There’s not much in life that’s more confounding than to have your home sit on the market while those around you sell like a new Mercedes at a Chevrolet Spark price.
Of course, the real estate agent typically gets the blame, despite the fact that it’s not often the agent’s fault. You’re laughing because the latter statement comes from a real estate agent. But wait – read on and you may end up agreeing with me.
Why Some Homes Sell Faster than Others
Some folks take time and clean their homes. I think it’s safe to say nobody wants to look at a dirty house let alone pay good money to live in it. Study after study show homebuyers want “turn-key” homes – so they can move in without having to clean up after the former owner.
If cleaning isn’t your thing, hire a crew to come in and get your soon-to-be-for-sale home in shape. Then all you’ll have to do is keep it that way while it’s on the market. If you don’t, you risk having your home sit while your neighbor’s gets all the attention. After all, some homes sell… while others don’t.
Size Does Matter
This may surprise you, but smaller homes sell quicker than larger homes. But consider this: smaller homes are priced within the range that first-time buyers shop. And, since there are so many folks buying their first home, it makes sense that these homes sell quicker.
So, if your neighbor has a dinky home and yours is large, don’t be upset if his home sells before yours.
By the way, two-story homes sell longer than single-level homes sell. With aging baby boomers, it’s their top request to have a single story home. And so far, the bulging millennial group feels the same way.
Price Matters, Too
The price of a home is the driving factor that determines how quickly – or even IF – your home sells. While it’s tempting to price your home above market value in your attempts to get the most money you can, that’s a dangerous strategy.
A home’s market value is no secret – any real estate agent can run a quick analysis to determine if a home is overpriced. If so, these homes don’t get shown. They sit. They languish and… eventually the seller has to drop the price just to get some nibbles.
To get a huge leg up on selling your home, price it at, or below market. By doing so, you’ll drive traffic to you home. It’ll cause a buzz amongst other realtors, and the market will notice, too.
(This is perhaps the top reasons why some homes sell faster than others. There’s a clear strategy in play with this idea)
Some Listing Agents Are Better At Marketing Homes
If your home is on the market and it’s not selling, ask your agent to show you what he or she is doing to market it. Depending on the type of home, at the very least, there should be evidence of heavy online marketing.
Check your MLS listing to ensure the photos are clear and compelling. And for gosh sakes, if your realtor is not creating a quality video that can be used for frequent marketing purposes… you have the wrong realtor. This is an era where consumers consume more video content than ever. It’s a must. But how do you know when it’s time to reduce the price? This may help.
The Market Itself May Be The Culprit
If your competition isn’t causing your home to sit on the market and your agent is doing his or her job and the price is right, it may be the market.
Markets change quickly and a seller’s market today can switch to a buyer’s market, tomorrow. This is what’s happening in mid-2022.
Although the current market is still hot for sellers, it’s cooling. Homeowners are dropping their listing prices and homebuyers are leaving the market because of interest rate hikes. Homes sell better with lower rates.
A changing market doesn’t cause homes to not sell, it may just take a bit longer now then it would had you tried to sell a few months ago.
As a homeowner, it’s important to understand why some homes sell faster than others. Work with your realtor and devise a plan you both sign off on. Monitor activity on a weekly basis. Make sure communication is open and clear with all parties. After all, your both on the same team to sell your home.
