When it comes to listing their home, most home
sellers want three things: 1) to make a lot of money, 2) to put in minimal time
and effort, and 3) to sell quickly. But the reality is, selling a home is
rarely that simple. And homeowners who try to do it themselves—or receive bad
advice—can end up stuck (months later) with a property that hasn’t sold.
If that’s you, don’t panic! We’ve outlined the
top five reasons a home doesn’t sell—and action steps you can take to overcome
each of these issues.
Not sure why your property didn’t sell? If
you’re not already working with an agent or your listing has expired or been
withdrawn, give us a call! We’d be happy to offer a free, no-obligation
assessment and create an action plan to get your home SOLD.
This marketing piece is not intended as a solicitation
for properties currently in an exclusive agreement with another Broker.
If your home didn’t sell after several months
on the market, timing could’ve been a factor. Markets are driven by the law of supply
and demand, and real estate is no exception.
When there are a lot of people who want to buy
homes (demand) and a shortage of inventory (supply), it’s considered a seller’s
market. During a seller’s market, listings tend to get snapped up quickly. In a
buyer’s market, however, there are more homes for sale than active buyers. This
can cause homes to sell for less money and to sit on the market for a longer
period of time before receiving an offer.
What causes the shift between a seller’s
market and a buyer’s market? Economic factors like interest rates,
affordability, domestic growth, and the unemployment rate can all impact buyer
demand. Over the past year, for example, higher mortgage rates have not only
made it harder for some borrowers to qualify for a home loan, they have also
sharply pushed up homebuyers' anticipated monthly payments.1 So even
if a buyer was interested in your home, they may have passed on it if they
couldn’t qualify for a mortgage at your asking price.
Seasonal factors like weather, holidays, and
school schedules can also increase or dampen the activity and motivation of
buyers. Additionally, unexpected events, such as a natural disaster or a stock
market crash, can cause some buyers to put their purchasing plans on hold until
If timing does appear to be a factor, it may
be advisable to delay relisting your property. Of course, that’s not feasible
(or desirable) for every seller.
In most cases, buyers can be motivated to act
with a combination of improvements, incentives, and pricing. Where there’s a
will to sell, there’s usually a way. Fortunately for sellers, people will
always need a place to live, and there will be a percentage of the population
that is motivated to buy quickly.
If you suspect timing played a role in your
inability to sell, consult with a knowledgeable real estate agent. We’re in the
field every day and have access to the latest market data. We can estimate how
long a home like yours should take to sell given current market conditions and
help ensure that your asking price is competitive.
Did your home get a steady stream of showings
when it was on the market? If not, you may need to try a new promotional
Take a look at the listing description. Did it
entice buyers to visit your property? A well-written description should be clear
and compelling while highlighting your home’s most desirable features.
Additionally, it should have utilized best practices for search engine
optimization (SEO) to ensure that it was found by buyers who were looking for
And how well did the listing photos showcase
your property? Many buyers use photos of a home to decide whether or not to
visit it in person. In fact, 85% of buyers who browse online find photos “very
useful” in their home search.2 Poor quality or a low quantity of
listing photos could have kept potential buyers from stepping through your
Another factor to consider is whether your
listing reached the right audience. This can be especially important if you
have a unique or highly-customized home. The Multiple Listing Service is a
great place to start, but some properties require a more robust marketing
If you suspect ineffective marketing, consider
turning to a skilled professional with a proven approach. We employ a strategic
Property Marketing Plan that uses the latest technologies to seed the
marketplace, optimize for search engine placement, and position your home for
the best possible impression right out of the gate.
For example, we know what buyers in this
market want and can craft a persuasive description to pique their interest. And
since good listing photos are so crucial, we work with the top local
photographers to ensure each shot is staged to your home’s advantage.
We also know how to get your listing in front
of the right audience—one that will appreciate its unique features. By
utilizing online and social marketing platforms to connect with consumers and
offline channels to connect with local real estate agents, your property gets
maximum exposure to your target market.
Want to learn more about our multi-step
marketing strategy? Reach out for a copy of our complete Property Marketing
If your property received a lot of foot
traffic but no offers, you may need to examine the impression you made on
buyers who visited your property.
Start with your home’s structure and systems.
Are there large cracks in the foundation? How about doors and windows that
don’t properly close? Are there water stains on the walls or ceiling that could
signal a leak? These can be major “red flags” that scare away buyers.
Next, examine your curb appeal. Does the yard
need mowing or do the hedges need trimming? Are there oil stains on the
driveway? Any peeling paint or rotted siding? If your home’s exterior looks
neglected, buyers may assume the entire house has been poorly maintained.
