7 Reasons Your House May Not Be Selling
When the housing market is hot, it’s not unusual to hear of sellers accepting offers the same day they list their home. Others receive offers over asking price because of a bidding war.
Although this may not always be the case, in a seller’s market, homes don’t tend to linger for long or sell below asking price. But what happens if you list your home in a seller’s market and don't get any good offers?
Whether you’re flipping an investment property for a profit before the next loan payment is due or selling your family home, the longer a home stays on the market, the more stressful the whole process can be.
If your home is lingering on the market, it may be time to hit pause and look at what's potentially causing the lack of offers. Here are seven reasons your house may not be selling.
1. Too Much Inventory in Your Area
Just because it’s a hot seller’s market doesn’t mean there’s high demand for homes in your area. If you own a home in a neighborhood with a lot of properties on the market, the competition could be too steep.
One way to make your home stand out is to reduce the price. Your agent can advise you on whether or not this is a good call.
If you’re selling the home yourself, you may also need to increase the listing's exposure by posting it online via a for-sale-by-owner website.
2. Not Priced to Sell
The first thing most buyers notice about a home is the listing price. If it’s priced too high, the home may not appear on a buyer’s search results page. Buyers may also more seriously consider a comparable home at a lower price.
However, if you list it for too little, a buyer may worry there's something wrong with the home.
A good real estate agent can help you find the best price for your home to keep it competitive in the market. When interviewing agents, look at their current and former listings to see how closely their homes sold to the asking price. This should help you determine if they're an expert in your market.
3. Problems With the Listing
Do you have plenty of high-quality photos of your home’s interior and exterior? Have you provided a detailed listing that highlights all of your home's charms? Did you include a list of updates and repairs that you've completed? If you answered "no" to any, or all, of the previous questions, your listing could use some work.
4. No Curb Appeal
Before they ever set foot inside a home, prospective buyers will have an opinion just by looking at the exterior. Curb appeal can make a big difference in whether a home sells.
You can add to your home’s curb appeal by fixing damaged shingles, replacing siding, and adding window treatments. If you don’t have any major repairs, you can add curb appeal by adding some seasonal plants or removing overgrown brush.
Sometimes, giving the front door a fresh coat of paint is all you need to make a good first impression.
5. It’s High Maintenance
If your home is a fixer-upper, you’ll likely have a smaller pool of buyers willing to consider the property. Although some buyers are willing to make minor changes, such as painting walls, others are looking for a turnkey-ready residence.
Buyers also look at the condition of appliances included. If your home’s appliances are clearly outdated, they may turn off prospective buyers, who will worry about the expense of replacing them.
In a seller’s market, buyers already expect to spend more on a home, and they may not have wiggle room in the budget to replace appliances on top of their down payment.
6. It’s Been on the Market too Long
Homes are most visible the first 30 days they're on the market, so if your home has already been listed for a month or more, the odds of selling your home will steadily decrease.
If your home has lingered on the market without any real interest, it may be time to pull it off. That doesn’t mean you have to sit on an empty property that will still cost you a mortgage payment, taxes, and other bills.
Rather than sell it now, you can turn it into a money-making property until you can relist it in the future. You can either find a long-term tenant or list it as a vacation rental. This will help you cover the home’s expenses and maybe earn some extra cash to make renovations and repairs until you relist it.
If you don’t have the luxury of time or the desire to wait, you should also consider selling to an iBuyer or a company that make near-instant cash offers so you can sell your home quickly. However, you likely won't get full price for your home.
7. You Need a New Agent
Unfortunately, your home may not be selling because your real estate agent isn’t the right fit for the job. That doesn’t mean your agent is slacking on the job, but it’s possible he or she may not have the connections or expertise to find the right buyers for your particular home.
When hiring a real estate agent, it’s important to find someone who has experience selling comparable homes in your community. Shop around and ask for referrals from previous clients who can give you insight into the working relationship you can expect.
Ultimately, you need to work with a real estate agent you can trust to guide you through the process and who will work hard for you to earn their commission.
