,Some home sellers are left scratching their head wondering why their neighbors home sold and theirs didn’t. Oftentimes when a home doesn’t sell there is an easy explanation. If your home is actively sitting on the market, but your competition isn’t here are 6 of the most common reasons why.
6 Reasons Why Your Neighbors Home Sold and Yours Didn’t
When looking for a new home a majority home buyers shop by price and want the best bang for their buck! This doesn’t necessarily mean they’re going to buy the home with the lowest list price. However, when buyers are comparing properties they tend to look for the best value.
I recently saw two homes for sale on the same block. One home was $60,000 more, but it was under contract. Now, the seller of the less expensive home might be wondering why their less expensive home is still on the market. However, it was probably an easy decision for the buyer. The more expensive home was larger, had a nicer kitchen, a private swimming pool and more bathrooms. Since a new pool can easily cost $60,000 the buyers may have felt the higher priced home had more value. When pricing your home it’s imperative to make sure it’s priced competitively otherwise you may be helping your neighbor sell their home first.
Size & Layout
Size matters to a lot of buyers, but oftentimes the layout matters even more. Every buyer has a different preference when it comes to the size and layout of a home. Some buyers want a one story with living square footage under 2,000. While others want a two story with more than 3,000 square feet of living. So if your neighbors home sold, but yours hasn’t it could be due to the size and/or layout of your home.
Location, Location, Location
Location, location, location! Home buyers can demolish a home and rebuild it, but they can never change the lot. While some home buyers don’t mind backing to a busy road or powerlines for the right price others may be more selective. There are home buyers who not only want their new home to be on the water some even want it to face a certain direction. So while a home might be extremely upgraded, if their neighbors home is on a better lot it might sell first. Once again many home buyers shop by price, so if your lot is inferior to the competition make sure it’s priced accordingly.
Condition & Upgrades
The condition of a home and the upgrades it has to offer matters to some home buyers. If your neighbor just remodeled their home, but you haven’t could explain why their home sold. Major upgrades like new a bathroom, kitchen, roof, appliances and AC are huge selling points to a lot of buyers and most will pay more for them. Once again make sure these factors are taken into consideration when setting a list price.
If a buyer can’t see a home they can’t buy it! Some sellers limit showings to certain days and times. This may or may not work for the buyer and their agent. If your neighbors home is easy to show, but yours isn’t, could explain why their home sold first. When selling your home make sure it’s easy for agents to obtain showing instructions. Also, make sure it’s easy to show your home at their convenience, not yours.
How is your Home being Presented to Buyers?
The marketing for your home sucks! First impressions are everything and oftentimes a buyer’s first impression of a home is its online marketing. If your home is being marketed poorly or not at all could explain why your neighbors home sold first. As the seller, you get to choose your listing agent and there are things you should expect from your listing agent. Did the agent you hire take photographs with their iPhone? While your neighbors’ agent hired a professional photographer. Is the description of your home a couple of sentences? But your neighbors home has paragraphs describing every single detail about the home and area? Oftentimes buyers decide whether or not they want to see a home based on the marketing, so make sure yours is top notch.
Do not help your neighbor sell their home, make sure your home is “show ready” and priced right! As you read above there are several reasons why your neighbors home sold and yours didn’t. But you have control over many of these factors, so try avoiding all of these mistkes.
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6 Reasons Why Your Neighbors Home Sold and Yours Didn’t | If your home is sitting on the market, but your competition is selling here’s why via @WellingtonHomez #RealEstate https://t.co/iXOxEDvNsv pic.twitter.com/A3CgqOc5PK
— Michelle Gibson (@WellingtonHomez) July 26, 2018
Additional Real Estate Advice from Top Professionals
- One of the biggest mistakes homes sellers make is pricing their home too high? If you think you might be guilty of this check out Bill Gassett’s 10 signs your home is overpriced.
- If your luxury home sat on the market and didn’t sell Paul Sian provides excellent advice on to recover from a luxury home that didn’t sell.
- Are first impressions important when selling? Of course they are, yet not all sellers know what the first impression is of their home. Well, Sharon Paxson dives into first impressions and what home sellers need to do.
About the Author
The above real estate article “6 Reasons Why Your Neighbors Home Sold and Yours Didn’t” was written by Michelle Gibson of Wellington Florida Real Estate. Specializing in residential real estate since 2001 in Wellington and the surrounding area. Not only does Michelle assist buyers and sellers, she assists landlords and tenants too. She would love to share her expertise and guide you through the entire real estate process.
We service the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more. If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Realtor in Wellington Florida
ing selling your home, we welcome the opportunity to work with you and list your home with a top Realtor in Wellington Florida