There is nothing more frustrating than having your home sit in the market for ages and not sell. You may need to redeploy the capital you'd get from the sale, or you may want the hassle off your shoulders, but your home just isn't attracting buyers.
Selling a house requires patience because even the most impressive homes don't fly off the market within weeks of being listed. As an expensive purchase, the sale is unfortunately dictated by the buyer's whims, and there is very little that even excellent marketing can do. But, you can maximize your chances by checking out these seven reasons why your home isn't selling and what you can do about them.
The Market Is Stone Cold
2020 has been a bad year all round with massive job losses, economic crashes, and a global business contraction. Recessionary years are famously called buyer's markets since home prices are depressed.
What To Do: If none of the other reasons in this list apply to your home, then it's just 2020. Hang in there since things should get better once people have enough income to buy housing.
You Have Priced The House Too High
Home pricing should be based on many factors: sale of comparable homes in the same location, your agent's input, nearby amenities, the kind of land your property is on, etc. If your home has been listed at a specific price range, many buyers may not even see it.
What To Do: Some reports by Real estate groups suggest that over 50% of sellers have to cut prices at least once when homes are up for sale.
Your Listing Lacks Sufficient Information
More detailed listings tend to be favored by buyers. They want all the information about the driveway, rooms, nearby amenities, excellent photos, video walkthroughs, legal information, etc.
What To Do: You should highlight the best features your home has to offer. Take photos in great lighting and post videos as well. Fill out every field on the listing site.
Your Home Looks Like It Needs A Lot Of Work
This factor is a problem, especially with older homes. Buyers are wary of having to do much renovation since a home is already a costly thing. If your home requires massive rework, you will attract buyers who enjoy flipping homes and will have to price much lower. Additionally, older home systems and appliances may turn off buyers who hesitate to spend a lot of money on upgrading them soon after buying the home.
What To Do: This is why getting a home warranty policy can speed up the sale of your home, as it assures buyers that the repairs and replacements are taken care of. Get the best real estate home warranties by checking out reviews and using free quotes.
The Buyers Can't See Themselves As The New Owners
If you still live in the house, your knick-knacks may be subtly influencing buyers against the purchase. People are incredibly subjective in their tastes. Seeing the previous owner's influence in everything can turn off buyers who may differ from you in terms of their belief systems.
It may feel unfair, and the buyer may not even realize it's happening; it plays a role. A buyer likes to imagine their family in the new home, and personal knick-knacks can dilute the experience in a way that even too much furniture cannot.
What To Do: Remove photos and religious or political motifs when a buyer comes for a visit.
You're Not Using All The Marketing Channels
With the plethora of real estate advertising websites, numerous listing agencies, and newspaper classifieds, every seller now leverages every marketing channel out there. Many prospective buyers are only hanging out on a few channels, so you may miss out if you don't put your home on all possible avenues.
What To Do: Get your home on every site and newspaper. There are social media groups for selling homes that you can take advantage of and will connect you to some buyers directly.
The Home Design Is Too Personalized
Homes with very strong architectural idiosyncrasies might attract appreciation from some quarters, but buyers may be intimidated by the designs. They may feel that the home will need massive remodeling to suit them.
What To Do: If you can, keep the designs timeless and straightforward rather than opting for trendier upgrades. Change the paint to a neutral color palette.
If all else fails, there are a few ways you can offload your home, though you may not want to do this if it was a significant investment for you. When the market is the way it is in 2020, you're not alone. Most homeowners finding it challenging to sell their homes hope that things get easier once the economy recovers.