There is no doubt that it is a seller’s market in real estate today, leaving many homeowners scratching their heads wondering why their homes won’t seem to sell. If your Charleston, SC, home isn’t getting the offers you need, there could be something wrong. Many factors come into play when a house is lingering on a hot market too long. Let’s look at some of the reasons your home may not be sold quickly and how you can remedy the situation.
Problem: Unrealistic Expectations
Demand outweighs supply in a seller’s market; therefore, sellers can typically expect to get what they want in an offer. However, setting your house at an unrealistic listing price may mean it gets overlooked for more reasonable properties. A seller’s market doesn’t mean that the sky’s the limit; it simply means you may have more room to breathe than in a buyer’s market.
Solution: Ensure the asking price for your property is in range with comparable properties in your area.
Problem: Home Needs Improvements
One may think that selling a home in a seller’s market means that no improvements need to be made to get a reasonable offer; however, this is not necessarily the case. If you want to sell at your total asking price, you may need to make repairs and upgrades to your property to do so. Your house’s condition may not currently warrant its price tag, and you could be losing quality buyers who want a more move-in-ready home at your asking price.
Consider looking at comparable homes in your market and make upgrades such as appliances, security features, and others as needed to reach your target listing price. Repairs of roofing, foundations and other structural components may be necessary to retain the asking price for your property.
Problem: Issues With The Title
Homes don’t sell quickly because there is a problem with the property’s title. The title is the document that proves ownership, and if an issue arises with the title, potential homebuyers get spooked quickly.
Some common title problems are conveyance without a recorded deed, a paid-off mortgage that is still showing up with a valid lien on the property, and a lien filed for unpaid work done by a subcontractor.
For title problems quickly resolved, contact the property’s title company to find out what you can do to resolve the issue. You may decide to sell your home for cash to a house buyer company as-is at a fair market value.