell you about the above, I’m sorry. One of the things our team prides itself on is telling sellers what they need to hear, not just what they want to hear. If you see a doctor and they find out you have a disease, you don’t want them to tell you everything’s fine; you want to know the truth.
We would be glad to help you prepare your house for the market, discuss what it’s worth, and more. Call, email, or send us a direct message on our Facebook page if you want our help or have any questions. We would love to speak with you.