It’s been 3 months and tries as you might, your house is still on the market. Buyers approach you, have a tour of the house, and then nothing. Your house is immaculate and beautifully staged but something is stopping it from being sold. Why?
Following are four reasons behind it:
1. Not Hiring a Real Estate Agent
What’s your excuse for not hiring a Winter Garden realtor to handle your house’s sale?
If we are not wrong, it’s probably the commission, right?
According to real estate statistics, FSBO houses receive fewer offers compared to houses represented by real estate agents. Moreover, they are sold for less and the seller loses the upper hand in the negotiations.
Don’t focus on the realtor’s commission because the FSBO route has too many challenges that you will not be able to handle on your own.
2. Seller Duress
Personal life problems that lead to a hasty sale
You and your wife bought a house together and the monthly payments were made from a joint account. After a decade of marriage, you are standing in a court and getting a divorce. The house has to be equally split, so you decide to sell it.
You then lose your job and have outstanding debts that needed to be paid in the next two months. With no job and a personal crisis, you accept the first offer that you get on your house. There’s no negotiation and you get every document signed within a month for the closing.
This is one of the biggest reasons why your house was sold for less. Seller duress can be in any form, which forces a homeowner to accept a bargain offer.
3. Creative Renovations
Too many beauty repairs
You finally get the promotion that you have been waiting for weeks. You immediately decide to buy a bigger and better house. You take stock of your current house and schedule a dozen repairs and a complete renovation of the kitchen and bathroom. Lastly, you decide to add a swimming pool in the backyard thinking that this might help you increase the asking price of the house.
What you are forgetting here are comps. These are houses in your area that have a similar structure to your house. A buyer will first research the market and find out the price of the comps in your area. If your house’s asking price is higher than the comps, then most of the buyers will not place an offer on your house. Even if they do, it will be quite low.
Real estate agents recommend against making big renovations such as overhauling the kitchen because most people don’t like such creative changes and don’t want to overpay for them.
4. A High Asking Price
You cannot price your Orlando real estate by yourself. Remember your first house purchase? How did you compare the market prices to find out what the worth of the house and if it will offer any future value? Well, the buyers are going to do the same and if they feel that the asking price is unrealistic, they will negotiate hard and corner you. One failed offer after the other, you will end up lowering the price.
And this is why you need to have a Winter Garden realtor on your side to handle your house’s sale. Visit the website Megan Dowdy Realty to find yourself a qualified real estate agent. For further details, call on 407-509-9279.