As the market transitions from the red-hot Seller’s market, we had during 2017, many sellers are having to adjust their expectations on not only how long it now takes to sell a home, but at what price will it sell.
Prices in real estate are dynamic and what was the norm last year, is no longer. Similarly, the length of time it takes to sell. What we experienced last year is quite simply not a normal market (or a healthy market for that matter) and more and more sellers are faced with homes that are not attracting buyers or taking far longer to sell than expected.
Why isn’t my house selling? It’s the question every seller asks when their home has been sitting on the market for too long. And there are several possible answers. But the good news is, once you figure out what’s not working, you can work closely with your agent to change your strategy & start attracting more potential buyers.
Here are a few of the most common reasons why your house might not sell within a reasonable timeframe.
1) You require a clearer understanding of the market
Selling a home starts with a solid understanding of the real estate market. If you’re trying to figure out why your house hasn’t sold yet, a deep dive into the sales data might help.
What are sales like in your neighbourhood right now? Are there any local market trends impacting homebuyer behaviour? The answers to these questions should inform the entire selling process, from setting a price to devising a marketing strategy.
Your agent can prepare a comparative market analysis (CMA) to help you understand what is happening in the market. A comprehensive CMA will provide a complete picture of what properties similar to yours are selling for in your neighbourhood. Your agent should use solid data to create this document, and you should feel comfortable asking questions about how it is interpreted.
2) The price isn’t right
Homebuyers today are savvy. They know what they want, and they usually have a pretty good idea of how much they should pay for it.
If your home has been passed over several times, there’s a good chance it’s not priced competitively. You should correct this issue quickly since overpriced houses often languish on the market, making them even more difficult to sell.
Your CMA should play a major role in your pricing strategy. But it’s not always about the location and the going rate for your home’s features. A perceived flaw, such as an outdated kitchen or limited closet space, can also give buyers the impression that you’re asking too much.
While updates or renovations are an option, they can be costly. Adjusting your price and letting buyers make their own changes may be your best bet.
3) You’re targeting the wrong buyers
First-timers, or seasoned homeowners? Families, a young couple, or retirees? Who are your most likely buyers? Not knowing the answer could be part of the reason your home isn’t selling.
If you’re trying to sell a starter home, don’t focus on high-income buyers. If it’s just right for active families, don’t waste time trying to entice mature buyers who may be looking to downsize. It’s just that simple.
You should spend most of your selling efforts on people who want a house just like yours. Identifying likely buyers leads to more focused marketing and pricing strategies. It also allows agents to tap into the right professional networks.
4) You’re using low-quality marketing materials
The very first step to selling is attracting buyers. If your house isn’t drumming up much interest, your marketing materials could be the problem.
Whether you’re creating an online listing, a social media ad, or a brochure, you want your home to seem enticing. The images you use should be clear and well lit. If you’re using video, it should look professional. And any descriptions of your property should be concise and engaging.
Look at your marketing materials through the eyes of a someone who’s never seen your house before. If they don’t make you want to pick up the phone and set up a viewing, you might want to rethink them.
5) You’re not working with the right professionals
How do you repair a pricing or marketing strategy that isn’t working? Where do you even start?
If your house isn’t generating much interest, you probably can’t identify and fix the problem on your own. Finding an experienced, knowledgeable and trustworthy real estate agent is the key to turning things around.
Are you interested in learning how you can start attracting homebuyers with the help of the Christensen Real Estate Group?
For over 30 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at email@example.com or calling us at 416-441-2888 ext. 772.