In every real estate market, there will always be a certain portion of disappointed homeowners whose homes aren't making it past the threshold of selling.
The longevity of their homes sitting as stale inventory on the market is unbearable, and often frustrating for all parties concerned, including listing agents as well as buyers.
What you will find in this article is a consideration of five of the most common reasons why a home isn't probably selling as expected, and these factors are highly persistent across every property market.
So, in any case, if your home has spent the last six to twelve months, or more, on the market and gradually urging towards expiry, make sure one of the following reasons is not the issue.
Home sellers who are well aware of these common reasons are usually the ones who avail themselves of a huge advantage over their counterparts, because they keep clear of these mistakes.
In contrast, if you’re currently frustrated because your home or property isn’t selling, here’s probably why.
Perhaps, one of the most overlooked crucial factors of why a home isn't selling as expected is the price. If you find yourself in this scenario and you're almost at the point of pulling all your hair out, the first thing you should do as you review your selling strategy is check your pricing.
You see, overpricing is no different to the kiss of death when selling a home, and it can cost you a lot at the end of the day. Advisably, you need to understand that there are many mistakes made when pricing a home for sale.
So, before you begin your home selling venture, make sure you're well versed with how the market value of a house is resolved. Professional real estate agents don't price a home the same way as a rabbit is pulled out of a hat, no. That's a thing for movies and funny imaginations.
What top real estate agents do is that they complete an all-inclusive comparative market analysis (or CMA) on your home, in order to determine its current market value. To these professionals, this is the only way property sellers will know what their homse is comparably worth.
In other words, a CMA helps you compare your homse with similar homes that have sold in the past 6 months or so in your area, just like what a home valuer will do for a home buyer. Thus, the process of identifying aspects of two homes that make them both different always allow for positive and negative value adjustments.
For instance, if your property has a spacious yard enough to facilitate a gathering, and a similar home was sold recently in the same area with minimal yard space, your home will receive a positive value adjustment.
2. The need for market exposure
When a home for sale is injected with a decent - or better - dose of marketing exposure, it can inspire a huge difference, even if it eventually sells and at what price it's been put up for.
So, needless to say if your home for sale isn't making any purposeful progress, lack of marketing exposure may be the most possible cause. Of course, there are various types of real estate marketing tactics out there that top-notch property agents employ, especially when it comes to marketing their listings.
Knowing that home buyers turn to the internet as a first step towards searching for homes to buy, gives you enough leverage to get in front of them almost everywhere online.
Imagine you own a brick and mortar, and you had the option between setting up on the main road that passes through a vibrant city center, or a quiet neighborhood side street. Which one do you think you'd choose? Of course, the main road.
The same is with marketing your home. With possibly millions of searches per month, getting your home in front of every potential home buyer online is like planting your home on the busiest road in the city center. The more people see your home, the greater the chances of selling.
Not only is this critical, you want to attract the ideal buyer, one that will actually have time for you and in due course buy your home. On that note, the only way to achieve this is being seen by potential home buyers surfing the internet for this reason. The trick is to stand out from the other homes on sale, and that's exactly what you should be aiming for. No magic here. Just making sense of "what ifs" and "why nots".
Moreover, whatever the outcome, your success will depend on the type of tools you utilize, be it videos or still images, to give your home for sale the level of exposure it deserves. Collectively, they must be of high quality to the point where your home becomes irresistible.
3. Poor Condition
Another reason why your home isn't selling as you'd expect is due to its condition or the state it is in. If it's poorly cleaned, or it shows signs of neglected repair and maintenance, you've just chased your potential buyer. In fact, that's the simplest way of kicking your potential buyer out.
Let's consider a few of the more common signs that mirror the poor conditions of a house:
Water stains on ceilings;
Damaged or missing roof shingles;
Uneven flooring, and,
Cracks in the home's foundation
And the like, make up the list of obvious indicators of a home in a desperate state. These are the red flags you need to ensure they are dealt with effectively before your home goes on the market.
The last thing you want is your home ending up as an expired listing because of its lethargy in the market.
4. Foul odors
Even an inexperienced first time home buyer does not need an expert to point out what a foul odor smells like.
Every home inspection makes a prospective buyer vulnerable to the "smell test" and, for the most part, are the silent killers of quick, successful sales.
Odors from cigarettes, pets, or neglected moisture, etc., are the part and parcel of foul odors, altogether concocting yet another reason why your home isn't selling as expected.
So, be mindful of this crippling issue when you're set to have potential buyers over for viewing.
5. Spiritless location
Location, location, location, yes, a cliche but one that has its merits as well as plays a significant role in making or breaking a home sale.
If your house is in an area that's less desirable, then that's probably one of the reasons why your home, of course, isn't selling as expected.
Now, your property can be beautiful, cheap yet well maintained and up to standard, but if it's found in a location that has a damning reputation or is nowhere near major conveniences, then that is enough to say why your home has been stagnant ever since its entry onto the market.
When a particular home takes too long to sell, rather than trying to find out why and become more aware in order to rethink the plan, home sellers concentrate on all things frustrating.
The five reasons outlined in this article are some of the most common reasons why a home isn't selling as expected. So if you find yourself in this defeating situation, most likely one of these reasons is the black jack.
This article is meant for informational purposes only. Hausples researches tricky real estate topics, interprets them and teaches its readers all about how the industry operates. Therefore, not all articles are intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.