6 Reasons Why Your Neighbors Home Sold and Yours Didn’t
Some home sellers are left scratching their heads 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 Home Hasn’t Sold
1. List Price
When looking for a new home a majority of home buyers shop by price and want the best bang for their buck! This doesn’t necessarily mean they’re going to buy a 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, it 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. In this case there was no question why their neighbors home sold first, it had more to offer.
When pricing your home it’s imperative to make sure it’s priced competitively and don’t overprice your home. If you don’t you could be helping your neighbor sell their home first.
2. 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
3. Lot Location
One of the most popular sayings in real estate is location, location, location! Homebuyers can demolish a home and rebuild it, but they can never change the lot. While some homebuyers don’t mind backing to a busy road or powerlines, for the right price, others may be more selective. So if your neighbors home sold before yours it could be the lot location and pricing.
There are homebuyers 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 neighbor’s 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.
4. Condition & Upgrades
The condition of a home and the upgrades it has to offer matter to some home buyers. If your neighbor just remodeled their home, but you haven’t could explain why your neighbors home sold before yours.
Major upgrades like new a bathroom, kitchen, roof, appliances, and AC are huge selling points for a majority of buyers and most will pay more for those types of upgrades. Once again make sure these factors are taken into consideration when setting a list price.
5. Access
If a buyer can’t see a home they can’t buy it! Some sellers limit showings to certain days and times and require advance notice, like 24-48 hours. These types of restrictions may not always work for a buyer and their agent. So if your neighbor’s home is easy to show, but yours isn’t, could explain why your neighbors 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 the buyer’s convenience, not yours.
6. Marketing
How is your home being presented to buyers? If not that could explain why your neighbors home sold before yours. 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 be another reason why your neighbors home sold first.
As the seller, you get to choose your listing agent and there are things you should expect from them. Did the agent you hire take photographs with their iPhone while your neighbor’s agent hired a professional photographer? Is the description of your home a couple of sentences but your neighbor’s 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.
Final Thoughts
Do not help your neighbor sell their home! While there are things that you can control, like pricing, showing availability, and who you hire to sell your home. However, there will be things out of your control like where your home is located, the layout of the property, and the upgrades. Even though you can’t change these things you can price your home accordingly.
A majority of homes will sell if they are priced right according to their overall condition and location. As a seller, the last thing you want is for your listing to just sit on the market and eventually expire. Some may think relisting again will give the property “new life” but that most likely won’t be the case.
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Did your neighbors home sell fast, but yours is still sitting on the market? If so here are 6 reasons why your neighbors home sold first. #homeselling #realestatePopular Home Selling Questions
My home didn’t sell now what? If your home didn’t sell, there are several steps you can consider taking. Firstly, assess the reasons why it didn’t sell. Examine factors such as pricing, condition, marketing, or the overall real estate market conditions. You may need to make adjustments accordingly, such as lowering the price, enhancing the property’s appeal, or revising your marketing strategy. Consider seeking advice from another real estate agent if your current one isn’t providing you with any explanation.
Wondering what to expect when selling your home? When selling your home, there are several key aspects to expect. For starters, you’ll need to determine a competitive price based on comparable sales. Prepare your home by decluttering, depersonalizing, and making necessary repairs or improvements.
Collaborate with your real estate agent who will assist in marketing your property, coordinating showings, and negotiating with potential buyers. Once you accept an offer, the buyer may conduct inspections and negotiate repairs or contingencies, such as a home appraisal. Finally, there will be paperwork and legal processes involved, leading to the closing of the sale. It’s essential to stay organized, communicate effectively, and rely on professional guidance throughout the selling process.
What is the most common reason a home fails to sell? The most common reason a home fails to sell is typically related to pricing. Overpricing a property can deter potential buyers and make it less competitive in the market. Buyers often compare similar homes in the area and expect fair value for their investment. If a home is priced too high, it may linger on the market without attracting serious offers.
Other factors that can contribute to a home not selling include its condition, location, inadequate marketing efforts, or unfavorable market conditions. It’s crucial to carefully analyze the local market, work with a knowledgeable real estate agent, and set a realistic and competitive price to increase the chances of a successful sale.
What are the top mistakes to avoid when selling your home? When selling your home, it’s important to avoid certain mistakes that can hinder the sale process. The number one mistake sellers make is overpricing their homes. However, there are a few other mistakes that can be made such as not making your home “show ready,” making your home difficult to view, don’t have effective marketing, and failing to disclose important facts about the property.
About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “6 Reasons Why Your Neighbors Home Sold and Yours Didn’t”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.