If your answer to this question is YES, then maybe we should get some common anxiety issues out of the way. There is no curse on your house and buyers are not conspiring against you. If you’re stuck owning the house that won’t sell, there has to be an identifiable reason and you should be able to find out what it is. This is particularly true in the current real estate market when houses are selling all around you.
The single biggest and easiest issue to address is the price. Simply question: are you being reasonable when it comes to the price?
What are the comparable home sale prices in your area and how does your price compare to the sold houses that most resemble the condition of yours? If you are asking for more than similar houses in your area then finding a buyer is going to be difficult and more time consuming. Because price equals time on the market!
Remember, the issue is the appraised value and the price a buyer is prepared to pay. And in many cases, unfortunately not what you subjectively think your home is worth.
One area where people get into trouble is improving beyond their neighborhoods. This occurs when you pursue home improvements that add substantial value to your home, but can’t be supported by the surrounding house sales. For example, just assume your home and those around you all appraise in the $450,000 to $500,000 range. If you renovate kitchens, bathrooms and add a full garden reno to the tune of $150,000, you probably think your home should now be worth around $ 600,000.
Unfortunately it does not always work that way. Nobody is going to buy a $600,000 house in a $450,000 neighborhood. In such a situation, your best bet is to hold on to the home and hopefully the neighborhood values will appreciate over time.
If price isn’t the issue, you need to objectively evaluate how your house is different from those in the area. Ask an Agent to come take a look at the house and show your comparisons. If all else fails, hire
an independent valuer to come to appraise the property and then pay very close attention to the report.
Finally, one of the biggest problems I see with houses on the market is a lack of ‘WOW Factor’. It may sound superficial, but you want a potential buyer to be able to see themselves living in this home.
If you like to find out “How Much Is My Home Really Worth” and avoid underselling please call me to arrange a obligation free consultation.