4 Reasons Why Your Home is Not Selling
Friday Mar 20th, 2020
You’ve listed your home for sale and you’re eager to accept a firm offer – hopefully one over asking and with no conditions. However, since putting the for sale sign on your lawn, you’ve had many showings and visitors, yet you haven’t received a single offer.
At this point, you are starting to worry about why your home isn’t selling. There could be many variables and causes, but here are the top four reasons that you should rule out first:
1. Your home is priced wrong
To you, your home is priceless, but testing the market with an overinflated price can turn away savvy buyers who have studied the comparables and are aware of home values in your area. And you don’t want to underprice your home either. Buyers may assume that there is an issue with the home or that the listing is positioned for a bidding war, which is a huge red flag for many purchasers.
Instead, work with a realtor who can help you price your home accordingly based on recent sales of comparable homes in your neighbourhood, as well as other factors, like the condition of the home and your urgency to sell.
2. Your listing photos need work
In real estate, buyers will judge a book by its cover by overlooking homes with poor listing photos. If your listing doesn’t have pictures or uses poor quality photography, homebuyers are likely to pass over your listing in favour of a home that is professionally showcased.
Professional real estate photography will show your home is its best light and spark interest in buyers who are looking for a home like yours. Matching your photography with a virtual tour is also a great way to highlight your home’s features in order to attract more showings and offers.
3. Your home isn’t staged
If you opted to list your home in its lived-in existence or have kept it vacant with no furnishings or décor at all, buyers might be having a harder time envisioning themselves in your spaces.
Instead, hire a stager to give your home a fresh perspective by highlighting its best features, while also minimizing its not-so-great ones. Staging will also provide prospective homebuyers with inspiration as to how they can utilize various rooms in your home, which is an important step in creating an emotional connection with a property that could turn into an offer of purchase.
4. You’re faced with adverse market conditions
There are many factors that you can control when selling your home, but certain adverse market conditions can get in the way of receiving offers. Things like interest rates and economic conditions can reduce the number of buyers in the market, while other factors, like population growth and decline or housing growth and supply, can come into play.
What you can control in these scenarios is choosing the correct timing to list your property. A realtor can help you understand what’s happening in the real estate landscape and how it might impact your sale. They can also assess the best time of year to list your specific property for sale, so you gain maximum traction with buyers and exposure.
If you are thinking of selling your home in the future, don’t leave your sale up to chance. Consult with an experienced realtor who can help you price your home accordingly so that you experience the best possible outcome for your sale.
Not intended to solicit buyers or sellers currently under contract with a brokerage.