Did you list your home only for it to sit on the market for months and not sell? Or possibly you withdrew it from the MLS due to lack of interest? Maybe you even tried to sell your home on your own with no luck.
Selling a house can be an exciting yet challenging endeavor. While many homeowners anticipate a quick and successful sale, there are instances when the process doesn’t go as planned. If your house has been sitting on the market without any promising offers, it’s essential to identify the potential reasons for this stagnation and take proactive steps to overcome each issue. Here are our TOP 7 reasons why homes don’t sell and the solutions to fixing them so you can get your home back on the market and SOLD!
1. Pricing Mismatch: The Goldilocks Principle
The most common reason for a house not selling is often a disconnect between the asking price and the perceived value. If your house is priced too high, potential buyers might shy away, assuming they can find a better deal elsewhere. On the other hand, pricing your house too low could make buyers suspicious of hidden issues.
How to Price Your Home Correctly
- Research local market trends and consult with a real estate agent to determine a competitive yet realistic listing price.
- Look at recent sales of comparable properties (COMPS) in your area to get an accurate picture of what buyers are willing to pay for homes that are nearby and similar to yours.
- Discuss a Pricing Strategy with your Realtor. Pricing strategy is KEY to the success of the sale of your home. Making sure your home enters the MLS with the best price on day 1 can mean the difference between it sitting on the market for months and creating a bidding war.
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BONUS TIP – The OVERLAPPING Price Strategy
When we priced our home, we chose a round number (ex. $250,000) to strategically show up in a wider range of property search results on the internet by overlapping two different price ranges to hit two budget demographics of home buyers. The reason for this is that people search for homes using round numbers. So someone with a budget of around $250k might search for homes between $225,000 to $250,000. And someone with a budget of say $275k might search for homes between $250,000 to $275,000. A home priced at $499,900 would not have shown up in the second search results taking it out of the running for a larger number of potential buyers BUT a home prced at $250,000 would show up in BOTH searches. The round number works to your advantage because most people START their search on the internet so it makes more sense to price your home accordingly to target the biggest number of people searching by choosing a round number that overlaps two different potential budgets for home shoppers.
2. Curb Appeal and First Impressions: Love at First Sight Matters
A potential buyer’s first impression of your house can significantly impact their decision. If your house lacks curb appeal or is in need of obvious repairs, buyers might be hesitant to even step inside. Small changes can go a LONG way in attracting more potential buyers.
Staging your Home OUTSIDE to Sell
- Enhance your home’s curb appeal by painting the front door
- Create a welcoming front porch area, clean & sweep the porch and put out a welcome mat and a plant or two or some nice decorative touches
- Maintaining the exterior by keeping it clean and tidy
- If the budget allows, invest in landscaping to give the home’s exterior an upgrade.
- Make sure your lawn is cut and trimmed neatly and remove any outdoor clutter.
- Make necessary repairs to address any visible issues, such as cracked windows, damaged siding, or a worn-out roof.
3. Clutter and Personalization: Let Buyers Envision Themselves
It is a proven fact that staged homes sell faster and often for more money. A cluttered and overly personalized home can make it difficult for buyers to imagine themselves living there. Personal items and over-full spaces give the illusion of smaller rooms, are distracting and make it hard for potential buyers to envision the space as their own. Make your home more appealing to buyers by staging it to sell.
Stage Your Home INSIDE to Sell
- Declutter and depersonalize your home by at least 20% (30% is better) by removing personal photos, excessive decorations, and unnecessary items.
- Rent a storage unit and start your packing early and move items that aren’t necessary into storage where they will be easily accessible when it comes time for moving day.
- Clean & organize closets, leaving only the essentials.
- Move out bulky furniture and make as much open space and room as you can.
- Keep the décor neutral
- Let in as much natural light as you can to create an environment that allows buyers to visualize how they would use the space.
