It can be incredibly frustrating and stressful to have your home sit on the market, especially if you’re on a deadline and need to move sooner rather than later. Some homes may sit on the market for long periods of time—even in a hot seller’s market.
The reasons why a house isn’t selling could range from broader issues such as the economic climate, to more specific problems that can be found within the home. Here are some of the most common reasons your home isn’t selling.
Pricing Issues – Overpricing & Underpricing
Unsurprisingly, one of the most significant factors impacting the sale of a home is its price. An overpriced house can sit in even a seller’s market, and the longer a home sits the more momentum it loses.
Similarly, underpricing a home in order to attract more buyers may actually have the opposite effect. Buyers may see a lower asking price and question what’s wrong with the home. Offers that do come in may result in a lower final sale price than the seller initially wanted, forcing them to either sell at that price or sit on the market.
Ideally, a home should be well priced from the get-go. Speak to a qualified agent with experience selling in your area who can help you price your home to sell.
The Property Was Presented Poorly
First impressions matter. These days, the average buyer is looking for a home via the Internet, meaning that the first impression they get will be from digital photos. If the photos are sub-par—for example, poorly lit, taken at the wrong angles, too few photos to see—then buyers are likely to be steered away from the home.
Typically, a real estate agent will arrange for professional photographs to be taken of the home as part of their marketing package. However, there are a few things you can do to ensure the photos are the best they can be:
- Stage the home: Staging can have a huge impact on both how quickly a home sells and its final selling price. If you’d prefer to not spend on professional staging, there are DIY staging tips you can employ in order to give the best impression possible.
- Declutter: Moving is a perfect excuse to declutter! Donate or throw away things that you no longer need, and move excess items to a storage facility or your new home if need be.
- Remove personal items: Personal items are wonderful when living in a home, but not great for selling a home. Take down your personal items for when photographs are taken.
- Clean, clean, clean: You want the photographs to be taken of a clean house, so be sure to clean and organize beforehand.
- Improve your curb appeal: The exterior of the home is incredibly important! Be sure to trim hedges, mow the lawn, and ensure the exterior of your home is looking fresh before photographs are taken.
Bad Timing
Unfortunately, timing your house to sell quickly is not always easy. There are many factors that are out of your control, such as interest rates, economic conditions, housing supply, etc.
One of the things you can try to control is timing. An experienced agent will be able to tell you if now is a good time to sell or if you’re better off waiting a few months. If you don’t have as much control over timing the sale of your home, they’ll be able to help you strategize to best take advantage of the market you have to sell in.
The Home is Outdated
Buyers are often looking for certain parts of the home to be up-to-date, namely the kitchen and bathrooms. If your home is long overdue for new appliances or renovations, buyers will likely be taking into consideration how much it will cost them to renovate when they put in an offer.
It’s not always worth it to renovate (see our article on when to renovate or sell as-is), but keep this in mind when comparing the past sales of more updated homes in the area.
Selling a home can be a confusing and difficult process, even in the most favourable market conditions. These tips can help you avoid sitting on the market too long or can help address problems for homes that are not selling. Don’t be afraid to reach out to a qualified real estate agent who can help you avoid common pitfalls when it comes to selling your home.
