When your house doesn’t sell the first time it is listed, it can seem very discouraging. It is bad enough when visitors come but don’t follow through with an offer, but it is even worse when nobody at all seems interested.
Here are the top 10 reasons why your house may not have sold:
This first item is the only item on this list that to a large extent you can’t control. People may not want to buy a home that is on a very busy street, or if it is near power lines, or if it’s in a noisy or unclean environment. So you can’t change the location, but what you can do is to move attention away from the environment by focusing on the positive features of your home.
The most obvious explanation for a house not selling is that it was listed too high. If you are pricing your home above the comparables in your area, the comparable properties with the lowest price will sell first. Your real estate broker’s job is to analyze the market in your area and help you to set a fair market price for your home, so that you can sell in the quickest possible time for the most amount of money. Remember, a fair market price has nothing to do with the price you paid, how much of a profit you want, or how much you spent on renovations.
#3 Price Positioning
Price positioning – when buyers search for a property, they generally search within a predetermined price range, according to their budget. For example, they may search for a home within the $200,000 - $300,000 range. If you price your home at $200,000, all of these buyers will find your listing. But you will eliminate potential buyers who could stretch their budget by a small margin. So if you price your home just a little lower, say $199,900, there will be a whole other market of potential buyers who will find your listing.
#4 Market Time
When a house sits on the market for too long, people begin to question what’s wrong with it. If you feel that it’s been sitting for too long, speak with your agent about cancelling the listing and relisting it.
If you are serious about selling your home, be prepared to have a lot of potential buyers wanting to visit. If you place too many restrictions on when people can visit, buyers will lose interest and look elsewhere. It’s never a good idea to predetermine that visitors can only come on Tuesday evenings, for example, nor is it a good idea to make yourself unavailable on weekends, which is when most people are free.
#6 Lack of Preparation
When your house goes up for sale, your agent’s job is to market the property by listing it online using MLS services or by featuring your home on his own website. He may also promote your home using social media forums or creating an advertisement for a local paper or real estate magazine. But your job is to prepare your home by making minor repairs, cleaning your house until it is sparkling, decluttering your living space and creating curb appeal by fixing up the outside.
#7 Lack of Professional Photos
Professional-looking photos are a must. In today’s world, buyers begin shopping for their future home online. They look at the pictures first, and they like to see lots of pictures. Then, if the property has caught their interest, they’ll take the process one step further by planning a visit. If the photos are not appealing, they will quickly move on to the next house. Make sure you prepare your house for sale first, then you’ll be able to showcase your home with breathtaking photographs. Many agents choose to work with a professional photographer, to make sure that the pictures will be visually appealing.
If your home suffers from pet odour, cigarette smoke, mildew or other bad smell, people will not be interested in making an offer to purchase your property. Make sure your home smells clean, and when visitors come you may even want to go a step further and add some potpourri baskets in various rooms, or have something enticing simmering on the stove.
#9 Not Listening to Feedback
When people do visit your home, they will let their agent know why they aren’t interested. Make sure to get this feedback from your own agent, so that you can take the appropriate steps to make changes if necessary. For example, if all the visitors seem to agree that your kitchen is outdated, you might want to see whether it is worthwhile to remodel your kitchen before putting your house back on the market.
#10 Emotional Attachment
Finally, don’t overlook the possibility that you might be emotionally attached to your home and are having a tough time letting it go. If you have gone over all the other reasons on this list and your home is still not selling, your attachment could be sabotaging the sale of your home. If you are serious about selling, you might consider looking at pictures of other homes on the market until you find something appealing enough to help you to let go.