In this hot market, many sellers are expecting a quick sale for top dollar. Unfortunately, that doesn't always happen for a variety of reasons. So, why isn't my home selling in a hot market? If your home isn't selling in a hot market here are some causes to reflect on and make any necessary adjustments to help shift the trending. Although you shouldn’t panic, you should start asking questions if you aren't getting any serious offers.
You overpriced your home.
Even in a sellers market with significant price appreciation, there is still a level of reasonableness that buyers are expecting. If your price is over-inflated, it is likely not to sell. Most agents suggest pricing your home accurately and letting prospective buyers bid each other up if there is upside opportunity. Even in a hot and fluid environment, an experienced agent can give you a strong estimated value of your home. If you refuse to negotiate the price of your home at all, then there's a good chance that you've become too attached and you're going to have difficulty coming to an agreement with potential buyers on a price. Another consideration related to pricing is to ensure you haven't made the mistake of over marking-up the cost of any renovations you made or furnishings you may be including; never assume that the cost of a renovation translates to added value or that newer furniture should sell at or close to retail price in a home sale.
You haven't presented your home in the best possible way.
I can't tell you how many times I hear people saying that "homes are selling themselves and you don't need to do anything to it." Even in a seller's market, being appealing to buyers is still important. If your personal style is all over the house, the buyer can't see how their own style would work in the home. It isn't a matter of whether your stuff and style is attractive or not. The more you neutralize the space, the easier time buyers have imagining themselves living there. A home that is over decorated or furnished can make it even worse as the clutter can overwhelm buyers. Also, if there are really specific home style choices that you are charging a premium for, potential buyers may be scared off considering they are paying for finishes they are going to have to pay extra to undo or remove.
Your home is in need of too many repairs.
The more repairs that are needed, the less likely a potential buyer will be to purchase your home. Sometimes it is the most simple maintenance items that make the buyer question how well the home was cared for and they begin to worry about what else there could be that they can't see. The calculator comes out in their minds and they start over deducting for all the "potentials." Many homebuyers simply don't want to deal with the cost or effort of doing repair work right after the close on the home, even if it's just a bunch of small fixes that need to be done, like tightening a handrail or replacing a broken tile. Have these repairs taken care of before you list your home and make sure that your home is really clean. Visiting a home that isn't cleaned has the same affect on buyers in their assessment of how well the home has been maintained.
The setting for showings is uncomfortable for buyers.
If every other listing at your price point is allowing showings via supra box to give buyers a peaceful showing with their agent and you are requiring your agent to attend, this could be off-putting. Even if your agent is the most charismatic, friendly and informative agent, it still tends to rush prospective buyers through the showings. Worse than that is the showings where the owner is present. Not only does it make the buyers uncomfortable, it also puts unwanted pressure on them. You don’t want potential buyers running away from your property.
Partner with a qualified agent to help you create the right plan for your home sale. In my business, I take a lot of time up-front to propose a recommended and prioritized plan for my sellers to help them achieve the results they are looking for.