Everyone hopes that when they sell their home, they'll suddenly get multiple great offers right away. While that may be true for some homeowners, it doesn't work that way for everyone. Some lucky sellers will end up with a bidding war on their hands, while others may be waiting for months without a single offer. If you're in the latter camp, you may be getting frustrated and thinking, why is my house not selling? Is it just that some homes are naturally more desirable than others, or is there something more at play? In this guide, we’ll be breaking down all the key components to a fast home-selling process.
Great Value: Price vs Condition
Value is probably the most essential factor in ensuring your home is sold fast. To determine if you're offering enough value, you'll need to weigh the price vs. the condition. Great value doesn't necessarily mean that the home is in exquisite condition and equipped with fancy upgrades and amenities. It simply means that the price accurately reflects the condition and benefits the right buyer.
If you're stressed about your house not selling, consider your target buyer. Are they looking for a luxury estate or a fixer-upper? The answer will depend on the condition of the property and how it stacks up against the competition.
As long as the price is reflective of the condition and the budget of your ideal buyers, you likely won't be waiting long to get an offer. However, if the home is in poor condition compared to the rest of the market yet you're looking to get top dollar, that's likely the reason you can't sell your home.
One tip for selling your home fast is to increase the perceived value by deciding whether or not to decorate it during showings. If the home is in mint condition and move-in ready, stage it to give potential buyers an idea of what it would be like to actually live in it. If you want to know how to sell a fixer-upper home fast, keep it bare. There's no point in spending extra time and money on staging if the buyer plans on renovating anyway.
This way, you attract the right buyers, whether that's an end user or a value shopper, so you don't waste energy marketing to people who have no interest in what you're selling.
Location, Location, Location
Location is the next factor impacting how long a house can stay on the market. You've heard the old saying, location, location, location. It may sound cliche, but that's because it's so true. Location can significantly impact the average time it takes to sell a house due to the laws of supply and demand.
Prime real estate is naturally scarce. Everyone wants to live in a good location, but only a limited number of properties in a given area can be considered good. As a result, the demand for homes in desirable locations is always higher.
A good location could be as granular as where a property is located within a particular building, such as a condominium. It could also be a particular neighborhood, a certain street, or even a specific lot on that street.
A number of factors can also determine what makes a good location. It could be that the home is in an excellent school district or it has a fantastic view. It can also be somewhat subjective and may vary from person to person. However, the reason location is so important is that it can't be changed. You can do a gut renovation if you don't like the home itself but there isn't much you can do about the location once you make a purchase.
Unfortunately, that also means there isn't much you can do to speed things along if your home is in a less-than-desirable location. However, remember that everything is relative, and chances are the location is perfect for someone, even if it isn't for certain buyers. So, as long as you price it correctly and keep your ideal buyer in mind, you can usually overcome any reservations due to the location.
The Asking Price
Finally, the asking price is another key factor that impacts the average time it takes for your house to sell, which is entirely within your control. Savvy buyers are always on the lookout for a great deal. When a property seems underpriced, it will usually get a ton of traffic and multiple bid offers, often resulting in selling for way over market value.
According to Realtor.com, in a strong seller's market, homes usually sell for about 10% above the asking price due to competition and bidding wars. So by pricing your home strategically, you can often get significantly more than what you're advertising.
However, the opposite can also occur. If you find yourself wondering why isn't my house selling, it may be that the asking price is too high. How fast are homes selling in your area? If your house hasn't sold in 3 months and the typical property closes in 30-45 days, it's likely a sign that the price is too high, even if it's in line with the rest of the market.
It may be that the condition is not up to par with what buyers expect in your area or the location is not ideal, meaning you may have to reduce the listing price to attract buyers. While you don't want to go too low and accept a loss, it's crucial to be realistic about the appeal of your property compared to the rest of the market and set the price accordingly.
Other Considerations
While those three factors will have the most influence on how quickly you get an offer, there are also several other variables to consider as well. Here are a few other considerations.
- Economic conditions: Are there broader economic factors at play such as raising interest rates or supply chain issues affecting supply and demand.
- The local market: Are there more sellers than buyers in your local market or vice versa?
- Home size and amenities: Surprisingly, larger, luxury homes tend to take longer to find a buyer than more modest properties because the pool of eligible buyers is smaller.
- Energy-efficiency and sustainability: Home shoppers are more environmentally-friendly than ever and energy-efficient features such as solar panels and smart thermostats often increase the appeal.
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