Have you tried listing your house in Long island without luck? It happens to people all the time. Learn why your house isn’t selling in Long Island in our latest post!
There are many things that can cause a house to not sell on MLSLI, the multiple listing service for Long Island and Queens, NY. Whether the house is old and ugly or new and shiny, dealing with any of the situations listed below can cause your house to not sell. What people should know is that not every house is going to do well on MLSLI. Some won’t photograph well, some will be faced with too much competition and others won’t be priced according to the current market conditions. Keep reading to learn more about things that may be causing your house to not sell in Long Island and what you can do about it.
House Priced Too High
This is usually one of the main reasons a house will linger on the market. In some cases, real estate agents can lure you in by recommending a higher listing price than other agents with the intent of locking you into a 6 month listing agreement (aka CONTRACT). When the house does not sell, the realtor will recommend that you drop the price, sometimes multiple times to get people into the door. Eventually a buyer will only surface when the price of the house is close to were it should have been listed the first time. By the time you have located that buyer, you may have wasted months of time and money waiting to find a buyer.
When buyers see you cutting the price, especially if its multiple times, they may assume something is wrong with the house and you wont get viewings or offers. Sellers may then have to take the house off the market for a few months to allow buyers to “forget” about the house and then re-list to attract new buyers. Keep in mind however that realtors who then show the house after it has been re-listed will now that the house was previously listed and may tell their buyers, once again leaving buyers with the, “there’s something wrong with the house” vibe.
To list your house with a real estate agent in Long Island, do your homework to ensure that what you are asking coincides with what other COMPARABLE houses are going for in the area. Make the real estate agent do their job to provide you with at least three comparable properties that have SOLD (not listed for SALE) within the prior 6 months within 1/2 mile of your home. These homes should be of similar style and size with the same number of bedrooms, baths and amenities. In a place like Long Island they should also be in the same school district. Finally, the homes must be in similar condition or the asking price adjusted accordingly. A house that was recently rehabbed with all new finishes will sell for a lot more than one that is outdated with older kitchens and baths.
Are there a lot of houses similar to yours on the market? When there are lots of similar homes sitting on the market, it can be difficult to get attention. You may have to pay for additional marketing in order to have your property featured and shown in its best light. In some cases, you may want to make an improvement or add a new feature to the house to make it stand out. If you are not willing to invest the cash to improve your property, you may be waiting around for a buyer for longer than you’d like.
Not everyone is in the market for a fixer-upper. In fact in todays world, especially in places that are expensive to live like Long Island, people are working more and more hours or multiple jobs just to survive and don’t have the time or desire to work on a home in their precious spare time. With low interest rates on mortgages many buyers would rather move into a house that costs more and is already renovated. A house that needs work isn’t going to get nearly the same levels of attention as a turn-key property will. If you want to sell a property that needs repairs or upgrades, a direct sale will likely be the better way for you to sell. You’ll be able to avoid the hassles and repair costs and you will be able to get your property in front of more people who will have an interest in it.
You Have Tenants
Trying to sell a Long Island house when you have tenants can feel nearly impossible. Unless your tenants had planned on moving anyhow, they may not be too thrilled with the prospect of having to pick up and move. As such, requesting the house be kept clean and that property viewings be accommodated, may prove difficult to do. They also may decide to stop paying rent once they know they will have to move. If you have a buyer lined up that once the house delivered vacant and the tenant refuses to leave, it is likely your deal will fall through. If the tenant forces your hand and you have to evict them, it may take 5-6 months to get them out.
Bad neighbors can be a huge hindrance when listing your house with a Long Island real estate agent. If someone wants to come to see your property, but they’re greeted by a messy yard next door, loud music, or rude people, they are much less likely to consider your house as an option. Take a look at the properties around yours. If you were looking for a new home, what would your impression of the area be? Are you on a quiet block? Are you across from a school or on a busy road? Is your property backed up to a shopping center or gas station? If your house has any of these attributes or some other “downer”, you will have to realistic and realize that the house will sell slower and have to be priced less than similar homes without these site conditions.
When a house sits on MLSLI for a while, it begins to lose its appeal. As it moves lower and lower down the list of homes for sale, fewer people are going to see it. Even people who have noticed it for a while will begin to lose interest after seeing it sitting there for so long. If your house has been sitting on the MLSLI for a long time, and your listing is about to expire, you may want to consider working with a professional home buyer such as CoMax Properties who will be able to provide you with a fair offer to buy your house for cash.
There are many reasons why your house in Long Island isn’t selling. The fact is, not every house is cut out for MLSLI. Listing a house in Long Island comes with no guarantees, so once your property is up on MLSLI, it may be there for a while. You may even have to lower the price in order to attract more buyers. Some properties don’t photograph well, while others blend into the pack. No matter what is stopping your house from selling, we can offer a solution. With a direct cash sale to CoMax Properties, you can receive a fair price and a fast closing. You won’t have to worry about any more repairs or deal with property showings. With us, the process is fast, fair, and hassle free!