Tried selling your home with no results? Didn’t sell through the MLS, or maybe you tried selling on your own without any luck? If that’s you, you are in the right spot!
Here are 5 Reasons Why Your Home May Not Have Sold.
Reason #1: Bad Timing
If your home didn’t sell in the MLS after several months on the market, the timing could have been a factor. Markets are driven by the law of supply and demand, and real estate is no exception.
When the demand outpaces supply, it is considered a seller’s market, and homes get snapped up quickly. In a buyer’s market, however, there are more homes than there are active buyers. This can cause homes to sell for less money and sit on the market for a longer period of time before receiving an offer.
Now What?
In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We can estimate how long your home should take to sell based on market conditions.
Reason #2: Ineffective Marketing
Did your home get a steady stream of showings while on the market? If not, you need to try a new promotional strategy.
Take a look at your listing description and pictures. A clear description and high-quality photos are crucial. Many buyers use these to decide whether or not to visit your home. Another factor is whether your listing reached the right audience. Some properties require a more robust approach to be found by the most interested buyers.
Now What?
If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ 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.
Reason #3: Poor Impression
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 systems and structure. Are there any “red Flags” that could have scared away buyers.? What about neglected maintenance and repairs? Finally, was your home properly prepped to maximize its appeal? A clean and decluttered space helps buyers more easily picture themselves living in your home.
Now What?
When we take a new listing, we always walk through it with the homeowner and point out any steps that should be taken to boost its sales potential. In some cases, we will recommend that you utilize staging techniques that are shown to help sell listings quicker and for more money. We can help you determine the appropriate budget and effort required to get your home sold.
Reason #4: The Price is Too High
It is possible that your home’s original asking price was set using sales data before a market shift. But regardless of the economic climate, pricing a home is always tricky because so many factors can impact how much buyers are willing to spend.
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. If your home sat on the market for months without an offer, chances are good that your asking price needs to be reevaluated.
Now What?
If you aren’t in a rush to sell, adjustments to markets or timing may bring a pool of new 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 price.
However, if you need to sell quickly, or if you have already exhausted these options, a price reduction may be necessary to get your home the attention it needs. We can help you determine a realistic asking price in today’s market conditions.
Reason #5: You Hired the Wrong Agent (or No Agent At All)
If you suspect that your previous real estate agent didn’t do enough- or used the wrong approach- to sell your home, you are not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way.
Or, perhaps you chose not to hire an agent at all and have been trying to sell your house yourself. That can be an equally frustrating experience, and research shows it can actually cost you time and money in the long run.
What Now?
If either of these scenarios sounds familiar, we should talk. By now, 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 on your first listing. It is time for a new agent, new marketing, new buyers, and most of all new possibilities.
