5 Main Reasons Your Neighbour's House Sold and Yours Didn't
Category Selling
So your neighbour is getting ready to pack up and leave to move into his dream home after a successful sale.
You, on the other hand, are still struggling to get anyone interested in viewing your home. This might lead to feelings of frustration and anger, because you are, after all, in the same area. So why is only his house selling?
There might be a few things that your neighbour is doing right that you missed out on. Here are a few common reasons why your house might still be sitting on the market:
1. Price
When looking for a new home, most home buyers search by price and obviously, they want the best value for their hard-earned bucks. This doesn't necessarily mean that they will buy the house with the lowest listing price; it simply means that they will buy the house that offers the most for the price.
The seller of the less expensive home might wonder why their house didn't sell. The (slightly) more expensive house might have a larger kitchen, more bathrooms or a swimming pool. A new pool can easily create the illusion that a more expensive home has more value.
In other words, make sure your home is priced correctly when you do decide to sell.
2. Location
The number one rule of real estate is that location is everything. Home buyers might be able to demolish a building and build a new house, but they can never change the lot.
Not all buyers are particularly fussy about backing into a busy road, yet others may be very selective. Some even want the stand to face a certain direction. Your home might be updated and renovated, but your neighbour's outdated home might sell first depending on the type of stand.
Sure, price also comes to play, again - if your stand is inferior to the competition, make sure it is priced accordingly.
3. Size and layout
Size can be a selling point for a lot of buyers, but sometimes layout is more important.
Buyers have different preferences when it comes to the layout of their dream homes: some would like a one-level house with a modest living space, while others want a two-storey house with a lot of under-roof space.
If your neighbour's home sold and yours didn't, it might simply be because of the way the home has been laid out and the preferences of the owners who bought it.
4. Condition and upgrades
The condition of the home and the upgrades or renovations that have been done to it matters to some home buyers. If your neighbour recently remodelled his house and you didn't, that might be another reason why it sold before yours did.
Major upgrades, like a new bathroom, kitchen, roof, appliances, and AC, are huge selling points to a lot of buyers and they are willing to pay more for these houses. Make sure that you take these factors into consideration when you set your price.
5. Access
If a buyer can't see a home then they will never be able to buy it!
Sellers often limit their showing times on certain days and times, and this might not always work out for the buyer or their real estate agent. If your neighbour's home is vacant or easy to show, but yours isn't, it could be another reason why it sold faster than yours.
When you decide to sell your home, make sure that it is easy for agents to obtain the necessary selling instructions, so that they can sell it at a time that is convenient for them, not for you.
Author: Ikonic Real Estate