You hired a real estate agent to list and sell your house. It has been 6 months and the house has not sold and the listing is now stale. You have to be asking yourself "why isn't my house selling?"
Early on in the process, you had a couple people show up for your open house, some people stopped by to ask the price but you never got an offer.
Yes, your right, the current real estate market could be partial to blame but most likely there are other variables at play.
I mean it has been 7-8 years since the housing crisis and pretty much all of the real estate markets have recovered.
Selling your house fast on the market is not as easy as people tend to make it sound.
So why isn't your house selling? Keep reading and hopefully, we will be able to inform you of some reasons that your house is still sitting on the market.
8 Reasons Your House Isn't Selling In Syracuse NY
1) Your Priced To High
The number 1 reason that properties tend to sit on the market is due to the price point of the property. If the initial asking price for the property is too high it will limit the amount of interest on the property. If your property lacks interest the first week it is on the market it is a good sign that your home is priced higher than it should.
No one wants to lower the price of their house but sometimes it is the best and the only option in order to get your property sold in a reasonable time.
2) To Many Repairs
Has your busy life gotten in the way of keeping up with the maintenance of your home and upgrading your place throughout the years? If this is the case, your home may not be selling due to the fact that there is just to much work a new homeowner wants to take on. Today's buyers are looking for updated kitchens and bathrooms and the clean slate to work off of IF they want to make any repairs to the property. If your home is outdated and certain parts of your property are falling apart, you will have a difficult time selling your property to a retail buyer.
Start with taking care of the more costly repairs and if you are unable to make any more repairs or you feel you won't get your money out after the sale then make the seller conscious of the repairs that are needed. Having to many repairs to make on your home can be the leading reason why your house is not selling in Syracuse NY.
3) Lacking Curb Appeal
The first impression of your property to potential home buyers is very important. Imagine you go to an open house to take a look at the property and you see overgrown grass, dead plants, a chipped up front door and paint flakes falling off of the house. Do you think that someone is going to buy your property? I didn't think so.
Sprucing up the exterior of your property will draw more attention to your property and possibly bring you in more offers.
We suggest starting with the landscape. Put in a couple new plants, re-mulch the place and cut the trees. If the house needs a quick paint job, hire a contractor to put one coat of paint on the house.
4) It's To Personal
You lived in the house for years and the minor repairs that you made to the property fit your specific taste. You painted the living room orange, the kitchen yellow and put some green laminate counter tops in the kitchen. Ok Ok, it might not be that bad, but just because you liked your home a specific way does not mean that your potential buyers will.
Home buyers these days are looking for a neutral property that they can add too. Stick to neutral paint colors and neutral finishes (brush nickel) You want to try and make everything in your home as "normal" as possible so that when your potential buyer walks in the house, they can picture their family moving in.
5) To Much Clutter
If you seriously want to sell your home, then make sure you do the most you can in order to clean the property inside and out. You want to basically show your potential buyers a clean open slate so they can picture the furniture and layout they feel fits them best. Having to much clutter in your home can be the reason your home is not selling in Syracuse NY.
We suggest renting out a storage unit for about $80/month and moving most of your belongings into the storage unit. Try to live like a minimalist for these few months until you sign a contract to sell the property.
6) Don't Follow Your Buyer Around The House
For some reason, all potential sellers feel the need to follow the potential buyer around the house when they are taking a look. When the potential buyer gets to the property, we want you to hand them some simple paperwork.
A Brochure
A Property Disclosure
Give them a brief breakdown of the house
After you speak and give your potential buyers some information, let them walk the property and make a decision for themselves. This will eliminate any pressure and prevent you from breathing down their neck as they walk the property.
7) Your Agent Is No Good
As the saying goes "5% of the agents do 95% of the business". It is difficult to be a great real estate investor because it requires a lot out of the agent and if the agent is stretched to thin they can't give your property the necessary exposure it needs to sell.
Also if your property is priced too high, the agent is to blame. It is their responsibility to convince the home seller of a specific price the home will be able to sell for and follow through with the sale.
If your agent does not understand the market, market properly, have a large network or is not a high producer in your area, it is very possible that you will have trouble selling your property.
8) Your Pictures and Description Don't "Paint" A True Picture
Nowadays, real estate agents get so caught up in editing photos and describing properties in a way that doesn't tell the truth about the property. So what happens is that the potential buyer who noticed your house in Zillow, comes over to see the property and it looks like a totally different place than what the pictures showed.
When you lie in your description and in your photos it has the potential to piss off your prospective buyer. You can lose all of their trust and waste their time. So long story short, be honest and don't lie.
9) The House Isn't Show Ready
If you are still doing major work or even minor work to the property, you have to understand that this is not attractive to the buyer. Yes, you are doing work to the home so you may think the potential buyer may be excited but trust me they aren't. A buyer wants to know that any work that you did was done by a professional and is up to code, so make sure that you have completed all your repairs before you decide to show the property.
10) You Won't Negotiate
You are stuck on the sales price of your property and you will not accept anything less. You tell your real estate agent that there is no bargaining and you won't accept anything less than the list price. Just because your house is in great condition, may be the best property on the street does not mean that you will get full market value for the property.
You have to be willing to work with potential buyers, especially those who are considering your property and are close to full market value. You have to remember that everything is negotiable not just the purchase price, so get creating and win on the terms!
Wrapping Up | My Home Is Not Selling In Syracuse NY
We hope that this gave you some input into why your home may not be selling and what you can do to help speed up the process. We want you to understand that selling a property for full market value can be difficult even if you are in a hot seller's market. Every location is different and in our current location there is not a lot of demand since there is not a ton of job and population growth.
If you are having trouble selling your home in Syracuse NY, your home does need a lot of work and you need to sell fast, we have another solution for you. We own a local real estate investment firm that purchases properties in cash, allows homeowners to close fast and eliminates all of the hassles of a traditional sale. If this sounds appealing to you, you can learn more about our service below.
HS Property Funds
Funds to Help, Problems to Solve
(315)516-8023
www.hspropertyfunds.com