There could be a multitude of reasons why a house sits in this crazy market. With such a housing shortage you would think even less appealing homes would be scooped up because demand is so high. Not so fast! People do want to buy houses but they are not stupid. Some of the major reasons homes don't sell in a housing shortage are:
- The house is priced incorrectly. Just because the homes around you sold for a median of $300,000 doesn't mean your house is worth that much. Some sellers expectations and sentimental attachments to their homes don't let them see the deficits. This is where a good real estate agent needs to voice his opinion and tell the sellers the true value of the home. As well as the damage to a homes value if priced too high and sits for too long.
- The house could be perfect, but if the agent doesn't represent the house and the seller well then the house will sit. If a house is updated but the pictures were taken on the agent or homeowners phone and therefore are blurry and hard to see then the listing will take a hit. I don't know how many times I see this happen and the house listing expires. When if the agent had just taken the time to get professional photos taken or had done it themselves the listing would have sold.
- House is cluttered up and not cleaned up for photos and showings. I don't care how awesome your kitchen is if it is cluttered up in the pictures and or the showings. It is very hard for the buyer to see past the clutter. Take the time and rent a storage unit and get rid of all the clutter for a month or two until you move into your next house. (Promise this helps!)