You’ve listed your home in the market and nothing is happening: not a single showing, not a single offer. There are many reasons why your home isn’t selling which can range from your pricing to your photos or even your real estate agent.
In this article, we isolate the problem and find answers to this often urgent question, ’why is my home not selling?’’
1. You Priced It Too High
Today’s home buyers are informed. They do research online, they keep up with home prices, and they know when a house is overpriced. Buyers are generally not going to be wasting their time viewing an overpriced home. They value their time and their house hunting starts from home (or more precisely, at work) on the internet!
Even if you do manage to fool them into coming to view your house with either crafty descriptions and exaggerated photography, and they find it’s not what they expected, they’ll feel deceived and won’t make an offer.
Buyers usually know, even better than sellers, why a home isn’t selling. When pricing a home, a smart seller will try to think like an informed buyer, thus avoiding false (and often emotional) price justifications.
Solution: Make sure that you and your agent are aware of the value of the home in the market so you can price it accordingly.
2. Your Home isn’t Up to Par
The fastest way to turn away a potential buyer is to leave your home in poor condition with obvious signs of deferred maintenance.
What are the signs of deferred maintenance?
Stained ceilings, missing roof shingles, uneven flooring, cracks in the walls, and dry rot are all common signs of a home that has been neglected. These issues are big red flags and you better believe they’ll quickly turn away a potential buyer.
Solution: If your goal is to sell a home quickly and for asking price, you may want to make sure it is in the best condition without deferred maintenance – and not just base the price on square footage. Buyers are looking for value for their money. There are some home improvements which will bring a seller a good return on investment and encourage buyers to pay a good price.
3. Noxious Odors in the Home
People quickly develop impressions of a property when they first get their sights on the home. Unpleasant odors will turn off a potential buyer.
Most of us only think of cigarette smoke when unpleasant odors are mentioned, but there are so many other things to look at including:
-Pet hairs and their bedding odor
All of these items have the potential to trap bad odor and retain them for a long time.
Solution: Thankfully, the odors can be eliminated with a little bit of cleaning and some quick use of Google. A great way to know whether the smells are gone for sure is to have a few unbiased people come into your home for a ’smell test.’’ Be cautious about scented candles to cover up odors as they can be equally as offensive as other odors that exist.
4. Your Listing Photos are Lacking
It’s said that one picture is worth a thousand words- and the same applies in real estate. In fact, 90% of buyers make a decision on whether to view a house just by taking a quick look at the listing photos.
If there are very few photos or no photos at all, or if the photos aren’t good enough, potential buyers will move on to the next listing. According to Multiple Listing Service, homes with few or poor photos are bypassed, while homes with numerous, good-quality photos get noticed.
Solution: Take quality, professional photos; where neither you or the camera or the flash is visible. Utilize wide-angle lenses for interior shots. Use plenty of light showing off every room’s best features. And if you’re not a skilled photographer, enlist the services of a professional.
5. The Home Has Too Many Days on the Market
Potential buyers often ask how long a property has been in the market. They then use this information to compare the property with other nearby homes in the area. A home that has excessive days on the market often avoided by most prospects.
Solution: if your home has spent too many days on the market without many showings or offers, this is the time to have a serious talk with your agent. It’s time to either adjust the price. Also, discuss the marketing strategy with the agent to ensure there is plenty of internet marketing.
It can be extremely frustrating for a home to sit on the market without any offers. Now, is the time to take a step back and consider every aspect from the eyes of an informed buyer. This is the best way to know why your home selling efforts aren’t fruitful and are able to fix the problems early on.