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Your Home Didn't Sell. Now What?

By
Real Estate Agent with Dogwood Real Estate Services

Here are the 5 most likely reasons 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 possiblities.

Comments (4)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jerri McCombs, Broker/Owner we have very low inventory around here, and houses fly off the market.  So when a home is not selling here it is normally because it is way over priced, or there is something major wrong with it.

Jan 31, 2024 02:15 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jerri and thank you for sharing this great information in your blog with us here in the Rain.  Make it a great day!

Feb 01, 2024 09:11 AM
John Pusa
Glendale, CA

Hello Jerri McCombs, Broker/Owner very valuable report about why your home didn't sell.

Feb 01, 2024 10:52 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Feb 03, 2024 04:24 AM