As a seller, there is nothing more frustrating than having a property that sits for ages on the market without a sale. This can lead to the common question of “why isn’t my house selling?” There could be several reasons for this. In some cases, the real estate market may simply be going through a bit of a dry spell. In a slow market, it’s not uncommon for houses to sit on the market for six months up to a full year before a sale is finalised.
You’ll want to speak to a qualified real estate agent about what you can expect before you sell your home. This will help you avoid any disappointment when your house doesn’t sell quickly. A good real estate agent will be able to help you sell your home according to current market conditions, both generally and on a local level. Register your details at LocalAgentFinder and start receiving proposals from qualified agents in your area.
There are also cases in which a house may not be selling due to other factors aside from a slow real estate market. If your house has been on the market for over a month in a hot market, it may be due to one of the following five reasons:
1. Your home is in no condition for a sale.
Your house simply may not be in the type of condition that would garner a quick sale. For example, if you have put off maintenance issues or repairs, this could leave it in poor condition. Mould on the shower grouting or bright pink bedroom walls could turn off potential buyers during a showing. An untidy home during viewings can also keep buyers away, if they are constantly tripping over your child’s toys or an unfriendly-looking dog.
It’s important to treat your house as a product. It will not sell itself, so you need to spend a little bit of time and effort to make it more appealing. If you’re not sure what you need to do in order to prepare your home for a sale, it can be an eye-opening experience to attend some other house inspections in your area. This will help you see what competition you’re up against and whether there are obvious features that your home is lacking. For example, if all of your neighbouring properties have sleek modern kitchens but yours is still stuck in the 70’s, it may be time for an upgrade.
2. Your home is priced too high.
Your house may be in pristine condition, but if the price is not right it won’t sell. There are several ways that you could end up with an overpriced home. For example, you may have tried to enter the market with a high price in the hopes that a buyer would bite. If your house has been sitting for months with no response, it’s time to get more realistic about its true value. This could end up leaving you with a lower offer in the long run, as your listing ages and becomes less desirable to buyers.
Another possible reason why your house is overpriced is that too much time has gone by since you initially assessed the market. If the price of comparable sales has changed since then, you will need to stay up to date with this information and price your home accordingly. It’s a good idea to price your house slightly lower than the most recent comparable sale, for a quick and easy transaction. Your real estate agent can help you with this, by comparing your home to others in the area. Find a local real estate agent who is on top of your particular market by using the free online dashboard at LocalAgentFinder. You’ll need to factor in pros and cons of comparable properties to help you determine what type of price adjustment will be most effective.
3. Your home has not been marketed well enough.
Although it’s tempting to leave all marketing efforts in the hands of your real estate agent, sometimes this is not enough. You can further your marketing strategy by creating promotional flyers, doing a mail drop through your own neighbourhood, and even placing additional advertisements in newspapers. A video tour of the home can add an extra dimension to your online listings. These are all a few ideas to discuss with your real estate agent. You can also discuss whether or not an open house inspection would be suitable for your property. If so, asking buyers for feedback can help you fine-tune your sales strategy in the future.
4. Your listing photos are not adequate.
One of the most important tools you have at your disposal as a seller is good quality photos of your home. Colour photographs can give buyers a better idea of your property’s size and appearance, and may be the factor that helps them decide whether or not to arrange an inspection. If your photos look like they were taken by an amateur, consider hiring a professional to replace them. Another way to improve your photos is to ensure that your home is spotless and well-staged before you take them. If there is clutter in the background, it will distract buyers rather than entice them. Include photos of any unique or special features in your property, such as the backyard, fireplace and swimming pool.
5. You didn’t hire the right real estate agent.
If you’ve tried your hardest to make your home presentable, and feel that you have marketed it to the best of your ability, the problem may not be you. It may be your real estate agent. If you feel as though your agent isn’t delivering the results you’re hoping for, feel free to have a chat with them to let them know about your concerns. It may be time to find another real estate agent after your initial agreement has ended. As you search for a new real estate agent, be sure to base your decision on more than simply fees and commissions. Do your research thoroughly to find an agent with the experience and drive to help you sell your home. You can conduct interviews with several agents before making your decision, to ensure that you choose the right fit.
A good real estate agent will have a sound marketing strategy and will be able to most effectively help you sell your property. You can start comparing agent qualifications by registering now at LocalAgentFinder. With thousands of agents registered, you’ll be sure to find an agent who will help you sell your home quickly and efficiently, rather than letting it languish on the market.