If your home sits idle while others are selling, it’s time to start looking for the root of the problem.
So you have noticed, It’s a sellers market in Palm Beach County. Home prices have gone up by 8.6% in Palm Beach County in the last 12 months out performing the state average of 6.9% while the homes in the city of Palm Beach saw an increase of 13.3%. If your home is Palm Beach County and isn’t getting offers, something could be wrong. Knowing there’s a problem is the first step toward resolving it. However, there could be many reasons your house isn’t selling. Here is how to remedy each situation.
1. You’re overconfident
Being in a seller’s market might mean that your home will sell fast for high price, no matter its condition. But that isn’t always the best strategy to count on. “Sometimes homeowners and agents get overconfident in a seller’s market and get lazy about getting the home ready for sale.
Solution: Be realistic. Although you may love your house, brace yourself for it to potentially sit on the market for quite some time. And no matter the market, it’s still important to position your home to sell well, Curb appeal and staging are two good starting points but you might want to use some tips on How To Sell Your Home Fast
2. The house is priced too high
Supply and demand conditions are good indicators of the current market condition. In a seller’s market: There’s high demand, yet low supply. Therefore, you can usually expect to get more money for your home. But that doesn’t mean the sky’s the limit when it comes to your listing price. Sellers may feel comfortable pushing the asking price higher, and this can be a huge mistake, Determining the best asking price for a home is one of the most important aspects of selling a home. If your home is listed at a price that is above market value, you will miss out on prospective buyers.
Solution: Make sure that you and your agent are certain of the value of your home in your market and price it right. Get an analysis of the local market with a professional agent, solid comparables, and specific market trend data.
3. The home needs some TLC
It can be a bitter pill to swallow to pay for home improvements that you may not enjoy for long. But if you want to sell for full asking price, you might need to get your house in a condition that warrants it — and not base this number only on price per square foot. Buyers understandably still want the most house for their money.
Solution: Seller should have amenities comparable to other properties for sale in that price range and should really upgrade certain amenities. Some upgrade examples, include a pull-down gooseneck faucet, an upgraded ceiling fan, a double-bar towel rack, or upgraded door handles. They sound simple, but a few small changes can make a big impact.
4. There’s a problem with the title
“Title” is the document that shows ownership. One reason a house won’t sell is because there is a problem with the title to the house that spooks buyers. Here are some examples of title problems:
Conveyance without a recorded deed (can sometimes happen in transfers between family members).
A paid-off mortgage that is still showing up as a valid lien on the house.
A mechanic’s lien that was filed for work done on the house by a subcontractor.
Solution: Some title problems just require a little time to resolve. Contact a title company to find out what you need to do to prepare for selling — then do it.
5. Advertising photos are subpar
It’s said that you have few seconds to make a first impression — and the same goes for your house: 90% of buyers start their search online and make a decision about whether to come see your house based on a quick skim of your listing photos. If there are few or no photos, or if the photos look bad because they weren’t professionally taken or because the house is cluttered, many buyers will move on to the next listing. When there are a lack of pictures, buyers often assume the worst.
Solution: Get your home staged and photographed by pros. You may think it’s an unnecessary expense, but professional real estate photos have the ability to generate more online views and sell listings faster and closer to list price. They’re worth it.
6. Your agent doesn’t seem to care
Sometimes there’s nothing wrong with your house at all: It’s priced right and is well-maintained. But your agent could be turning people off. The agent is your front-line representative. Some agents have little to no personality, some are burnt-out, some don’t care, and others have no social skills.
Solution: Hire an agent you would invite to a dinner party. You may need to break up with your current agent before you can find happiness at the closing table.
7. The house smells bad
There’s a saying in real estate: If I can smell it, I can’t sell it. If you’re immune to the smell of your home, get a friend’s honest opinion. There is nothing like entering a house and smelling a refreshing scent.
Solution: Sometimes the remedy is a scented candle or freshly baked cookies. But if your house’s odor is persistent, it’s a good idea to determine what’s causing it and address it. Take care of mold and mildew buildup, pet urine on the carpet, or set-in smoke odor.
8. Your appliances are old
Stainless steel is in, and old, yellowing-white refrigerators are out. Although potential buyers realize they can replace a refrigerator, if your appliances look as if they belong on That ’70s Show, buyers might wonder what else might need replacing. As for HVAC, heaters, and boilers, those are less noticed by prospective buyers during initial walk-throughs but are almost never overlooked at inspection.
Solution: Update your appliances so they don’t look like they’re on their last legs. This advice goes for the unseen too — if your HVAC has a problem, you’re going to have to pay to fix it, or at least come down in your asking price.