Your home has been on the market longer than you expected without a single offer and showing requests are few and far between, which leaves you wondering – “Why is my home not selling?” 
Selling your home is a significant undertaking, so it is natural to be concerned if your home is not moving as quickly as you had hoped.
When Should You Be Concerned?
There are several key indicators that suggest it might be time to reassess your selling strategy:
- Above Average Days on Market: If your home has been listed significantly longer than the average in your area, it could be cause for concern.
- Low Interest: A lack of any offers, showings, or inquiries can signal a problem with your listing.
- Negative Feedback: Consistent negative feedback from showings, whether about the home’s condition, layout, or price, indicate that changes may be necessary.
- Market Changes: Keeping an eye on market trends, such as declining sales, increasing days on the market, or rising inventory levels, can provide some insights as to why your home is not selling.
- Changes in Home Pricing: If home prices in your area are falling, often due to increased inventory, buyers may perceive your home as overpriced.
Reasons Your Home Is not Selling
The real estate market is complex and home pricing can be influenced by various factors including market conditions, necessary repairs, and even nearby changes such as nearby housing developments. External factors such as economic trends, mortgage rates, and seasonal fluctuations, also play a significant role.
Here are the eleven most common reasons homes do not sell and what sellers can do to get back on track.
- Your Listing Price is Too High
If your home is priced above market expectations for your area, you may lose the interest of potential buyers. A 2023 survey by HomeLight found that overpricing is the number one deal-breaker for buyers. If it is not your home's condition, it is almost always the price.
Updating the CMA is typically the first step in understanding why your home is not selling. If you can find recent sales in your neighborhood for homes with similar square footage, number of bedrooms and bathrooms, and quality of construction, this will provide a good estimate of the current value of your home.
If your home is overpriced, the best thing you can do is lower the price to be more in line with others in the area. This will make your home more attractive to a larger pool of buyers and more likely to sell.
- The Importance of Curb Appeal
First impressions only take a split second to make. This impression can happen before a potential buyer even gets out of their car (i.e., curb appeal). If your home has poor curb appeal, it could deter buyers from even stepping inside.
To improve curb appeal, start by cleaning up the yard. Remove the clutter, spruce up the landscaping, and if possible, add some colorful flowers to the front of your home. Pressure washing the exterior and cleaning the windows can also make a big difference.
- Your Home Needs Repairs
Unless your home is being marketed as a “fixer upper,” even the little problems can be a negative to potential home buyers. Sticky doors, leaky faucets, a ripped screen, even burned-out light bulbs can leave the impression that there must be other problems with the home.
For larger projects, such as needing a new roof, many homebuyers will move on to another comparable property to avoid having to take on this project themselves thus taking your home longer to sell.
Although it is best to take care of repairs and complete unfinished projects before listing the home, making these repairs now will make your home more appealing to buyers and help it sell faster.
- The Home Is Not Staged Well
Buyers need to envision themselves living in your home. If your home is cluttered or messy, it will be hard for buyers to see its potential.
If you have not done so yet, you may need to declutter and depersonalize your home, as well as give it a deep cleaning. Remember that you are competing against other homes on the market for the potential buyer’s attention. Taking the time to properly stage your home will make it more attractive to buyers and increase the likelihood of selling quicker.
- Your Home is in a Less Desirable Location
If your home is in a less desirable location, it may take longer to sell. It is important to consider this when pricing your home as compared to other comparable homes on the market.
Making sure that your home has great curb appeal, is maintained well, and attractively staged will go a long way in helping your home stand out from the competition in other important areas impacting the potential homebuyer's decision making. Additionally, highlight in your listing any positive aspects of the location, such as proximity to good schools or neighborhood parks.
- Your Home is Outdated
Outdated homes can suggest to buyers that a major renovation is needed. Taking the condition of other comparative homes for sale in your area is important when setting the price for your home.
However, while lowering the price is one option, you can also make less costly updates like replacing fixtures and hardware or repainting walls. These changes can give your home a more modern appearance without a full remodel.
- Lack of Light
Most people appreciate homes filled with light, especially natural light. At the same time, many sellers have blinds and curtains aimed at blocking natural light. But if your home does not have a lot of natural light, it may be harder to sell.
If your home is dark, you can make it brighter by washing windows, painting walls light colors, removing dark curtains, and replacing burnt out lightbulbs. You can also consider adding solar tubes for more light.
- Musty and Other Odors
If your home has a musty smell to it, this could be a sign to buyers that there might be more serious issues such as water damage. Other odors such as pet dander, cigarettes, or incense can also be a turn-off to potential buyers and make your home harder to sell.
Taking care of the source of the musty smell and neutralizing it will likely be required after the home inspection anyway, so this should be addressed as soon as possible to sell your home quicker. Likewise, pet, and other odors should be eliminated as much as possible to make your home attractive to the largest number of buyers.
- Your Home is Unconventional
Unique homes designed for specific lifestyles may have a smaller pool of buyers. For example, large rooms devoted to crafts, extra-large garages to accommodate car collections, multiple living spaces under one roof, or even unique architectural designs for the area may attract fewer buyers.
When it comes to unconventional home styles, the first thing to realize is that the number of buyers for your home will likely be smaller. But that does not necessarily mean the price needs to be lowered. But if your home is unconventional, you will probably have to wait longer for the perfect buyer. Think about what attracted you to the home and highlight that in your marketing. There are bound to be others who feel the same way.
- You are Not Willing to Negotiate
If you are not willing to negotiate on the price of your home, it could take longer to sell. In today’s market, buyers are looking for a good deal, and if you are not willing to budge on the price they will likely move on to another property.
It is important to realize that you cannot control the real estate market, and that the goal is to sell your home, even if it means accepting a slightly lower offer. If you are not getting any action on the asking price, it may be time to lower it.
- Not Offering Incentives
If you are not offering incentives, it could be making it harder to sell your home. Incentives could be imperative for potential buyers and make them more likely to choose your home over others in the market.
In addition to the buyer’s agent’s compensation, there are several other concessions to consider when selling a home. For older homes, you can consider offering a home warranty. This will cover the cost of certain repairs for a defined period of time after the sale.
Another thing you can do is to offer to contribute towards closing costs. In expensive markets, buyers are often looking for deals that help minimize additional out of pocket expenses.
Conclusion
It can be frustrating to see other properties sell and yours sits on the market. If your current strategy is not working, try viewing your home from a buyer’s perspective and consider making some changes. Listen to feedback from potential buyers and your agent and be open to adjustments. Hopefully, with a little bit of work, you should be able to get your home back on track.
Remember: It is never too late to sell your home - there is a buyer for every property.
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