- The competitiveness of your home in the market may be affected by factors such as overpricing and over-personalization.
- Overpricing your home may discourage potential buyers, making market research paramount to setting competitive pricing.
- Buyers prefer move-in ready homes, hence the need to fix all necessary repairs before listing your home.
- To make your home attractive, consider upgrading its design and features and ensure its marketing reaches a wide audience.
- Improving sidings, landscaping, and adding features like a deck or patio can enhance your home’s competitiveness.
If your property has been sitting on the market for a while with little interest, it’s time to take a closer look and figure out why it isn’t competitive. Perhaps you might have thought that putting your home on the market is easy, only to realize later that it’s much more complex than you initially thought.
There are numerous reasons why your property might not be appealing to buyers. Here’s a look into the number of houses sold in the market, reasons why your home isn’t competitive enough, and ways you can improve your home.
Number of Homes in The Market
It’s estimated that about five million homes were sold in 2022. This could be a considerable number to compete against in an area with a large population. The market can be saturated with home sales, making it difficult for your property to stand out.
Reasons Why Your Home Isn’t Competitive
There are several reasons why your home isn’t catching buyers’ eyes like you thought it would. These include:
One of the primary reasons why your home might not be competitive in the current real estate market is its high price tag. It’s estimated that the average price of homes is around $436,000 today.
Overpricing your home could lead to fewer viewings and easily scare off potential buyers. To attract buyers, you will need to research your area’s property market and ensure that the price of your home is in line with the surrounding properties and current real estate trends.
Lack of Repairs
If your home requires repairs, addressing them before you sell it is essential. Potential buyers are always looking for homes that are move-in ready. If repairs are needed, they may view it as another expense and hassle they don’t want to deal with. Ensure you check for any broken fixtures, leaky pipes, and damaged floors and work towards repairing them as soon as possible.
Lacks Attractive Features
Your home may not be competitive because of its outdated design, layout, and lack of desirable features. Newly renovated homes with modern and stylish fixtures tend to be more favored in the market. Consider upgrading essential features such as countertops, cabinets, and appliances to make your home look more attractive to buyers.
Marketing is a crucial element in selling your home. If your property isn’t reaching a vast audience, there is a possibility that you will not receive many offers. Ensure your realtor markets your property on all available channels, including social media, online listings, and print media. The more eyes on your property, the more chances you have of making a sale.
While personalizing your home is great when living there, it may not be as appealing to potential buyers. Your unique sense of style may not be everyone’s cup of tea. When selling your home, it’s advisable to keep things simple and neutral to appeal to a broader range of buyers. If you have any custom home features or personalized design elements, consider removing them before putting your home on the market.
Upgrades to Make Your Home More Competitive
There are various ways you can make your home more competitive. Here are three ways:
Improve Your Sidings
Your home’s sidings are one of the first things potential buyers will see. If they are in disrepair, it may give off a bad first impression. Ensure you clean and repaint the sidings to make your home look more attractive and appealing. Additionally, you must replace them whenever they have sustained too much damage. A siding contractor can help you with this. They can check the state of your home’s sidings and make any necessary repairs.
Upgrade Your Landscaping
Another way to make your home more competitive is by improving your landscaping. Keep up with regular lawn maintenance, such as mowing and trimming, to give buyers a neat first impression. Additionally, consider planting colorful flowers or adding outdoor furniture for curb appeal.
Consider Adding a Deck or Patio
Adding a deck or patio to your home can significantly boost its value and make it stand out. It will also be an attractive feature that potential buyers may appreciate. A deck or patio is an excellent spot for relaxation, entertaining guests, and dining al fresco, so that it can be a great selling point for your home.
Making your home competitive in the market may require effort, but it is worth it when you make a sale. From making minor repairs to upgrading fixtures, you can make your property more desirable in numerous ways. With the proper strategy and research, you can quickly increase the chances of making a sale on your property.