When a homeowner makes the decision to sell their home, then that’s exactly what they want… to sell their home.
Every motivated seller’s worst nightmare is not being able to sell their home for the price they listed it at before their listing agreement expires… Then it becomes an expired listing [basically a cuss word in the real estate industry].
There can be a thousand reasons why a home isn’t selling, some of them more common than others.
Working as A real estate agent in Orlando since 2004 I’ve seen firsthand why some homes have more trouble selling than others. If your Orlando home isn’t selling and you’re not sure why then make sure one of the following reasons in this article isn’t causing your home to not sell.
One of the most important reasons which determines if a home will sell or not is the listing price. “Did I price my home too high?”… is the first thing you should be asking yourself. Also known as “the kiss of death” in real estate, over-pricing a home is mostly caused by mistakes made when doing the market research.
An experienced realtor will provide you with a detailed comparative market analysis also known as a “CMA” on your home to help them determine what the realistic market value is. A CMA is a report that compares your home to similar homes that have been sold in your neighborhood. Positive and negative adjustments are made when necessary when comparing homes with different features, upgrades, etc.
2- Not Enough Exposure
Another reason why your Orlando home may not be selling is lack of marketing exposure. Marketing your home to the right buyers can make a big impact on… not only whether it sells or not, but for how much it sells for.
Top Realtors in Orlando use proven real estate marketing strategies when marketing their listings. This includes much more than just listing it on the MLS. Your home should be easily found all over the Internet and it should stand out from the crowd in more ways than one. Here at ORC, we promote our listings through the use of video, social media, postcards, email campaigns as well as our Orlando real estate blog in addition to tradition methods like the MLS and good old fashion direct mail campaigns. It’s also extremely important that your agent use high quality photography in every single marketing piece.
3- In Need of Repairs
If a retail buyer is what you’re after, then make sure your home is in tip top shape. Leaving your home in poor condition is the absolute fastest way to scare off any potential home buyers. Things like missing shingles, stained ceilings, damaged flooring and even an overgrown grass can send potential buyers running for the hills.
If you don’t have the budget to make the necessary repairs, you may have to lower your listing price to reflect the damage making the purchase a worthwhile investment.
4- Doesn’t Show Well
Like the old saying goes…”you only get 1 chance to make a good first impression”. This is especially true when it comes to selling a house. One reason your home may have trouble selling is because your home is not showing well. One of the biggest hassles about selling a home is preparing it to be shown. It’s crucial that your home look the best that it can and you should know exactly how to prepare a home for a showing.
If your house is a messy and it smells like a locker room than this will seriously deter your chances at finding a solid buyer. De-cluttering, cleaning and deodorizing your home before showing it will go a long way in helping you find a buyer.
5- Undesirable Location
Unfortunately, there isn’t much you can do about this one…here’s an example. Recently, we went to see a potential investment property in Orlando that sounded like an amazing deal [on paper]… we couldn’t believe the price! When we got to the home everything still looked like a sound investment. Once we opened up the back sliding door blinds however, it was obvious to us why it was so cheap. There was a rundown old 2 story motel about 100 ft from the back door! We were forced to walk from this deal solely because of the homes location.
6- Treating Buyers Like The Enemy
As a Realtor in Orlando, one of my biggest frustrations is trying to show one of my buyers a home where the seller makes it nearly impossible to show their home. It’s as if they’re trying to deter a buyer from buying their home.
If you’re truly serious about wanting to sell your home in Orlando, then be flexible and realistic. Making your home difficult to show, ignoring repairs which came up on an inspection and not willing to negotiate price will surely cause your home to sit on the market longer than it should… and possibly cause it to not sell at all. Many times when a seller makes everything difficult is because they truly aren’t ready to sell.
7- It’s A Buyers Market
This is another situation where there’s nothing you can do. If your current local housing market is a buyer’s market, it means that there are a lot of homes for sale right now for whatever reason. In this market buyers expect big discounts and lots of upgrades. If you’re in the position to wait until the market comes back around then you’re probably better off waiting. If not, then get ready to negotiate on your asking price.
8- Listed By The Wrong Realtor
This should reason should actually rank much higher on the list because if you hire a top Orlando Realtor to sell your home, then they will make sure that everything gets done properly from marketing and negotiating and all the way until the closing. Hiring a top realtor is paramount to the success of every home sale. Before choosing your Realtor, interview at least 3 and be sure to ask the right questions like how many homes they’ve sold, are selling, etc… and be sure to ask to speak with some of their past clients, Google reviews, etc…