We’ve all heard that good things come to those who wait, but if your house has been on the market for a while, you might wonder if there’s anything you can do to accelerate the sale.

As of August 2024, it took about 26 days for the typical home to go from listing to contract in the U.S., according to the National Association of Realtors (NAR). If your home has been on the market for considerably longer than that without securing a buyer, you might ask yourself, “Why won’t my house sell?” The answer to that question could involve a range of factors, from local real estate market conditions to your agent’s skill level and workload.

If your house won’t sell, here are some potential reasons why it’s still on the market and what you can do to accelerate the process.

1. It’s a buyer’s market.

Real estate markets tend to fluctuate between favoring buyers versus sellers due to economic circumstances and local real estate factors, according to Rocket Homes. It’s best to hold out until your local market favors sellers, if possible. However, if you can’t delay the sale, you should expect fewer interested buyers and be prepared to potentially lower your price.

2. The price is too steep.

Even if you’re in a seller’s market, asking for too much can repel prospective purchasers. Decreasing the price tag can speed up the sale of your house, according to U.S. News & World Report. It helps to evaluate comparable properties in your area to determine a reasonable amount, in addition to considering your home’s condition.

For more information on calculating an ideal price, please refer to this blog entry: “How to Conduct a Comparative Real Estate Market Analysis: 4 Key Considerations.”

3. Your house could use decluttering.

We recommend cleaning thoroughly and clearing any clutter to make your home as attractive as possible to potential buyers. Sort out your junk drawer and recycle any old magazines or newspapers. It can also help to get rid of or relocate items stored in closets to show off the full extent of the space – and don’t forget to toss or sell anything you don’t need in the garage.

In addition to eliminating clutter, you can increase the aesthetic appeal of your home with upgrades and renovations, according to Trulia. For example, new door handles, faucets and ceiling fans could help convince would-be buyers that the house is worth the price.  

4. The house doesn’t make a great first impression.

A lack of “curb appeal” can drive buyers away before they even set foot inside, according to Rocket Homes. When people show up to tour your home, you want to “wow” them right away. Some strategies to ensure your house knocks their socks off include lawn care and landscaping, painting the front door, purchasing a new welcome mat, and making sure the porch and entranceway are clean and clear of clutter.

5. Your real estate agent is overworked or lacks experience.

If marketplace conditions are favorable, the price is right, and your house is in excellent condition, the problem could be your real estate agent. Maybe they lack experience or have too many clients and haven’t had the time to launch the marketing campaign your property deserves. Switching to a new agent might jumpstart the sale, according to U.S. News & World Report. Online visibility matters, so you want an agent on your side who will properly promote your house via an online listing and social channels.

Note: Review the contract you signed with the first agent before switching to see if you’re obligated to work with them for a specific duration or if you will owe any fees for terminating the relationship.

If you want expert assistance from an experienced real estate agent to sell your Florida home, Avalon Suncoast is here to help. Our team can determine your home’s true market value, research recent sales stats, offer guidance on preparing your house for sale, and more.

Connect with us today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.                    

The post Top 5 Reasons Your House Won’t Sell appeared first on Southwest FL Real Estate.

Before you list your property for sale, you’ll need to determine its value and ideal price. You don’t want to sell it for less than it’s worth, but you also don’t want to ask for an amount that’s too high and drive away all your prospective buyers.

That’s why it’s imperative to conduct a comparative real estate market analysis and consider the context of your local market to lay the foundation for a successful sale. Based on our real estate experience, here are some essential factors to consider to ensure you set a price that’s just right.

1. The cost of similar properties for sale in your region.

To identify a reasonable price for your property, you should review listings for comparable real estate in the same vicinity. That will give you a good idea of the standard amount to charge in your area.

2. The price of comparable recently sold properties.

In addition to looking at real estate currently for sale, you’ll also want to evaluate the cost of properties that have recently sold or are under contract for sale. Consider how quickly each property sold as well. If it got snapped up right away, maybe the price was too low. This will add context to your analysis and take you a step closer to identifying the right price to increase your odds of a successful sale.

3. The price of similar properties that failed to sell

Additionally, you’ll want to consider comparable real estate that didn’t sell during its listing period. These properties serve as a cautionary tale and will offer insight into your ideal price range.

4. The amenities offered by comparable properties.

Finally, you should evaluate your property’s amenities versus those of comparable real estate in your area. Factors like the presence of a community pool, homeowner’s association, or finished basement can significantly affect your home’s value. You should also take the age of your home, roof, air conditioning, and other essential elements and systems into account.

Combining all these factors with knowledge of your property’s condition will enable you to calculate its value and perfect listing price. 

If you fill out this form, the Avalon Suncoast team will conduct a comparative real estate market analysis of your property for you – free of charge or any obligations. You can also request your free analysis by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post How to Conduct a Comparative Real Estate Market Analysis: 4 Key Considerations appeared first on Southwest FL Real Estate.

However, if a seller is still amenable to an FHA mortgage, they should be sure to place a specific dollar cap on repairs that the FHA requirements for a seller would demand. Even a home that seems well maintained can reveal some of the following FHA defects.

