1. Your home is priced too high.
Price is what sells a home. To determine what price to list your home for, a Realtor will compare your home to others that are selling in the area near yours. The condition of the home, as well as the location are both key factors in figuring the price. Everyone wants to get as much money they can out of the sale of their home. Unfortunately, many home owners will sell for less than the price they would like to, but a fair market price will bring in buyers and sell the property.
2. Dated Decor
We’ve all seen homes that are absolutely beautiful until you walk in to a room haunted with the ghosts of decorations past. Updating your decor to a more stylish and neutral look will help buyers to see themselves in your home. It could be as easy as removing a little wallpaper and slapping on a fresh coat of paint and will definitely help sell your home.
3. The Condition of the Home
If a home looks like it is in need of some serious TLC, then, that investment will ultimately come out of the offering price. I recommend to all of my sellers, that they have the home inspected and invest some repairs to the home. Doing this increases the value of your home by a larger amount than you spent and gives the home a more move-in ready feel that buyers are attracted to. It’s also important to make sure your home is smelling fresh. Buyers will be deterred by the smell of your dog that you have grown immune to. A little air freshener goes a long way.
4. Bad Location
Homes that sit closely to unappealing facilities like power plants, waste-treatment centers or even busy freeways often don’t move quickly on the market unless the seller is willing to take a major hit on the price. A beautiful would-be million dollar home will likely not sell for even close to that if it’s sitting next to a landfill. You know what they say, it’s all about location, location, location.
5. Luxury living in a modest neighborhood
This is another location issue, but, instead of an ugly neighbor, it’s a small one. The smaller, less expensive homes around your well manicured mansion will be considered comparable when it comes down to pricing and appraisal. This changes the value of your property significantly. When you have a luxury home surrounded by less valuable properties, that property becomes less valuable.