Your house has been on the market for months, but it just won’t sell. You’ve watched other houses on your block hit the market and within just a few days they’re snapped up. What’s going on with your property? Why won’t it sell?
Every property is unique, and every market is unique. But there are some common reasons why a house won’t sell.
It Isn’t Priced Right
This is the most common issue. Your home may simply be priced too high. Many people price their homes too high because they’re thinking about the amount of money they’ve put into it. Unfortunately, most home repairs don’t have great ROI, and those that do have “great ROI” still don’t pay for themselves. When you DIY your kitchen, you could spend $40,000 on new cabinets — but that might only increase the price of your home by $20,000.
Keep in mind that, for the most part, you can’t price yourself out of your neighborhood. If other homes are selling for $200,000 to $300,000, your home is not likely to sell for $400,000 even if it’s significantly better. It’s better to have the lowest priced home in a high-priced neighborhood than the highest priced home in a low-priced neighborhood.
There’s Something Wrong With It
There are things that are simply deal breakers for many people. There could be something that is glaringly wrong with your property. Perhaps it just isn’t attractive from the street. Maybe it has an awkwardly sized yard or a yard that’s just too small. Maybe you’ve converted your garage into living space. It may have been perfect for your family, but buyers want to see a garage.
If there’s something wrong with your property, you’re not likely to be able to sell it without changing that aspect or without giving the buyers a break. If you have old, worn carpeting, you can always offer the buyers $4,000 off to replace the carpet. But even so, if you’re in a competitive market, the buyers may just not want the additional hassle.
You Aren’t Marketing It Correctly
A lot of marketing today happens online. If you don’t have great pictures and a wonderful description online, it’s going to be hard to get buyers in. If you’re not seeing many prospective buyers at all in your area, take a look at your MLS. It may be inaccurate, or it may just be unappealing.
Your real estate agent is generally responsible for marketing your property. But not all real estate agents are made equal, and if your home isn’t a huge catch for them, they may not be giving you 100% of their attention.
There Are Renters in the Property
Renters are the death of a real estate sale. Most people simply don’t want to purchase a property with existing renters, even if they intend to rent the property out themselves. There are simply too many situations in which the renters turn out to be nightmares, because the buyer hasn’t vetted those renters themselves.
You can avoid this issue by waiting until your renters are out before selling your property. Many people assume that having well-paying tenants in place is a good thing, but it’s really not: the buyer has no control over who is in the property that they’re purchasing.
Make It Easy on Yourself: Sell It to the Professionals
If you’re having a hard time selling your home, you should consider selling directly to the professionals. At Purple Mountain Holdings, we purchase properties immediately and in cash. Whether there’s a major issue with the property or you have tenants, we can work out a fair deal that will get you the cash that you deserve.
There are many benefits to selling directly to professionals. You don’t need to make any costly repairs: We can do it faster and cheaper than you. You don’t need to wait around: We can offer you cash without a loan. And you don’t have to pay a real estate agent to broker your deal. We’ll work directly with you.
If you currently have a house that you need to sell, you can get a quote with us. Contact Purple Mountain Holdings to find out more.