Why is My Home Not Selling?

Your house was listed on the market weeks ago without any offers coming in. This can be worrisome and anxiety-inducing, but it is helpful to know that, although a difficult situation, it is not uncommon. The usual time for a home to be on the market before you start questioning, “Is something wrong?” is about 30 days to two months. After this period, you and your real estate agent should connect the dots as to why your home sale is not gaining any traction. When a home sits on the market for too long, potential buyers can get scared off even before contacting you or viewing the home. They may relate this amount of time to the house being undesirable to previous potential buyers, so they do not even bother! We want to avoid this at all costs and help you figure out the reasons behind why your home is not selling.

Listing Price is Too High

Often when listing a home, it is difficult to resist the temptation to overprice. This strategy may work when selling secondhand items such as a phone, where you overprice in anticipation of a negotiation, but with a home, it is important to be honest and list the house for the price that it is worth. Ultimately, the only thing that matters here is how much the buyer is willing to pay. There are many factors that go into valuing a home, and listing that home for more than it is worth may backfire later!

What can you do about this? 

Consult with professionals in the field, especially those who deal with your location and home type. This can often save you more money in the long run, as these professionals know the process inside and out. Evaluate comparable listings in the area and adjust your price to meet market demands.

Curb Appeal

Do you believe in love at first sight? This is the case for many homebuyers when they feel an instant connection to a home the moment they set eyes on it! Curb appeal is one of the most critical factors to getting a home sold, as it has the potential to make or break a buyer’s interest. If the house is not staged nicely, is messy or unkempt, or lacks important upgrades that raise the “this will be expensive” alarm in buyers’ minds, it may be why you’re not hearing back from those viewers.

What can you do about this?

Minor updates such as a new coat of paint, a new vibrant door colour, lighting upgrades, cleaning the windows, or hiring landscapers can take a home from bland to looking brand new! Staging properly in a way that shows off the home’s natural features and casts a more positive light on its more unusual/unique elements can help potential buyers to imagine their life there, leading to a sale.

Did Not Hire a Professional

Selling a house is no walk in the park! A reason your home is lying stagnant could be because you are working with the wrong people. Nowadays, the first impression of a home is online or through photos, and iPhone photos aren’t doing the trick anymore. Your real estate agent might not be as experienced or familiar with your area or home type as you thought. This point usually has the most potential for being the reason your home isn’t selling. It takes a team of people to get the job done!

What can you do about this?

Research your real estate team beforehand. Hiring professionals (real estate lawyers, photographers, stagers, real estate agents, etc.) is a sure way to get things done right the first time. Ensure that you or your agent are utilizing all the marketing platforms correctly. Engage on social media, get your ads seen by as many people as possible, and make sure the photos are high quality. Consider taking advantage of virtual or 3D tours, especially with people spending more time online and viewing virtually. As said before, your ads are the first impression of you and your home. Make them stand out!

Consider Alternatives

Another option is to consider alternatives such as renting out the home or using it as an income property on Airbnb. This can be some work but can also pay off in the long run. 

Selling a house is a large task and requires a fair amount of planning and an experienced and reputable team backing you. Mikhailitchenko Law Office can help you with your home selling process and ensure you get it right the first time! Contact us today to learn about our services and how we can work together on the sale of your home.