11 Possible Reasons why your home didn’t sell ...and what to do about it!
Common reason your property didn't sell, even in a hot market.
1. The price is too high
Pricing your home right is important. Many of us get attached to our homes, and lately we have seen the housing market do crazy things. Many of us have the expectation that our home might be worth more than it actually is (..because the house down the street sold for...$$$) Sometimes it is worth more than we think, but we have to let the market tell us that. In all reality, your house is worth only what someone else wants to pay for it! Pricing your property is both an art and a science. Luckily I like both! As your listing agent, I have access to data from multiple sources, and know how to ‘adjust’ comparables in the current market to match your home so we are comparing ‘apples to apples’. There are also multiple pricing ‘strategies’ that we could go over, to best see what you are comfortable with. When all is said and done, you get to price your home at what you want. The market will tell you what they are willing to pay.
2. You missed the market’s peak... or did you?
Some of you might think you missed your opportunity to sell at a great price. You know, with interest rates rising, inflation rearing its ugly head, and so on. Maybe you did... But then again, maybe you didn’t. There are many reasons why people need (or want) to buy or sell, at all times of the year, and in all market conditions. If your home stacks up favorably to the existing homes on the market, you can still make out handsomely selling your house now. As your listing agent, I can help you gauge your success in selling in any market. I can suggest strategies to help sell your house in this higher interest rate climate. For example, it might be beneficial for you to offer to pay down the buyers interest rate by buying ‘points’. This strategy helps you by keeping your price higher, while helping the buyer qualify for a larger loan.
3. You’ve got a specific problem to address
Sometimes we get ‘blind’ to our homes’ problems and issues. As your listing agent, I will always be upfront with you on what issues I see, and what we might need to fix or improve to help your house sell for top dollar. You may not like what I see, or what I have to say, but don’t forget... we are on the same team! You hired me for my professional expertise and advice, so it is my fiduciary duty to provide it to you. In working together, as a team, we have a better chance of selling your home at a price and time frame that is more than acceptable to you.
4. Your home is unconventional
Unique properties — such as homes with quirky features, decor and style, some very large homes, high-end or expensive houses, or homes located in unusual areas — aren’t for everybody, so they usually take a little longer to sell. With the larger more expensive homes, it sometimes is just that there is a smaller pool of buyers that can afford it. As your listing agent, I have a network of other agents that I will reach out to to help get your house in front of the right people.
5. Your staging isn’t successful — or is non-existent
Showings allow buyers to get a feel for your home and give them a chance to envision the space as their own. That’s hard to do if they’re tripping over children’s toys in the dining room or overwhelmed by travel tchotchkes bulging out of built-in bookshelves. Or with items on every flat surface in the house. Unstaged homes can seem cluttered, cramped, dark, and small, and even give some people anxiety. Typically, a staged home sells for more money, and in a shorter amount of time than unstaged, or cluttered homes. Staging doesn’t have to be complicated. Much of staging is really de-cluttering, or what I like to call, ‘pre-packing’. When we sell your home, you will need to pack anyway, so you might as well get a start on packing early. Remember that less is more. Staging isn’t about scattering potpourri and adding a ton of decor or pillows. Good staging focuses on minimizing distractions and maximizing layout and design to highlight a home’s best features.
6. Your home lacks curb appeal
Sometimes people do judge a book by its cover! Buyers can’t appreciate your awesome interior if they don’t make it through the front door, or worse yet, don’t even get out of the car. An overgrown yard or rundown facade stops buyers in their tracks. Many do ‘drive-bys’ to see if they want to see it any further. It’s hard to believe how a little paint, pressure washing, pine straw, and petunias can translate into thousands of dollars added to your sales price. Numbers don’t lie. Boosting curb appeal is often the most effective action you can take to improve the marketability of your home. Without much effort or expense, you can DIY or work with a professional landscaper and contractor to upgrade your landscaping, get your grass a brilliant green, plant a few flowers, and fix anything weathered or broken on your home’s exterior. And hey, why not paint your door a contrasting or bold color? The right shade will help create an inviting entrance.
7. Your listing photos aren’t professional quality
After completing all that work on staging and curb appeal, you’ll be excited to show off the house. But, if your listing photos aren’t close to magazine quality, fewer people are going to come see it in person. As good as some camera phones are today, many times they still don’t cut it. A professional photographer brings in the skill of proper lighting, correct angles, better lenses and skill and expertise of getting the right shot.
8. Your listing description is too dry
“Four-bedroom, two-bath duplex located on Uptown street.” Nope. Not good. Is it a three-bedroom with an owner suite? Is it a contemporary or a Victorian? Is it near a zoo, park, college or nightlife? More than just describing physical location and features, you need to describe how those elements will make life fabulous for the lucky family who gets to live there. We’re selling more than a house, we are selling a new lifestyle. Grab a pen and write a love letter to your home. Describe the features that make you love this place and buyers will feel the magic, too. Try to look at: How can we paint a picture about this house? Who are our buyers? Where’s the opportunity? What can buyers see themselves doing in this home? Get creative, tell a story.
9. Your marketing needs a makeover
If you’re relying on print ads and yard signs, you may not be generating excitement or reaching the right buyers. Buyers are most likely going to find the house online first and send it to their agent. It’s so important to be visible on social media and on all of those third-party sites. As your NextHome listing agent, I will make sure you get maximum listing exposure with maximum buyer leads. We employ a National Listings Distribution (NLD) program, which provides your listing to more online exposure than any other real estate company. Your listing will be sent to hundreds of national websites including the top websites where consumers are searching: Zillow.com, Trulia.com, Homes.com & Yahoo.com, and more.
10. You’re getting (or you got) bad advice
Nearly every issue on this list could be avoided by working with an experienced local agent. As your real estate agent we will collaborate on pricing, staging, and curb appeal as well as drive the marketing efforts and analyze the need to make changes based on feedback from showings. Selling a house is ‘simple’, it’s not necessarily ‘easy’. There is an art and a science to it. There is skill and experience. There is psychology, teamwork, communication... and don’t forget ever changing market conditions. As your listing agent, from day one we will work together, communicate, collaborate, and then celebrate when your house is sold!
11. You’re a helicopter seller
Sometimes it’s hard to let go. Even if you’re moving to your dream home, your equity in your current home is worth more than money alone. It’s filled with emotional ties and memories. I know selling your house can be frustrating at times. There’s alot going on. It can be frustrating having to leave every time someone wants to see it. But, look at the bright side, someone wants to see it! Hopefully they are the ones that want to buy it. While some homeowners think being at the house to ‘explain’ things to a potential buyer is helpful, it usually isn’t. Many buyers feel ‘watched’ and might prevent them from touring the house as if it were their future home.