Why Your Home Isn’t Selling (And What You Can Do About It)
Hanna KielarDecember 13, 2019
The housing market is booming, but if your house has been on the market for a while, you’re probably sitting back wondering “why isn’t mine selling?” Every home is different, and some homes might just take a little longer to sell than others. There are many different reasons your home might not sell right away, and today we’re going to break down the top five.
Overpricing Your Home
Buyer interest in your home is highest when you first come on the market. That’s why it’s so important to start with the right price on day one. You may love your house, and you may have spent a lot of time and money on renovations, but if no one is interested, it means you probably have it listed too high. If you overprice your home, buyers may just raise an eyebrow and move on to the next listing.
Your agent should prepare a thorough comparative market analysis (CMA) and take you through it to come up with the best asking price for your home. A CMA compares the price of your home to other, similar homes in the area, to determine a price. It can be easy to think your home is worth more, but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.
Having Low-Quality Photos
Your home’s first showing happens online. According to CWB.com, 95.1% of buyers first looked at pictures over everything else on a listing.
So how can you up your photo game and capture more buyer interest? Luckily, we’ve already covered that topic if you want to go the DIY route. Alternatively, consider hiring a pro – usually, it’s only a couple hundred bucks. Professional real estate photographers know how to capture your home in its best light and are well worth the investment.
Lack Of Marketing
Stick a sign on the lawn, and your home is as good as sold, right? Not so much. There are a lot of things a good agent can do to market your home to more potential buyers, like posting about it on social media or featuring it on their blog.
Additionally, agents who have a strong professional network will be familiar with buyer’s agents in your area. They can reach out to them proactively and see if they have any clients looking for homes like yours, instead of waiting for somebody to call the number on your sign.
It can even be beneficial to get recommendations from family members or co-workers who had a good experience with a particular real estate agent.
Condition Of Your Home
Everybody’s home is different. Some sellers just need to reorganize and declutter to make theirs look more attractive to buyers. Finding ways to maximize natural light is always a good idea in this regard.
Curb appeal is also a large factor in selling your home. Some people who are just casually looking at homes will drive by the home before setting up a tour. Staging your home is also very important for people who want to tour.
If there are large issues with the condition of your home and major repairs or renovations are needed, that can get trickier. If making the repair isn’t an option for you, the best thing to do is just be realistic about your asking price and go into negotiations with the right mindset.
An Inexperienced Agent
Sometimes, the problem might just be with your agent. It doesn’t mean they aren’t trying their best to sell your home, but they might not have the knowledge or expertise required. Some agents might not be willing to have the tough conversations (with potential buyers or you) needed to make the sale.
According to REALTOR® Magazine, there are several reasons why you should hire an agent with a lot of experience to help you with your home. One such agent will most likely have strong negotiation tactics, and will be able to inform potential buyers about the zoning regulations or the local school district.
When you’re looking for a good agent to sell your home, try interviewing more than one to see how they compare. Also, make sure to ask for any past client testimonials or recommendations.
When Is The Best Time To Sell?
From the location of the house to the weather, there are many things to think about when deciding to sell your home. Spring is the best season to sell because most people are prepping their homes to be sold over the winter, and most people go on vacations in the summer. According to Fox Business, there are five main things to think of when selecting a location of the home:
• Is it a safe neighborhood?
• Are the schools good?
• Is it close to good stores?
• Does it have a good view?
• Is it close to main roads or expressways?
As for location, it is unique to each state and can correlate with job growth. If there are a lot of job opportunities, then more people will want to move to that area and pay more versus an area that doesn’t have a lot of employment opportunities.