- The US real estate market is competitive, with five million homes sold in 2022 at an average price of $335,000.
- Common reasons for a home not selling quickly include overpricing, poor maintenance, inadequate marketing, bad location, and poor timing.
- Overpricing can be avoided by researching comparable properties’ prices in the neighborhood to set a realistic price.
- Improving a home’s condition, strategic marketing, enhancing location appeal, and choosing the right selling time can accelerate the sale.
- Recommendations to boost house appeal include establishing a garden, repainting interiors and exteriors, and upgrading the kitchen.
It is no secret that the real estate market is highly competitive. It can be frustrating for homeowners who have been trying to sell their homes for weeks, if not months, and are still not getting any offers. If you are in this situation, there are several reasons why your home is not selling. Here’s what you need to know about today’s market, why your home is falling behind, and ways to get ahead of the competition.
Homes Sold in 2022
First, it’s essential to know the home sold in the last year. It’s estimated that about five million homes were sold in the U.S. in 2022, just slightly below the record high of five million and forty-three thousand homes sold in 2020. The average home price was up year-over-year to $335,000 by the end of 2022.
These figures will likely continue to rise as more people realize they have the opportunity to purchase a home in this hot market. If your house isn’t selling, you’re likely behind in pricing and marketing.
Reasons Your Home Isn’t Selling
There could be several reasons why your home isn’t selling as quickly as you’d like. Here are some common ones:
One of the simplest reasons a home may be behind the real estate market is its price too high. If your home is priced significantly higher than comparable properties in your area, potential buyers will ignore it. You need to research what comparable homes in your neighborhood are selling for. Right now, homes sell for $410,000, but this can change. So, make sure to research the average value of homes every year. This will help you set a realistic price for your home.
2. Poorly Maintained
One of the biggest turn-offs for potential buyers is a poorly maintained home. Your home may be behind the real estate market because it has not been adequately maintained. Things like outdated fixtures, old carpeting, peeling paint, and broken tiles can make a home look uninviting. If you want to sell your home quickly, you must ensure it is in good condition.
3. Poor Marketing
Another reason your home may be behind the real estate market because it is not being marketed properly. While many different marketing strategies can be used to sell a home, you must ensure you use the right ones. This could include professional photography, virtual tours, or even staging your home.
Location is one of the most critical factors in real estate. If your home is in an undesirable area or has a poor view, selling will be more challenging. There isn’t much you can do about the location of your home, but there are some things you can do to help make it more attractive. For instance, landscaping or upgrading your home’s outdoor lighting can make it more inviting.
5. Poorly Timed
Finally, you may be behind the real estate market simply because you are trying to sell your home at the wrong time. There are certain times of the year when the real estate market tends to be slower. For instance, the winter months are typically slower than the summer months. If you are in a hurry to sell your home, you may want to wait until the market picks up.
How to Get Ahead
There are various ways you can get ahead today. Here are three ways to do that:
Build a Garden
Gardens are a great way to make your home more attractive. Not only will they add curb appeal, but they can also increase the value of your home. Adding trees and shrubs is an easy way to spruce up the exterior of your property without breaking the bank. You can start by having a modest garden bed in your backyard. This can be the foundation for your landscaping efforts that will eventually increase the value of your home.
Paint Inside and Out
A fresh coat of paint can do wonders for a home. It is also one of the least expensive ways to improve curb appeal and make it more inviting from the outside. Painting inside will help create a unified look throughout your house, which may help draw potential buyers in.
Upgrade Your Kitchen
A modern kitchen is the heart of a home. It should be inviting and functional for both cooking and entertaining guests. Upgrading your kitchen can involve replacing appliances and adding stylish cabinets and countertops. This will help make your home stand out compared to other properties today.
The real estate market can be tricky to navigate, with numerous factors influencing how quickly your home sells. Whether it’s the price, condition of your property, marketing strategies, location, or timing, each aspect plays a pivotal role in the selling process. However, you can boost your home’s appeal and marketability by understanding these factors and taking proactive measures. Remember, patience and adaptability are key in the dynamic realm of real estate, so don’t be discouraged if immediate success doesn’t come your way. With the right approach, you’ll find the perfect buyer for your home in due time.