Why Is My House Not Selling In Houston?
Why is my house not selling in Houston can be an irritating question to ask. Maybe you’ve had your house listed for a few months. Maybe potential buyers have even come through the door, but you have not gotten an offer. Why? (Believe me, it gets frustrating!) Is your agent not doing their job? Is there something wrong with your house? Why isn’t my house selling!
Bringing in someone to tour a house and to put in an offer are two very different things. Some photos and a nice description may get people to look, but a house needs to sell itself in person to get an offer. Price and condition have a lot to do with it. Here are some no-nonsense, straight to the point answers to your question “Why is my house not selling”…
1. Honestly, not everyone loves your home as much as you – Living in a house for 3 to 5 or more years is sure to have some sentimental value at that point. It’s a big part of anyone’s life. I have yet to meet a seller that didn’t let some of that attachment translate into what they think the house is worth. Being open to feedback is vital to understanding true value and demand for your house, even if it’s not what you want to hear.
2.If I wait long enough, I’ll get the price I want – It takes time to sell real estate with an agent. Buyers need to see it online, schedule a visit or two and then ponder if they want it. The whole process of marketing, having buyers tour, getting an offer, getting a loan, and closing escrow can literally take 6 months. Unless you want to be listed for 9 months or more, its important to understand that listing or selling it at a slightly lower than market price can save you time and money in the long run. This doesn’t need to translate into you taking a loss.
3.Fix what needs fixing – One of the main reasons why you’re asking yourself “Why is my house not selling in Houston?” Every obvious flaw is an opportunity for the buyer to ding the house. The buyer is conscious of each flaw and either lowers the offer price or skips the house altogether. You may not need to replace your outdated kitchen (unless it’s really old) or pursue expensive remodeling projects, but that old window, old water stain or well used carpet can be a decision maker when a buyer is wavering on making an offer. You have two options, fix it, or offer a credit. Realize that almost all buyers prefer a house to be “move-in ready.”
4.Set your price correctly– Buyers (and their agents) prefer not to make offers that require a huge discount to get to what they perceive as fair market value. As a rule of thumb, pricing within 5% or so of the right price is ideal. If the buyer thinks they need 10%-15% off to get a fair deal, chances are good they won’t even give you an offer. As a seller, you probably don’t want to negotiate with a buyer willing to ask for 15%-20% off, since those are the same sort of buyers who are going to ask for concessions, inspections, etc…
5.Don’t let your listing be “bought” by your agent – Every agent does this, and it’s probably one of the oldest tricks in the book. They promise a high selling price to the seller to get the exclusive listing, then work them down on price over time until it sells. Don’t fall for this classic move.
6.But I bought it for $100,000 more just 5 years ago – What you paid for it many years ago is not relevant to what the market will pay for it today. Buyers don’t care what you paid or how much you put into the house.
7.Lower the price – To sellers who are in denial about the true market value of their house , they resist price drops to the bitter end. Every home, not matter what condition, has a price that it will sell at today. If your house is not priced appropriately, say bye bye to any offers. If your home looks great and is getting plenty of visitors, but no offers, buyers are telling you something. It’s important to pay attention to the clues.
Why is my house not selling in Houston is a frustrating question and there can be many answers. Reg Buys Houses can get you an offer ASAP, no matter what condition it is in. Usually within 24 hours, too! This way, you can stop asking that irritating question, “Why is my house not selling”!!