Our market is buzzing hot! Some sellers are receiving multiple offers in a matter of days on the market. Homes are selling close to, if not at, listing price. It almost feels like a seller could just stick a sign in the yard and BOOM, the house will sell.
But this isn’t always true. Some homes are still hanging around on the market for months, without nary an offer. Why is that? What is keeping these sellers from moving their property in a hot market? The following are 5 common mistakes that may cause your home not to sell:
1. “I don’t have to sell, but since the market’s so hot…” Sellers with this attitude rarely get what they want. They tend to overprice, thinking the demand will work in their favor. But even in a hot market, buyers won’t pay more than the comps indicate.
2. “I’ll lower the price and let someone else do the updates.” This can work, but only if the updates aren’t overwhelming or you’re choosing to list your home lower than the updates would cost. Sometimes a small thing, like replacing all the brass doorknobs, hinges and hardware will make an older home feel more contemporary.
3. “I just don’t have time to get my home show ready.” It’s amazing what cleaning and de-cluttering can do for a home. And this starts with the photos. Remember, your first “showing” is your online presence. Rent a storage unit if you must, but get that house as minimalistic as you can…right down to the closets.
4. “Staging is for sissies.” This is kin to point #3. A buyer wants to picture themselves living in your home. If you have a couch with holes, furniture that dwarfs a room, or even outdated bedspreads, they may feel more like they’re in a second hand store than in a home that feels just right.
5. “We got an offer? But I don’t have anywhere to go!” Before you place your home on the market you need to answer this question: “What will we do if our home sells in the first day?” If you don’t have a plan in place, you’re likely to miss a good offer on your home out of fear. If you haven’t found another home to purchase, will you rent? Move in a hotel? Live with your parents? Although it’ ideal to have a door to door move, it doesn’t always happen. Have a plan in place if you’re home is that hot one!
Now…get that house ready to move!