A house that’s been on the market in Orange County with minimal movement for more than a few months can be rather frustrating. Well, that may be an understatement. For many, a house that just won’t sell can be more of a desperate situation – especially if the reason for selling was to avoid a foreclosure. For that reason, if you haven’t been able to find a buyer, it’s critical to take a few steps back and figure out why your house isn’t selling. Let’s go ahead and dive in and talk about some of the main things that keep houses from selling and how you can get around them and finally sell your house.
Off-Market Buyers
Are you in need of a quick sale? Have you ever seen those signs by the side of the road that read we buy houses in Anaheim or sell your house today in San Diego? If you want to skip the wait and sell your home, it’s worth looking into this type of option. These types of companies typically buy homes in nearly any condition, and you’ll be ready to move on with your life.
Price
Beyond your efforts at marketing or even the temperature of the market, the most likely thing to hinder the sale of a house is the price. See, when a property is properly priced, it won’t matter if the market is stale, it will typically sell anyway. The value of any house is always determined by the price a buyer is willing to give for it. If the price is just too high, your chance of getting any offers is slim to none.
What to Ask a Realtor
If the house has had no offers and been on the market for months, you should consider the market first. Is it a buyer’s or a seller’s market? Have a conversation with your real estate agent about the average amount of days on the market for comparable homes in the area. Maybe things aren’t moving too quickly. There are times when the real estate market is hot and times when it just isn’t.
Other things to ask your agent include:
- Whether or not the house is listed on the multiple listing service in your area?
- Have all of the inquiries turned into showing appointments, and if they haven’t, why not?
- How does your listing compares with similarly priced homes in the area?
Expectations
While you may be of the opinion that you’ve priced your house to be a steal, you need to be sure that you’re looking at it objectively. See, the buyer needs to be able to see the value in it. If they don’t. you won’t get any offers. This means you need to manage your expectations. How does your house stand up when compared to other houses in your neighborhood? Be honest in this assessment so that your pride and vanity won’t end up costing you money.
Dropping the Price
Finally, how low will you go? If you figure out that you had the price of your home set too high from the beginning, lowering it can give you the boost you needed. That said, you need to have a strategy in terms of how much you should drop the price by. You might slash your list price by $75,000, but if that price is still miles above the competition or if the house needs major updates or repairs, your chances will remain just as low as they were before. Still, don’t lower it until it’s less than what you owe.
You’ve just read some of the pitfalls to selling a house and some solutions. Hopefully, this will help you get that house sold soon.
