Interview by Lynne Walrod
Your co-op or condo is most likely one of the largest assets you have in your investment portfolio. So, when you put it on the market for sale, you not only want to get top dollar for it, you want it to sell as quickly as possible.
My previous real estate manager used to say “If 20 buyers have come through your home and no one has made an offer, there is probably something wrong. We asked Kay Moon, licensed real estate agent from Douglass Elliman to give us 5 reasons why your home hasn’t sold yet.
5 Reasons Why Your Home Hasn’t Sold Yet
Whether your home has been on the market for six days or six months, the wait for an
acceptable offer can seem interminable. But as time passes without a buyer, the likelihood that there is a flaw in your home or marketing strategy increases.
As a seller, ensuring that your home is maintained in sound condition is one of the most
important steps you can take to expedite the sales process. However, if you have made all the necessary repairs and a “for sale” sign is still gracing your property after an inordinate amount of time, you are probably beginning to suspect that something is amiss. Here are a few possible reasons why your home has not yet sold:
1. The listing photos do not cast your home in its best light. In today’s digital age, listing
photos are typically the first impression that buyers have of your property. Many buyers
skip touring a home if it looks unappealing in pictures. Therefore, hiring a professional
photographer is a must. Although your initial photo shoot may take place before your
home is officially on the market, you should prepare for it as you would for an open
house, making sure that it is clean and free of clutter. If your home does not seem to be
generating much interest, consider changing some of the photos.
2. The price is too high. An overly ambitious listing price is one of the most common
reasons for a property to linger on the market — and one of the hardest for sellers to
accept. Many people have strong emotional attachments to their homes, which may
cloud their ability to think objectively about value. Although circumstances vary
depending upon the real estate market in your area, it may be time to reconsider pricing
strategy if your home has not sold after a month.
3. You need professional help. While it can be difficult to spot the imperfections in your
own home, remember that prospective buyers will take a critical approach. As a result,
damaging details like spots on the carpet, streaky windows, or unflattering decor are
not likely to elude buyers. Hiring cleaners, stagers, and other professionals are
worthwhile investments, as they view your home through an objective lens and help
boost its appeal to buyers.
4. You are not showing your home enough. Having your home on the market is a
significant disruption to your personal life. Buyers often request a showing on short
notice or at inconvenient times, and the process understandably feels like an invasion of
privacy. In order to minimize the length of this hectic period, however, it is important to
agree to as many showings as possible. Many buyers are visiting from out of town on
“house-hunting” trips and if they are barred from seeing your home, they may end up
purchasing another property.
5. Your home has an unpleasant aroma. Every home has a unique scent to which its
inhabitants become accustomed. Unfortunately, this may make it difficult for sellers to
identify odors that are repelling buyers. This could be particularly true if you have pets,
clutter, or a penchant for cooking strongly scented foods. Before showings, circulate the
air in your home and deodorize with light scents, such as freshly cut flowers, as opposed
to cloying air fresheners that could irritate visitors.