I am a licensed Realtor in the State of Pennsylvania and here’s what I can tell you about listing and selling homes fast! Here are five reasons your property may be taking a longer time to sell.

1. OVERPRICED

9 times out of 10, if a property is failing or taking too long to sell, the property is overpriced. Being overpriced stems from these two reasons.

A. The Seller is unrealistic about the condition of a property and feels deeply about the intrinsic value of the home.  This means the seller is adding sentimental value for things like how long it’s been in the family, the amount of maintenance they’ve put into the property over the years, special characteristics of the home (my 1st home) etc.  This is more common with long-term owners.   

B. Pricing according to profit.  This happens when a seller prices their property according to the amount of money they’d like to net or walk away with rather than evaluating the property solely on its’ features. This line of pricing reasoning is more typical with real estate investors or fix and flippers. A property is priced correctly when it is compared to similar homes with similar features SOLD within a tenth of a mile (no more than a quarter of a mile) of the subject property.  

I emphasize sold because some homeowners would like to mention what their neighbors are ASKING for. Or that an house down the street is currently on the market for so and so. Some owners would like to mention Zestimates: which are estimates listed on the website Zillow that are made up of averages only. NOO! None of that really matters.  Any property owner could hypothetically ASK for anything.  Quite frankly, it’s all about what the last property has Sold for. 

2. LOCATION

Location, location, location! Real Estate is and will always be about location.  Ever heard of the saying: “You can’t put lipstick on a pig.”?  Similarly, no amount of hardwood floors, led lights, marble tile, high-end countertops, or additional bathrooms can add MORE value to a property in the wrong area.  Traits attached to a desirable location are factors like: public transportation, convenience to travel, local stores, parks, cleanliness, and the biggest factor CRIME.  Families will prioritize the safety of their children especially when making a 15-30 year financial commitment.  Price your property according to the going rate… in that location or neighborhood.

3. Availability and Accessibility.

Your property must be readily available.  Almost no buyer wants to see a property with the owner or a tenant occupying the space. These properties are filled with the sellers’ junk…oops I meant the sellers belongings. Buyers dread seeing the occupant’s belongings in a property. This is because it makes it hard for a buyer to imagine themselves within the space. Less is Best. A good idea is to just clean out your property of your most valuable possessions.

Some sellers like to personally tour the property WITH the buyers.  This consists of the seller presenting the property to buyers room by room. However, this is not advised.  Buyers prefer to move at their own pace and really make observations. Buyers would also like to be free to think and discuss the condition of the property with family and friends.  Some sellers can be a bit overbearing when it comes to the touring of their property.  Furthermore, owners that prefer to be present during a tour can make it uncomfortable for buyers.  Specifically, with the owner being present at the time of showing, it makes it difficult for a buyer to form an honest opinion about the property.

Everything should be in working order and accessible. A good seller will make the entire property accessible. No buyer wants to hear “You can’t go in that room”.  Buyers are making multi-thousand dollar if not million dollar decisions in regards to their investment, financial well-being, and living.  Buyers need all of the info available to encourage them to make an offer.  Therefore, every sink, faucet, staircase, closet, garage, shed etc. needs to be accessible.  

Also, when occupants are still living in the property, more than likely challenges will arise with scheduling showings.  Occupants may request unrealistic lead times, or may not be able to pack up and get out of the property in a timely manner. In this case, the property is NOT readily available. This could cause you (the owner) many opportunities of showings which could potentially lead to you selling the property faster.

4. Outdated Features

Your property is outdated. You can have the correct price for a lived-in home however, no one is interested in buying or making an offer. Your home can be TOO customized for YOU. This is where the importance of updating your home every 5 years comes in. In general, follow the design trends of the market.  This could mean observing a shade of paint on the wall, a new backsplash in the kitchen, new bathroom sink fittings, new flooring etc. Add your personality to the property with your décor and furniture rather than permanently customizing a room with paint and fixtures.

Gone are the days where a buyer will buy an Electric Orange painted dining room with a Vineyard Purple living room. Buyers have moved on to simplicity and neutrality.  A simple grey or stone look will satisfy the buyer until they can make their own customization. Painted wood panel or old colored bathroom tiles are unacceptable in this housing market.  In real estate, we call that …the landlord special.  In regards to customization, I have personally seen a built-in Jacuzzi in a master bedroom.  Needless to say, no one was excited about that custom feature but the seller.  As a rule of thumb, keep it nice yet simple when it comes to selling a property.

You have to be realistic about the condition of the property. Do not look at it with a biased point of view as the owner.

5. Obvious Defects.

Last but not least, the most common reason houses sit on the market for an extensive amount of time is for obvious and expensive damage. These are things like uneven floors, termite damage, utility problems, plumbing leaks, damaged walls, doors etc. In general, buyers would like to move in with as little problems as possible. As an owner, take care of your property regularly and address defects as they occur so that they won’t cause further irreparable damage.  

When this type of damage occurs, your property will be left on the market for months at a time because no buyer is willing to invest in the total cost of getting the property back in good condition. Maintenance is important.  Don’t go the cheap rout of cutting corners with the maintenance of your property because it will catch up with you in the end.  You’ll have to continue to lower your asking price just to get the property off of your hands.

In conclusion, these are just a few reasons why properties do not sell as quickly as owners would like. Hopefully, by preparing for or addressing these issues, you can save your property some time on the market. In a normal market, a good property that is priced correctly, in an ok location, with up-to-date features, and readily available should sell in 30 days or less. 

For More information, Here’s What You Need to Know Before SELLING Your Home!,