4. Inadequate Marketing: Reaching the Right Audience
Even the most attractive property won’t sell if it’s not marketed effectively. If your listing lacks high-quality photos & video tour, a compelling description, or exposure across various platforms, you might miss out on potential buyers. Marketing means BOTH presenting your home in an attractive way AND making sure it gets seen by a wide ad relevant audience. An experienced Realtor will be able to do both of these things and will show you how they do this during their listing presentation. The internet is the first place most people will see your home so Presentation is KEY and a successful real estate agent will know this and use Professional Photographers & Videographers to make sure your home is presented in the most attractive way. Professional photographers will know how to use light and space to create the most appealing photos and draw out your homes best features. Most agents also incude a virtual tour, and this doesn’t mean a video using the photos of your home. A video tour should be done tastefully and with professional equipment to showcase your home beautifully. 3D Virtual Tours are even better! Marketing your home is just as important. Choose a Realtor who has a strong social media presence and an online and offline marketing strategy to ensure your property reaches a wide and relevant audience. Potential agents will be able to show you their marketing plan and explain in detail all of the ways they will market your home to make sure it gets the most exposure.
Marketing is KEY to Attracting Buyers
- Make SURE your agent hires a Professional photographers
- Make sure your home gets a Professional Video Tour OR a 3D Virtual tour
- Host an Open House
- Post your Listing to YOUR Social Media and ask all of your friends to share it for you
5. Poor Condition and Unaddressed Repairs: Turnkey vs. Fixer-Upper
Buyers often prefer homes that are move-in ready. If your house requires extensive repairs or has visible issues, potential buyers might be scared off by the prospect of investing time and money into renovations. You’ve been putting them off for a while now, whether because you don’t have the money or the time, but now is not the time to procrastinate.
It’s time to fix those things you’v been putting off
- Walk through your home and visualize it from the buyers perspective or have a friend or family member do this so you can have a realistic idea of how other people see your home.
- Make a list of repairs and things that are outdated and then prioritize the things that are necessary and consider making small updates that can improve the overall appearance of your home.
- Address issues like old carpet, plumbing leaks, outdated fixtures, and peeling paint to make your property more appealing to buyers.
6. Overly Specific Niche Features: Appeal to a Broad Audience
While unique features can be enticing, overly specific design choices, bright paint colors or features that cater to a niche market might limit your pool of potential buyers. Your tastes might be attractive (to you) but that doesn’t mean they are attractive to everyone else.
Get rid of the Whimsical and get back to more Common Waters
- Consider toning down highly specific design elements and focus on creating a more universally appealing environment.
- Tear down busy wallpaper and paint walls a neutral color like white, grey or tan.
- Remove edgy or artistic trim or fixtures and replace with modern and neutral ones. Creating a blank canvas for potential buyers so they can envision their own style will help your property attract a broader range of interested prospects.
7. Unfavorable Market Conditions: Timing Matters
External factors, such as the current real estate market conditions, can impact your home’s sale. If the market is saturated with similar properties or is experiencing a downturn, selling your house might be more challenging.
Stay informed about the local real estate market trends: Sellers Market vs Buyers Market
- Get with your Realtor and create a selling strategy to plan ahead and list your home at the most opportune time. Determine whether it is a buyers market (good if you are ALSO looking to buy a new home) or a sellers market (good if you are selling your home). Where your home is located can impact this as well.
- If the market is unfavorable, you might consider postponing the sale or adjusting your strategy, such as offering incentives to buyers or hiring a Professional Home Stager to make your home to stand out.
- If the market is balanced then making sure your home enters the market at an opportune time (Spring is historically the best time to sell) can increase your chances of it selling quickly and for the price you want.
Selling Your Home Doesn’t have to be Hard if you have the Right Agent to Help
There are several common reasons a house might not sell as quickly as expected. By working with a successful real estate agent to determine the best strategy to sell your home, addressing these issues and implementing the suggested solutions, you can significantly increase your chances of selling your property successfully. Collaborating with an experienced & real estate professional and being open to adjustments will empower you to navigate the selling process more effectively. Remember, patience and persistence are key in the ever-evolving real estate landscape.