Now move on to the interior of your home. Is
it clean? Is there a noticeable odor? Have you taken the time to depersonalize
and declutter each room? Buyers need to be able to picture their items in your
home, but that’s difficult to do amongst your family photos and personal
collections. And oversized furniture and packed closets can make a space seem
small and cramped.
When we take on a new listing, we always walk
through it with the homeowner and point out any repairs, updates, or decluttering
that should be done to maximize its sales potential. We also share tips on how
to prep the property before each showing.
In some cases, we will recommend that you
utilize staging techniques to highlight your home’s best features and help buyers
envision themselves living in the space. Home staging is one of the hottest
trends in real estate—because it works! According to the Real Estate Staging
Association, professionally-staged homes sell, on average, 9 days faster and
for $40,000 over list price.3 In addition, the National Association
of Realtors suggests that staging can help push up your final sale price by as
much as 20%.4
Some sellers choose to hire a professional
home stager, while others opt to do it themselves, using guidance from their
agent. We can help you determine the appropriate budget and effort required to
get your home sold.
PRICE IS TOO HIGH
Many homeowners are reluctant to drop their
listing price. But the reality is, buyers may not seriously consider your
property if they think your home is overpriced.
Attitudes have changed since the Federal
Reserve started hiking interest rates. Many of today's homebuyers are no longer
willing or able to pay as high a price on a new home as they might have when
borrowing costs were lower.5 If your home’s original asking price
was set using sales data from the market's peak, then you may need to rethink
your pricing strategy.
Economic factors aren't the only reasons,
though, why a home's asking price might not match its market value. Pricing a
home can be tricky, regardless of the economic climate, because so many factors
can impact how much buyers are willing to pay. For example, unique, highly
customized, and luxury properties are particularly difficult to price because
there aren’t a lot of comparable homes with which to compare them.
Regardless, if your home sat on the market for
months without an offer, then chances are good that your asking price needs to
If you aren’t in a rush to sell your home,
adjustments to timing or marketing may bring in a new pool of potential buyers.
And repairs, upgrades, and staging can increase the perceived value of your
home, which may be enough to bring a buyer to the table at your original list
However, if you need to sell quickly, or
you’ve already exhausted those options, a price reduction may be necessary to
get your home the attention it needs to sell.
We are local market experts and have access to
the latest market data and comparable sales in your neighborhood. We can help
you determine a realistic asking price for your home given today’s market
conditions. Just reach out for a free home value assessment!
YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT
If you suspect that your previous real estate
agent didn’t do enough—or used the wrong approach—to sell your home, you’re not
alone. Many sellers whose listings languish until they expire or are withdrawn
feel this way.
While most agents have the best of intentions,
not all of them have the skills, experience, instincts, or local market
expertise to devise a winning sales strategy in this challenging market.
Or, perhaps you chose not to hire a listing
agent at all and have been trying to sell your home yourself. This can be an
equally frustrating endeavor.
Although selling your home independently can
help cut some costs, it can also be extremely risky and may even lose you money
in the long run. For example, research by the National Association of Realtors
suggests that For Sale By Owner (or FSBO) homes tend to sell for less than
homes represented by a professional. In 2021, for example, the average FSBO
home sold for $105,000 less than the average home sold with the assistance of
If either of those scenarios sounds familiar,
you need to ask yourself: “Would I still be interested in selling my home if I
could get the right offer?”
If so, we should talk. We understand how frustrating
it can be when you’ve put a lot of time, money, and effort into prepping your
property for the market and it doesn’t sell. We also empathize with how
disruptive a delayed home sale can be to your life.
By now, don’t you owe yourself more than the
status quo when it comes to your real estate representation? Our multi-step
Property Marketing Plan can help you sell your home for the most money
possible, and in the process reconnect you with the excitement you originally
felt upon first listing. It’s time for a new agent, new marketing, new buyers,
and most of all… new possibilities.
TO MAKE A MOVE?
Let's talk. We can help you figure out why your home didn’t sell and how to revise your sales strategy and
set your home up for success.
The housing market has experienced a shift and
the waters may be choppier than usual for a while. But there's still plenty of
opportunity in the current market: You just need a guide who knows where to
look and how to find it.
marketing piece is not intended as a solicitation for properties currently in
an exclusive agreement with another Broker. The above references an opinion and
is for informational purposes only. It is not intended to be financial, legal,
or tax advice. Consult the appropriate professionals for advice regarding your