Why Is My LA Home Not Selling?
Not Receiving Interest in a Seller’s Market?
Despite the COVID-19 pandemic the real estate market is still very active. Homes are selling fast and yours should be easy to sell. So in a seller’s market, why is my LA home not selling? If you haven’t received an offer after six or seven showings, you need to reevaluate your home’s situation to find out where your home’s weakness, or weaknesses, may be.
There are usually only two reasons for not receiving offers: price or condition.
Price Factors
Price is sometimes the easiest to figure out, although in determining an asking price you must be taking into account the right facts. Sellers can’t set their asking price based on what they want to get or the asking price of other homes nearby, their competition. The asking price needs to be set using figures of other comparable homes in the area that have sold.
If you set the price too high you will get lookers but not buyers. Many sellers think that when starting high, they may get lucky. If that “miracle” sale doesn’t happen, they may drop the price a few thousand dollars. And if it still doesn’t sell they then drop the price even a little bit more. Suddenly the house has been on the market too long. Buyers, without even looking at the house, will assume there must be something wrong with the house. Nobody else wants the house, why should they waste their time on looking at it? You have got to get the asking price right from the start.
Condition Factors
Now let’s examine condition. Many sellers deem a new roof or a new HVAC system means they have an updated home. Not so! Maybe the kitchen and baths are clean and well maintained but they look the same as they did in the late 1970’s. That’s not an updated house.
Any house, no matter what the condition, will sell if it is priced correctly. But you are not interested in discounted offers. So what can you do about the condition of your home?
Some things are easy. Clean any carpet and open the drapes so the sun shines in. Weed out some of the furniture and clutter so that the rooms appear larger. Paint the walls a light, neutral color. Just because you like dark blue doesn’t mean the buyers will. Too many buyers can’t see past dark paneling or walls and all of that stuff!
Make sure your home has professional photos taken of it that can be posted online. The Internet is where all the action starts now days. Buyers no longer have the time, nor do they need to drive to several open houses on a weekend. They use the web to sort out the houses that interest them. At the same time, don’t limit the times that the house can be shown. That one buyer that you need may not be able to match your schedule so you need to be able to match theirs.
Highlight your home’s best features. If you have the greatest backyard in your neighborhood, show off its potential. Have an outdoor projector playing a first-run movie during showings. If your master bath is to die for, fill the tub and add some scented oil and some floating flowers. It may sound silly, but you want potential buyers to see themselves enjoying that backyard movie or lounging in that luxurious soaking tub.
Most of the time it all comes down to price and condition. Realtors love to tell their buyers that a house is “priced to sell”. In simpler terms that means you better make your move before someone beats you to it. Let buyers see that your home is bright and cheery and the rooms look even larger that they did in those online photos.
And one last tip: pleasant aromas sell. An old trick that has worked for me, bake an apple or cherry pie in the oven just before the showing. Nothing says it’s a wonderful kitchen than the smell of a fresh-baked pie. And kitchens sell. With a little forethought, your buyer is on their way and ready to sign.
