When it comes to listing a home, most sellers want three things: 1) to make a lot of money, 2) to put in minimal time and effort, and 3) to sell quickly. But the reality is, selling a home is rarely that simple. And homeowners who try to do it themselves—or receive bad advice—can end up stuck (months later) with a property that hasn’t sold.
If that’s you, don’t panic! We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.
Not sure why your property didn’t sell? If you’re not already working with an agent or your listing has expired or been withdrawn, give us a call! We’d be happy to offer a free, no-obligation assessment and create an action plan to get your home SOLD.
This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker.
- BAD TIMING
If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception. When demand outpaces supply, it’s considered a seller’s market and homes get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer.
Now What? In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We can estimate how long a home like yours should take to sell given current market conditions.
- INEFFECTIVE MARKETING
Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy. Take a look at your listing description and photos. A clear description and high-quality photos are crucial. Many buyers use these to decide whether or not to visit your home.[1] Another factor to consider is whether your listing reached the right audience. The Multiple Listing Service is a great place to start, but some properties require a more robust marketing approach.
Now What? If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate. Want to learn more? Reach out for a copy of our complete Property Marketing Plan.
- POOR IMPRESSION
If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property. Start with your home’s structure and systems. Are there any “red flags” that could’ve scared away buyers? What about neglected maintenance and repairs? Finally, was your home properly prepped to maximize its appeal?
Now What? When we take on a new listing, we always walk through it with the homeowner and point out any steps that should be taken to boost its sales potential. In some cases, we will recommend that you utilize staging techniques that are shown to help homes sell faster and for more money.[2] We can help you determine the appropriate budget and effort required to get your home sold.
- PRICE IS TOO HIGH
Many homeowners are reluctant to drop their listing price. However, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated. Higher mortgage rates have made buyers more price sensitive.[3] And pricing a home can be tricky because so many factors can impact how much they are willing to pay.
Now What? If you aren’t in a rush to sell, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price. However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs. We can help you determine a realistic asking price given today’s market conditions.
- PRICE IS TOO HIGH
Many homeowners are reluctant to drop their listing price. However, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated. Higher mortgage rates have made buyers more price sensitive.[3] And pricing a home can be tricky because so many factors can impact how much they are willing to pay.
Now What? If you aren’t in a rush to sell, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price. However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs. We can help you determine a realistic asking price given today’s market conditions.
- YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL)
If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way. Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. That can be an equally frustrating endeavor—and research shows it can actually cost you time and money in the long run.[4]
Now What? If either of those scenarios sounds familiar, we should talk. By now, you owe yourself more than the status quo when it comes to your real estate representation. Our multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process reconnect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities.
READY TO MAKE A MOVE?
Let’s talk. We can help you figure out why your home didn’t sell and how to revise your sales strategy and set your home up for success. The housing market has experienced a shift and the waters may be choppier than usual for a while. But there’s still plenty of opportunity in the current market: You just need a guide who knows where to look and how to find it.
This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
- National Association of Realtors
- Real Estate Staging Association
- Marketplace
- National Association of Realtors
If your house has a tremendous amount of clutter in it, you might finally think it is time to do something about it. Now is the perfect opportunity for you to get your house organized, and you probably want to start by tackling the piles of clothing and paper in the middle of the floor. Before you jump in feet first, take a look at a few mistakes you need to avoid when organizing your home.
Last week’s economic reporting included readings on inflation, retail sales, and the Federal Reserve’s Federal Open Market Committee meeting. Fed Chair Jerome Powell held his scheduled post-meeting press conference and weekly readings on mortgage rates and jobless claims were also released.