Repairs That Must be Completed for FHA approval

Peeling paint in homes built before 1978 Lead Based Paint rules
Broken, damaged or unpainted gutters and downspouts
Exterior doors that do not operate properly
Exposed wiring
Major plumbing problems
Broken A/C systems
Leaky or defective roofs, roofs with a life expectancy of less than 3 years
Active and visible pest infestation
Rotting exterior wood items.
Rotting Window frames and sills
Missing appliances that are customarily included with a home
Bedrooms without minimize-sized windows or obstructions preventing egress
Foundation or structural defects
Inoperable kitchen appliances
Empty pools or those without a working pump or other defects
Torn house or lanai screens
No pressure relief valve on water heater
Damaged fencing

Repairs That are Not Necessary to Fix Before Closing

Peeling paint in homes built after 1978 (Not Lead Based Paint)
Cracked glass
Minor plumbing defects
Damaged wall coverings in homes built after 1978 (Not lead based paint)
Worn flooring
Beat-up or damaged exterior doors that operate properly
Removal of debris
Evidence of previous or inactive pest infestation
Replacement of flat roofs
Water tests

A seller of improved real estate should be aware of FHA Requirements for a Seller. If accepting a contract with an FHA contingency, a seller should be sure to limit their repair exposure. Discuss the implications with your agent.

Search Southwest Florida Real Estate

For more info on FHA loans visit the HUD website

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The United States Federal Tax Law requires that a foreign citizen who sells real estate owned in this country pay taxes on the profit of such sale. To insure that the tax is paid, 15% of the proceeds at closing are withheld and transferred to the United States Treasury. The 15% withholding is mandatory if the seller is a foreign person. (A foreign corporation that distributes a U.S. real property interest must withhold a tax equal to 35% of the gain it recognizes on the distribution to its shareholders.)

The following ONLY applies to homes priced under $300,000. It does not apply to land.
There is a possible waiver available if the buyer signs and states that the home will be the buyer’s primary residence for the next two years. The part everyone forgets about the waiver is, if the seller does not file a tax return and pay the capital gains on the property, the IRS will send a notice of deficiency for the 15% of sales price to the buyer. That deficiency is due in 30 days. If the new buyer can’t pay the tax due, IRS will place a lien on the property and/or sell the property to get the tax owed. This is an enormous risk for the buyer.

At the time of closing the seller must have an ITIN or an application to get one. If they do not the IRS does not have to issue any refunds at a later date.

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. This number is used to record the sale. If a seller needs an ITIN they must complete the W7 application with a Certified Copy of their passport. Click here for the IRS page with Form W7 and instructions. One can apply on line for the ITIN (for a fee, 3rd party company): https://www.itinformw7.com/Application.html

(Certification can only be done by their passport office or a Certified Acceptance Agent) The fee for this process at the time of writing is $200 per application.

Each individual must file a tax return the following January to either claim a refund or pay the balance due. For more information reporting and paying taxes: https://www.irs.gov/individuals/international-taxpayers/reporting-and-paying-tax-on-u-s-real-property-interests

Two forms are used for reporting your sale to the United States Treasury. These are Form 8288 Form-8288 and Form 8288A Form-8288a. The title company conducting the closing should file these forms with the IRS at closing. You should be sure that the title company has your Social Security Number or ITIN to submit with these forms. If you are selling the property without a real estate broker you should check with the seller to be sure that they complete the forms necessary and send the withholding to the IRS. They should send you a copy of the Forms 8288 and 8288A so you can file your tax return for a refund.

Another form that may be relevant is Form 8821, Tax Information Authorization, which will designate the escrow company withholding the seller’s funds.

This is a helpful site with information on How to get your FIRPTA Tax Withholding back. How to get your FIRPTA Tax Withholding back

The IRS (Department of Treasury) has written a page on their website called Road Map to Regulations FIRPTA Road Map to Regulations

This page may have answers to many of your questions.

FIRPTA Process Overview

A Non Resident Alien may be entitled to a refund for taxes withheld under section IRC § 1445 by filing Form 1040NR, U.S. Nonresident Alien Income Tax Return. Click here for Form 1040NR, U.S. Nonresident Alien Income Tax Return Instructions and to download the form.

You may also hire a Certified Acceptance Agent to do all this work for you and to file the tax returns. An Acceptance Agent charges a fee to acquire an ITIN and to file a tax return. The cost of a Certified Acceptance Agent to file your tax return would usually be a minimum of $200 so unless you have a significant withholding amount, you should probably do this yourself. There is also a cost to acquire an ITIN. See the link for Form W7 above.

To find a Certified Acceptance Agent, do a web search for Certified Acceptance Agent or email Your Suncoasteam.

This article contains information for foreign buyers and sellers of Florida real estate. What are the rules and costs for a foreign or international buyers of homes or land in Florida. Is there any difference in costs to a Canadian buyer of Florida real estate, homes or condos? What does it cost for a European to buy Florida homes? What taxes does a foreign seller pay when selling Florida Real Estate? What are the fees to an investor in Florida real estate and homes for a resident of UK, England, Great Britain? Are there any hidden costs to buy or sell real estate in Florida for a non-resident foreigner?

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During August, 2015 there were 1,037 single family homes reported sold in the MLS of Charlotte and Sarasota Counties.
Ave. Listing Price: $302,862
Ave. Selling Price: $289,067
Ave. Selling Price as a Percent of List Price: 95%

344 of the reported sales were in Charlotte County
The average selling price was $200,072, 96% of the list price.
693 of the reported sales were in Sarasota County.
The average selling price was $333,243, 95% of the list price.

In Charlotte County, there were a number of foreclosure homes that sold under $50,000. These homes were mostly in Port Charlotte with a few in Punta Gorda. Such homes usually sell in a very short time frame and often above the asking price. White there were a number of homes sold in Charlotte County approaching one million dollars, only one exceeded that amount. A home on Gasparilla Island (north end of Boca Grande) which sold for $2.1 million.

There were far fewer low priced homes sold in Sarasota County, although Sarasota still had its share of foreclosures. 28 of the homes sold in August in Sarasota County, FL exceeded one million dollars.

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