Reasons Why A Home May Not Be Selling (And How to Fix It!)
Now that the real estate market has picked up again, many homeowners – and agents – become frustrated when their homes do not sell. If a home has been on the market for weeks – or in some cases, months – there may be a reason why. Below are some of the most common reasons why a home may not be selling, as well as how to fix it.
- It’s priced too high
“Without question, the No. 1 reason a home doesn’t sell is price,” says Bill Golden, an independent, Atlanta-based Realtor. “Sellers have an emotional attachment to their homes and tend not to be objective about the true value.”
In the age of real estate websites such as Zillow and Trulia, potential homebuyers have immediate access to not only the appraised value of a home, but also what the price – however accurate or inaccurate – is estimated to be. Because of this, homeowners can immediately spot a home that is overpriced. Likewise, pricing a home too high can also hurt in an unexpected way; if your home is priced high, it makes other comps in the area seem like a better deal.
Instead, encourage homeowners to be more detached when evaluating their home. Showing them prices of comparable homes may be another way to encourage them to lower the price or accept an offer than is under asking price.
- The house looks run down
Whether it’s as easy as a fresh coat of paint or as intense as a major kitchen remodel, a house that needs updating can be at a major disadvantage.
“Today’s buyers are busy,” says Alix Prince, a vice president and broker at Julia B. Fee Sotheby’s International Realty. “They are looking for properties where they can ‘unpack’ without doing a lot in renovations or decorating. Properties that are in need of TLC are at a disadvantage since two-income families would prefer to spend their weekend relaxing rather than redecorating.”
Even if the current homeowners don’t have $40,000 for remodels laying around, minor changes can make a big difference. Cost effective updates such as paint, new accessories, changing out the hardware and fixtures, and even removing excess clutter can all go a long way towards freshening up a property.
- The advertising isn’t great
More than 90% of potential buyers start their home search online. Because of this, if a property isn’t listed on websites such as Zillow and Trulia – along with the MLS – you could be missing a chunk of the market. A home’s online presence should include listings on multiple sites, as well as professional photos and a virtual tour. These tools help maximize your home’s exposure to as many potential buyers as possible.
In addition to high quality photos and video, the written description is just as important. While the description should provide enough information to entice buyers, it shouldn’t oversell the house or create unrealistic expectations. “A description that doesn’t meet a homebuyer’s expectation when visiting the property in person may also contribute to a failed site,” says Jessica Edwards, a Coldwell Banker Real Estate consumer specialist and agent.