Here are the top 10 reasons why your home isn’t selling (and don’t worry, most of them are fixable!).
1. You Lack Marketing
“If we build it, they will come.” This doesn’t prove true for many new (and sometimes, useful!) products. And same goes for when you put your home up for sale. Just putting it up on the market isn’t enough. You need to post your listing in as many places as possible. Most of these places are online. Online is the first place potential buyers check out.
Real estate agents can also be great resources for this. If you haven’t hire one, think about it. If you have, make sure they are doing their job. Ask questions regarding where your house is listed. And if they aren’t doing a good job, it might prove best to switch agents - Find someone that knows what they are doing and has ample experience.
2. Your House is Priced Too High
This is a common mistake. Too high of a price won’t exactly woe any buyers. It can deter people from even viewing your home - It’s not in their budget. And it may be obvious that the home isn’t worth the price tag. You should do your market research before determining a price for your home. Compare your home to others currently on the market. Again, a real estate agent can help you out with this!
3. Your Home is In Serious Need of Repairs
A lot of people don’t want to buy a home that needs work. It isn’t ideal. So, what can you do? You could have someone come in and do a pre-listing inspection. From there, fix the problems. It will help you sell your house faster.
4. Your Home Isn’t Prepared For Showings
That first impression matters! If you haven’t done it yet, get an expert to set up or make suggestions to switch things up so your house shows better. You might have to move furniture around. But it is entirely worth it.
Other ways to make your house show worthy? Make sure it is tidy and clean. If you have pets, clean up after them. Pay attention to the temperature. If it’s winter, make sure it feels warm and inviting. If it’s summer, make sure you have the A/C on and working.
5. Your Location is Anything But Ideal
This is a tough one to fix. If the location isn’t exactly sought-after, be prepared to play the waiting game. It might just take more time to find that perfect buyer.
6. It Smells
We get used to the smell of our own home. And unfortunately, it can be hard to detect. Some of the most common odors that throw buyers off include cigarettes, pets, food, and moisture. Do a smell test. Have a friend or neighbour come by to make sure you are good to go.
7. Bad Timing
In real estate, there is a good time to sell and a bad time to sell. If the market isn’t looking good to sell, it may be best to wait (and there are tons of reasons that this may be the case). Do your research. Ask your local real estate agent. Find the right time for your area and location.
8. The Local Market is Working Against You
It’s not just timing you have to worry about. Are a lot of people selling around you? Is it a buyers market in your area? That might be why your home isn’t selling. Again, your real estate agent should be able to point you in the right direction for this one. The time of year plus the number of houses on sale play a huge role in whether your house sells or not.
9. You Hired The Wrong Real Estate Agent
This can be a major problem. You want someone with experience, who is reliable, and knows the market. Make sure you take your time choosing your real estate agent. It’s okay to meet with a few before selecting yours.
10. You Aren’t Flexible
You stand your ground on your asking price. But everyone is putting in offers that are lower. You don’t bother with repairs even though it’s the main reason your home inspection fell through. These could potentially be reasons why your home isn’t selling. Get those repairs done. Be flexible and realistic when it comes to pricing and offers. Or else yes, it will take a lot more time for your house to sell.
Go through the above reasons and be honest with yourself. Determine why your home isn’t selling - then, find ways to fix the problem. Or at least come to terms with it. Don’t make selling your home more of a hassle or process than it has to be.
Kurtis Forster is a real estate agent for Team Forster in London, Ontario. He brings a wealth of knowledge and expertise about buying and selling real estate.